Yahoo Finance 55% of Homeowners Spent $2K or Less on Home Upgrades This Year: 11 Projects You Can Tackle Within That Budget
As a homeowner, it feels like the expenses are constantly piling up since there’s always something that requires maintenance or some sort of upgrade.
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With interest rates increasing, spending money on home upgrades as people did during the pandemic months can be challenging. You know that you want to make changes around the house, but you also want to save some funds for the future.
The good news is that there are many home upgrades that you could make for under $2,000. We will look at home upgrades you can make by spending $2,000 or less that will significantly impact your place.
Most Homeowners Spent $2K or Less
According to a survey conducted by GOBankingRates, where more than 1,000 Americans were used in the sample, 55% of homeowners who spent money on home upgrades in 2023 confirmed that the projects were $2,000 or less.
It’s also worth pointing out that according to the survey, less than 10% of homeowners polled spent over $10,000 on home renovations in the past year.
With interest rates at high levels and with inflation concerns still looming, it’s clear that people are looking to minimize how much they’re spending on their homes. However, people still want to upgrade their homes.
The good news is that you can tackle various projects around the home with that budget.
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11 Home Projects for a $2K Budget
These are the best home projects you could complete for under $2,000, according to the real estate experts.
Upgrade Your Kitchen Space
“Some older homes have smaller kitchens with little-to-no space for eating, but they could accommodate a small breakfast bar attached to a wall,” shared Aja McClanahan, a financial writer and real estate agent from Space Coast Move HQ.
You can complete this simple project by adding a rectangular piece of material, like wood, metal or laminate, with hinges so it opens and closes to preserve space. Add two to three barstools, and you have an eat-in kitchen.”
The kitchen is one of the most important spaces in a home since this is where people will likely gather. You could give yourself a brand-new kitchen with this simple investment.
Paint Your Home
“Painting is probably the cheapest and highest ROI activity you can do,” shared Dan from the podcast, Landlord Horror Stories.
One of the easiest ways to upgrade your home without breaking the bank is to paint so that it feels like a new space because what a fresh coat of paint could do to a home is astonishing.
This could also be a fun project for the family. You can start small by painting the trims and tackling the smaller rooms.
“The ROI on paint is wild,” confirmed Tom Brickman, one of three hosts on the podcast, The House Money. “Get some good paint and bring any room back to life.”
All of the real estate experts that we spoke with confirmed that any kind of paint is the best investment and home upgrade that one could make. So, we dug a little further to see the various painting projects that could be completed to upgrade your home.
Where To Begin?
“I love Benjamin Moore because $200 and a weekend can get the job done,” expressed Brickman. “Peel & stick wallpaper can be a few hundred dollars and dramatically change a space. The cost of a few hundred dollars can set your space apart.”
If you’re looking for another option, Dan added, “One way to make a room really pop is by adding wall panels. They’re easy to install (you can buy pre-made kits), and simply paint over them. They make a place feel a lot more sophisticated and high-end without spending much out of pocket.”
If you want some additional insights on this painting project, here’s what McClanahan suggested:
“You can also add accent walls that add texture and dimension to almost any room. Although another paint color could do the job, you should consider other materials such as shiplap, faux brick, or even tile designs, including materials like ceramic, stone, or textured metal pieces. Wallpaper is becoming more popular, too.”
Remove Your Popcorn Ceiling
Many homes come with a popcorn ceiling, which can be easily removed. The reality is that these popcorn ceilings are not aesthetically appealing, and it’s worth getting rid of them.
All you need is a wet/dry vac and a drywall knife. You may want to watch a few tutorials on the project before getting started, but this is a weekend project that will upgrade the feel of your living room.
Improve Your Cabinets
“Instead of swapping out cabinets and vanities for new ones, consider refinishing them with another, more modern paint color,” commented McClanahan. “In some cases, you may be able to touch up or change the color of countertop surfaces, too.”
You don’t have to replace your cabinets or remodel your kitchen, but you can upgrade your cabinets. Paint them or change the hardware to improve the feel of the room since these are the first thing that someone sees when they enter the space.
Update Your Lighting
“Lighting fixtures are another cheaper home project that you can take on,” said Alyssa Davies, the founder of Mixed Up Money. “Changing a bigger fixture or multiple small fixtures can really elevate any room.”
It could be time to replace those old bulbs with LED lights to give your home a brighter feel. It’s a good idea to go through your entire home and spot places where the lighting needs to be improved.
“My lighting always sets my space apart,” said Brickman. “I just did lighting for a 1300 sq ft house for $900.” With this investment, you could upgrade an entire home’s lighting and change the vibe.
How do you decide which lighting to go with? Brickman shared his secret: “Stop buying off the shelf and build a Pinterest board of fun lighting.”
Take the time to find inspiration on Pinterest so that you know what you’re looking for when you visit the hardware store.
Fix Up Your Children’s Rooms
“My husband used cardboard to cut out a Princess castle for my daughter’s room, taped it off and it came out so cute,” shared Davies.
“It doesn’t cost a lot to buy a few cans of paint, tap and some brushes to completely change your space.” If you have kids, you can have a fun DIY project for the family for under $2,000.
Upgrade Your Exterior Living Space
If you have a front porch or a backyard patio, small projects can make it feel like you’re adding more space to your property. With a limited budget, here are a few options to consider:
Install string lighting
Buy patio furniture
Add flooring
Install windows
Install Storage Space
“Another great cost-effective option for upgrading your home would be floating shelves to display accent pieces or add a small amount of storage space to your room,” McClanahan says.
You could improve your home with additional storage space, from a bookshelf to building a makeshift closet.
Providing additional storage space is vital for the future value of your home since it would help people save money by not requiring them to rent out a separate locker. You could also create a weekend project by setting up a garden shed in your backyard.
Work On Your Landscaping
A home upgrade that’s always worth it and can be done on any budget is working on your landscaping. The type of work that you do will depend on the season and the climate where you live.
Prune those trees, power wash the walkway, add a firepit and plant some flowers because you don’t have to spend the big bucks on a pool to improve your backyard.
Replace Your Front Door
A straightforward project you can tackle that will make a significant impact is installing a steel entry door since this is often the first thing that someone sees as they come into your home. While you may not consider your door an asset, it could make a huge difference.
If steel isn’t your style, consider a fresh coat of paint instead.
Hang New Curtains
Adding floor-length drapes to your living room could make your home look more spacious. You can improve the look by letting the curtains slightly touch the floor.
Closing Thoughts
With 25% of those polled stating that they spent $500 or less on home upgrades, significant changes can be made without dipping into your savings. If you’re looking to spend $2,000 or less on home upgrades, this article should give you the inspiration to get started.
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This article originally appeared on GOBankingRates.com: 55% of Homeowners Spent $2K or Less on Home Upgrades This Year: 11 Projects You Can Tackle Within That Budget
