Home Improvement Projects That Pay Off
Small projects are suited to DIY, which can save you cash. Recent research shows that 10% of young
millennials, between 23 and 31, want a fixer-upper home where they can work on DIY projects.
Of course, kitchen and bathroom makeovers will always have a place in our hearts (if not our wallets). The following five high-performing projects are significantly less expensive options.
#1 Hardwood Flooring Refinish or Replacement
Refinishing hardwood floors is one of the top interior remodeling projects that brings the highest return. Remodelers estimate the cost at $3,400, and REALTORS® estimate the value recovered at $5,000, a whopping 147% return.
With hardwood floors, you get a lot of bang for your buck, they’re not that expensive, and people really like them. Postpandemic, homeowners are still concerned about cleanliness, and hardwood floors are relatively easy to clean. Plus, with increased pet adoption, homeowners prefer surfaces that are less likely to stain or retain odors.
Refinishing makes sense when everyday life has left scuffs, dents, dullness, and scratches — all unwanted reminders of spills, accidents, dragged furniture, and ground-in dirt from foot traffic. Your options for refinishing will depend on whether the coating or the wood itself is damaged. The deeper the damage, the higher the refinishing cost.
New wood flooring snagged the second-highest score for interior projects, with a $5,500 cost and a $6,500 cost recovery, netting 118% in value recovered. Although it’s a bigger investment than refinishing, new flooring will let you opt for the hardwood and finish you prefer. And that will affect the floor’s durability and appearance.
#2 Insulation Upgrade
Buyers want to cut their energy costs where they can. They want their utility costs cut and efficient heating and cooling. But the typical home they are purchasing is 30 years old and quite dated. So, it may not have good insulation.
Making this home improvement could factor into more than comfort level and energy prices by appealing to buyers when you’re ready to sell. Promoting energy efficiency in listings can be valuable. Current home buyers typically rank the importance of heating/cooling and insulation at top of their preference list.
You can tackle an insulation upgrade as a DIY project; some can be done in a short 15 minutes. Installing certain types of insulation materials, like fiberglass and mineral wool, are especially DIY-able. But spray foam and some other insulation types require a professional. The Department of Energy offers advice too: The maximum thermal performance, or R-value, of insulation greatly depends on how well it’s installed. So, it pays to stick within your skill level.
#3 Closet Renovation
Consumers surveyed took on a closet upgrade for two main reasons: to add features and improve livability, and to improve organization and storage. This update averaged $6,000, costing more than some of the other smaller projects. But the cost recovery was substantial, at $5,000, or 83%.
Closets are using something like a Legos approach when remodeled, according to the pros. “Basically, you take the basic building blocks — like drawers, hangers, hampers, shelves — but you use them differently and add to them. Most people want storage for their particular needs. If you have 100 pairs of shoes, for example, you need creative ways to deal with shoe storage: shoeboxes, slanted shoe shelves, straight shoe shelves, shoe cubbies.
#4 Add or Upgrade Laundry Area
Laundry wrangling is more of a chore if you don’t have enough work space or you’re missing certain features, like a countertop or a sink. Consumers in the survey said they focused on laundry room improvements to add features and improve livability or because they had just moved into their home and wanted to customize it.
Laundry room remodeling costs $4,000 to $12,000, according to FixR. Why the broad range? Laundry rooms can be located in different parts of the home and vary in size and shape. Most people pay around $7,000 for a 35-square-foot laundry room that includes mid-range upper and lower cabinets, a laminate countertop, and front-loading appliances, FixR says.
Of course, you can upgrade an existing laundry room or space by adding à la carte features. Popular add-ons include stock or custom cabinets, a sink, countertops for work space, good lighting, and durable flooring. Some of the fancier options include units for hanging wet items like T-shirts so they can drip into the sink and racks that pull out of drawers for drying fine woolens.
Don’t forget about small DIY improvements — like painting walls or cabinets and adding lighting. They’ll help you customize the space so you might almost enjoy doing laundry.
#5 Paint One Interior Room
Painting an interior room is one of the most DIY-friendly small home improvement projects. There’s nothing like it to freshen a room or fix a quirk or two.
Hiring a professional to paint a room costs $990 to $1,320, according to FixR. The variation stems from the type of room and its square footage, plus the type of finish.
With practice and a little advice, even a novice DIYer can get great results. If you’re stuck on what colors to pick, there’s more advice out there than you can shake a paintbrush at. Most major paint manufacturers have released a color or palette of the year for 2023. If you want to follow your own preferences but would like a little guidance, you can get tips about how to choose complementary colors you’ll like over the long term.
So, if you're looking for a home improvements projects that pay off and a big project isn't in your budget (like bathroom and kitchen renos or basement and attic conversions to living areas), a smaller upgrade may make you happy and bring a healthy return.
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