Home Improvement Projects That Pay Off

Thinking about sprucing up the house? If you're working on a tight budget, you'll want to choose projects that pay off – either by saving money now, increasing your home's resale value, or both.

Easy projects to increase home value

From enhancing curb appeal to freshening up high-traffic areas, we’ve narrowed down a few simple home improvement projects proven to boost property value.

• Break out the paint brushes
  Upgrading the paint in your home can boost its overall value and give your mood a nice lift, too. If the plan is to resell your home, experts recommend going with light neutral colors, since color choice is so highly subjective.¹ If you’re strapped for time or funds, focus on high-traffic areas like kitchens and bathrooms. Considering it costs $210 – $430 to paint a room, it’s definitely a project worth investing in!²

• Spruce up the yard
  A well-manicured lawn also goes a long way, as it’s a top priority among today’s homebuyers. Good landscaping in general boosts property value by 5% to 12%.³ And with smart planning and the right tools, you can definitely do it yourself.

• Make small repairs
  Patching up a small hole in the kids’ room. Tightening a loose railing. Replacing worn or outdated cabinet knobs. These minor fixups can make a subtle but noticeable difference in the overall appearance of a room and shows potential homebuyers that the home has been well-maintained.

• Deep clean
  You’d be surprised how much brighter a room looks after the carpets are cleaned or how brightly your exterior shines after a thorough power washing. The average rate for renting a carpet shampooer for 24 hours is $35⁴ and as low as $40 for a pressure washer⁵, making these small improvements well worth it.

• Make energy-efficient upgrades
  Updating light fixtures and replacing old switches and outlets are fairly easy and inexpensive upgrades that can enhance the visual appeal and efficiency of your home. Installing a smart thermostat can also pay off. Not only can you save up to $180 a year on heating and cooling, you can track your energy usage and make money-saving changes.⁶ These upgrades not only increase your home’s property value, they’ll start saving you money. They also make a positive impact on the environment as soon as you install them.

Larger home updates that can increase value

If you have a little more room in your budget, these larger improvements can turn a small financial investment into greater resale value. Or if your family needs have changed recently, you may need more room or added features to make home life more comfortable. Some of these improvements may require an extra set of hands or even the help of a professional contractor, but you may find that the return on this investment to be worthwhile.

• Install hardwood floors
  Low-maintenance and attractive, hardwood floors have an average return on investment of 70-80%.⁷ But they’re not cheap. The average cost to install hardwood flooring in one room is $4,213.⁸ But what their durability and potential to increase home value, it’s a worthwhile expense if you can afford it.

• Add a deck
  A quality, well-designed deck adds a great deal of curb appeal to a home. And it gives your home more living area to enjoy. Depending on materials, size and design, a new deck can cost a pretty penny — from $5,500 to well over $10,000.⁹ But this is one investment that experts agree can yield one of the biggest returns, with average ROI of about 70%.¹⁰

• Replace old appliances
  Your appliances are the centerpiece of your kitchen. Outdated, rusted or broken appliances can significantly bring down the value of your home, and turn off potential homebuyers who would rather not buy new ones. If replacing all appliances is not in the budget, try to make sure your new appliances complement the old ones in appearance and brands.

Ready to start renovating the house? A home improvement loan from OneMain Financial can help you tackle your next project, while adding value and comfort to your home.

A little goes a long way

When it comes to home improvements, remember, you don’t have to start big. Even small upgrades can make a big impact — on your everyday life and your wallet. And you may find that the easiest home improvement projects are the ones that pay off most of all.

1. “4 Neutral Paint Colors That Can Add Value to Your Home,” Real Simple, https://www.realsimple.com/home-organizing/home-improvement/painting/paint-colors-increase-home-value
2. https://www.remodelingcalculator.org/paint-price/
3. “7 DIY Projects to Undertake If You Want to Improve Your House’s Value in 2022,” Architectural Digest, https://www.architecturaldigest.com/story/diy-projects-improve-home-value-2022
4. How Much Does Carpet Cleaning Cost?” Forbes; https://www.forbes.com/advisor/home-improvement/how-much-does-carpet-cleaning-cost/
5. Consumer Reports, July 16, 2021, https://www.consumerreports.org/pressure-washers/buy-or-rent-a-pressure-washer-a5260290987/
6. “How Much Does It Cost to Install a Thermostat?” Angi, https://www.angi.com/articles/how-much-does-it-cost-install-thermostat.htm
7. https://www.familyhandyman.com/article/best-flooring-for-increasing-home-value/
8. https://homeguide.com/costs/hardwood-flooring-cost
9,10. “Does a Deck Add Value to a House?”, Remodeling Calculator; https://www.remodelingcalculator.org/deck-remodel/