Renovating your home is a huge undertaking that can yield significant results. Unfortunately, it can be an incredibly stressful experience for all involved. From the disruption to your living space to the financial implications, renovating isn’t a decision to be taken lightly.
Fortunately, there are ways to save on money and stress when remodeling your home. Here are five hacks to renovate your home on a budget.
Create a Cash Budget
First and foremost, you need to set a realistic budget for your remodeling efforts. That means consulting with contractors and experts to get a better idea of how much your renovation projects will cost. This will help you start to set money aside for this task.
If possible, you’ll want to pay cash for your renovations rather than putting everything on credit. This is especially important for those undergoing credit repair efforts or renovating with the intent to sell their home. Too many homeowners put everything on credit and get stuck paying interest for years.
Measure Your Return on Investment
When trying to determine which aspects of your home should be renovated, setting a list of priorities will help you stick to your budget. If you’re trying to increase the value of your home, prioritize investing in projects that will have the highest return.
For example, replacing old carpets with laminate flooring will drastically increase the resale value of your home. Upgrading the kitchen is a costly renovation, but it is essential if you plan on selling, as it’s the focal point of the home.
Not all tasks that have high returns are overly costly. Choosing to refurbish cabinets can transform your kitchen at a fraction of the cost of replacing them.
Know When to DIY vs Hire
There are plenty of easy-to-follow DIY tutorials online that can help beginners handle basic renovation tasks themselves. This can help you save a ton of money while you transform your home.
However, it’s important to know when to call in the experts. While you may be able to change a fixture yourself with help, and in-depth plumbing work should be left to the experts. The same applies to electrical work.
While you may save money upfront by handling these tasks yourself, you need to consider the safety implications. If pipes aren’t installed properly, they can leak and cause thousands of dollars in damage. Shoddy electrical work can start a devastating house fire. Be willing to know when you can’t handle a DIY task.
Thrift Shop
You don’t have to buy everything new to renovate your home. Instead, consider buying supplies that are new-to-you. Head to local thrift shops to see what treasures you can find. Head to Habitat from Humanity ReStores. Scroll through Craigslist. There are plenty of options for finding unique and useful supplies.
Remember to think outside the box while you thrift shop for home renovations. For example, an old dresser can become a vanity when you add a vessel sink. Keep an open mind when shopping, and make your plan fit your find.
Take Your Time
The more time you allow to complete your renovations, the more cost-effective it will be. Not only does taking your time allow you to save money and spend incrementally, but it also gives you time to find sales.
Register for flyers and sales notifications from home improvement stores and use an app like Honey to find sales and apply promo codes. The greatest expense with a large project is usually a result of rushing through things. When it comes to renovations, time is money.
By taking a smart approach to your renovation project, you’ll be able to improve your home without breaking the bank. Take your time, set a budget, and be a smart shopper.
