4 DIY Home Improvement Projects That Cost Less Than $5,000

Whether you want to spiff up a new home before you move in or you've been there so long it's time for a refresh, there are lots of DIY ways to improve your home for under $5,000. Home renovation projects can increase your home's resale value or simply boost your family's enjoyment of the space—not to mention offering the satisfaction of a job well done with your own hands. In fact, many remodelers find that finishing one project makes them want to do another.¹ So the only question is, where to start? Here are some of our favorite ideas for affordable DIY home renovation projects.

Hardwood floor refinishing

Fresh, like-new flooring can open up a living space. Refinishing hardwood floors is a project that not only achieved a perfect 10 out of 10 “joy score" in a recent report by the National Association of REALTORS®, but it's also the interior project with the greatest cost recovery—refinishing hardwood floors recovers an estimated 147% of the project cost at the time of the home's resale.1 While there are lots of variables, like area size and materials used, the average cost of the project is about $3,400.¹
For a floor that's lightly scuffed, restoration starts with a simple buffing job and could be completed in one day.² For a more thorough renovation, expect to spend as long as four days.³ You'll need to purchase sealer, stain and polyurethane, along with the brushes to apply them. You can rent a buffer or orbital sander at a hardware store; make sure to also get the personal protective equipment, including dust masks, respirators and gloves, to go with it.

READ MORE: How Much Does Hardwood Flooring Cost?

A fresh coat of paint

Perhaps nothing transforms a space as simply and dramatically as a fresh coat of paint. At an estimated cost of a few hundred dollars for paint for a medium sized room, it's also one of the most economical DIY transformations you can achieve.

Consult experts at your local paint store to determine the type of paint and finish that will best suit your space. Then, bring home paint chips to see how your colors work with the natural and artificial light in your rooms. Check how they look at different times of day to get the full picture.

The initial outlay for supplies costs about $350, which includes necessities like drop cloths, a ladder, paintbrushes, rollers, a mixing tray, a putty knife, masking tape and sanding blocks.⁴
While the final price will be affected by the size of the room, the quality of paint and the number of coats, a ballpark cost estimate is $390 for a medium-sized room.4 This means that with a budget of $5,000, you could reasonably expect to paint the inside of an average home. Of course, your home will be anything but average by the time you've brought your colorful new vision to life!

An updated bathroom

A full bathroom renovation can reach tens of thousands of dollars, but you can still make a big impact for a lot less than that by freshening up your surfaces and bringing in some new hardware.¹ With a budget of $5,000, you could invest in a single statement piece, such as a high-end, luxury toilet or programmable showerhead, or you could opt for more economical upgrades throughout the room.
A new vanity, which includes a sink, countertop and storage underneath, can cost between $300 and $3,800.⁵ You'll need basic plumbing tools like a wrench and a bucket, as well as basic carpentry tools like a tape measure, utility knife and stud finder.⁶

The average cost of a toilet is about $150 to $250,⁷ and installation is doable with just a wrench, some caulk and an extra set of hands.⁸
Replacing tiles is another satisfying DIY renovation. With a variety of materials to choose from—ranging from vinyl or ceramic to polished concrete or imported marble—prices can vary greatly. Expect the cost of tiles for a floor to range between $1 and $15 per square foot, which means it could cost about $150 to $2,250 to tile a 150-square-foot bathroom.⁹

READ MORE: How to Renovate Your Bathroom for $2,000 or Less

A tasteful new kitchen

There's no way around it—a full kitchen remodel is pricey, and the biggest upgrades (like appliances and countertops) are too unwieldy for the average DIYer. But there's certainly a healthy menu of other options for a handy homeowner. Consider getting a new sink, which ranges in cost from about $50 to $1,000.¹⁰
Renewing your kitchen cabinets can also come in under budget if you stick to stock cabinets. You'll need a toolbox full of carpenter's tools, including a hammer, screwdriver, stud finder and a good level.¹¹ If you go the DIY route with this type of standardized cabinet, a small kitchen could be updated for as little as $750, with the price increasing with quality and size.¹²
Or, you could give your existing cabinets a facelift by simply applying a fresh coat of paint (roughly $200 for a small kitchen)¹³ or adding new hardware (20 to 40 pieces of hardware at $2 to $50 each, or $40 to $2,000 total).¹⁴ Style and finish options are seemingly endless, from rustic wood or iron to sleek resin or stainless steel. The only tools you'll need are a drill, screwdrivers, pencil and measuring tape. It's a relatively quick project that can have long-lasting impact.¹⁵

READ MORE: 7 Affordable Ways to Renovate a Kitchen for $3,000 or Less

With a budget of $5,000 and the willingness to roll up your sleeves and invest some time, you can make transformative changes to your home that could bring you joy for years to come.

Learn how the Synchrony HOME™ Credit Card can help you get even more out of your renovation with promotional financing on qualifying purchases at hundreds of Synchrony HOME retail partners.* Use our Synchrony Home locator to find retailers in your area that accept the Synchrony HOME Credit Card.

*Subject to credit approval. Minimum monthly payments required. Promotional financing offers available at the time of purchase may vary by location. See store for details.