Home renovations improve the aesthetics and comfort of your home, although some projects require a large financial expenditure.
For those of you wanting to renovate your home on a budget, we’ll share important tips with you to help you in planning an affordable renovation.
We can tell you firsthand that DIY home makeovers often still require hiring others to take on parts of the project and that comes with a particular price tag and a bit of sanity loss and we are skilled renovators!
As an added bonus, we’ll toss in some other big suggestions for a renovation that you might overlook, so that you don’t make a mistake!
Grab your toolbelt, your stashed budget envelopes of cash, and a sense of adventure, as we share how to renovate your home on a budget, which in essence is planning an affordable renovation with a list!
What Does Planning An Affordable Renovation Encompass?
Touch any of the links below and it will take you right to the section you are looking for or read through the whole post, as it has invaluable information on how to renovate your home on a budget!
- ✅ planning a feasible budget with a bit of wiggle room
- ✅ Explore how you will finance your remodeling without overspending
- ✅ finding a starting point for updating your home on a budget
- ✅ Benefits of working with a Design-Build Contractor
- ✅ extensively researching all of your material options (research)
- ✅ understand “smart painting” and how it affects your home
- ✅ how windows play a large part in renovations and why
- ✅ Tips for what you should DIY vs when to hire a contractor
- ✅ Dealing with contractors (what you need to do to stay on budget)
9 Important Tips To Renovate Your Home On A Budget
Start with your wishlist for your budget-friendly remodeling and figure out what you really need to get done and what can wait.
Once you have your wishlist in hand, you’ll want to start using these 9 important renovation tips.
#1 planning a feasible budget with a bit of wiggle room
This is known as creating a budget and sticking with it!
As you desire an affordable alternative for home renovation, you must first establish the total expenditure requirements and restrictions.
This can give you a fair idea about your investments and the cost cap.
Creating a feasible budget is essential, so keep this in mind.
You’ll know what kind of improvements need to be done initially based on the budget.
When creating a budget, you shouldn’t overestimate. Instead, keep your budget low and start looking for the needed items.
#2 Explore how you will finance your remodeling without overspending
This section is a quick overview of financing vs. cash while staying on budget and working with a tight budget.
Before you even start coming up with a budget for the project, you must determine how you will finance it.
Whether you are paying for it in cash or using a bank loan, it is always advisable that the budget of the project fits within the limits of the available funds.
Once you have a clear idea of how much finances you have at your disposal, it is recommended that you set aside an extra 10 to 20% of the available funds for miscellaneous expenses.
The funds can come in handy, especially if something goes wrong, or if anything ends up being more expensive than you projected.
By doing so, you will have sufficient funds to complete the project regardless of what happens. (just as I described above).
#3 Finding a starting point for updating your home on a budget.
Did you know that specific room renovations add value to your home?
Start investigating specific room renovations and their impact on your home, and remember that the bathrooms require renovation as well.
Bathrooms and Renovation
Remember that bathrooms require improvement, just like the kitchen and living room.
You might contemplate improving several things, like the sink, toilet, or shower. Factor in that you may also need emergency plumbing if something looks rusty or leaks.
Don’t forget to dress the windows, and the walls, and to reinvest in simple wares for the sink such as cute soap dishes, candles, and a large mirror.
You’d be amazed at how simple, and affordable these changes are.
Basement Renovations Are Big + Increase Living Space
More living space is generally a reason for renovation too.
So for those lucky enough to have a basement, you will also be lucky enough to spend anywhere from 10K-30K (fixture and size dependent) on a finished basement.
From a bathroom to a bar, to a home theater, basements have become the new family room.
For some, it means that no one will ever see your secret mess unless they visit your basement.
On the other hand, it also is a place to host more friends and family, so you might be cleaning it up more!
Prioritizing what is the best room to renovate is your BFF right now!
When you figure out which room should be tackled it will make it more affordable if you prioritize the renovation projects by room.
This way, you can create a budget around the cost of individual projects.
#4 Bring In A Design-Build Contractor Early On!
Often, most homeowners don’t have an idea about where to start.
If you are one such homeowner, it is advisable that you bring in a design-build contractor during the early stages of the project.
This way, they can listen to your needs and guide you in the budget-making process.
I am not suggesting having them contract your project.
You will want to do as much as you can as a DIY. However, understand what you are getting into and how far the renovation actually has to go.
Is it going to be the whole first floor this year and the 2nd floor next year?
Maybe your home is new and you never got your basement finished. Consider everything, then renovate!
#5 Extensively researching all of your material options (research)
A little research can save you a lot of money, so you will research renovation costs and materials for specific rooms you want to update and refresh.
The question you are most seeking to answer is, “how much should you spend on home renovation materials for ‘X’ room?” and learn what the materials are!
- to get the best idea of what a renovation should cost, start with your property’s value (Google it)
- Search for the value of your neighbor’s home as well, this will give you perspective
- Remember that the remodeling spend needs to be spread throughout a home, not just a single room.
- 15% is the golden number when renovating. Your resale value won’t climb beyond that investment percentage
Doing this will allow you to renovate your home on a tight budget because you can get most of the materials for a reasonable price if you research properly.
Fortunately, affordable furniture, paint, or decorations are available, so keep this in mind.
Research the product and the market before purchasing any goods or items to obtain quality goods at discounted prices.
Use online shopping, thrift shops, and places that sell these items to your advantage and see how far you can get.
#6 understand “smart painting” and how it affects your home
An economical and creative technique to improve your home is smart painting.
Note that the paint color has an impact on the lighting.
Some colors can physically make your home appear darker, while others might make it appear brighter.
Choose vivid colors for the walls and neutral tones like white and black for the furniture, rugs, and drapes.
Here is where you can save money, don’t hire a painter, make this a DIY. Sure it may take a little longer, but you will save on labor costs if you can DIY the painting.
#7 how do windows play a large part in renovations and why
Consider changing your windows as it does cost to upgrade them but the investment will save you money!
- Your windows are essential to your home’s aesthetic appeal, so keep this in mind
- Windows allow natural light in, which reduces the use of artificial lighting. In turn, can lower your electricity bills
- Consider upgrading to bigger windows for more light and less electricity usage
- Alternatively, replace a wall with a window to add interest to your property
- Consider using a pro window installer to make sure you won’t have leaks!
#8 Tips To Consider: DIY vs. Hiring a Contractor
- consider hiring a contractor to undertake some exploratory, investigative work, or demolition to ascertain that there isn’t any unforeseen work that you may need to undertake.
- understand that the contractor may cost you a bit out of pocket, yet, he/she will save you money, time, and effort.
- allow the contractor to assess where the wiring is, or find it with their cool tech toys.
Using a contractor eliminates the need to bash a wall in to find wiring and support walls right? From piping to wires, and everything in between, know before you start.
Hire a pro to figure this out and save money and time later in the project.
The DIY Projects To Keep Your Remodeling Budget-Friendly You Can Do
- If you are getting rid of cabinets or floor tiles as part of the project, consider doing this work yourself, it will significantly reduce labor costs.
- Try to recycle or share for free/donate those items that still have life in them
- Order basic finishes and fixtures yourself since the contractor is likely to charge hourly fees to do the shopping on your behalf.
- If possible, be the project manager. In case you need additional subcontractors for the project, you should interview and choose them yourself rather than letting the general contractor do that.
- Carry out painting work yourself. Hiring a professional to paint one room is way overpriced.
#9 Dealing with contractors (what you need to do to stay on budget)
If you think remodeling on a tight budget is hard, try dealing with contractors, we have endlessly!
- Request Multiple Project Estimates from Contractors (get the bids broken down)
- Find a contractor who will be comfortable working with the available funds.
- Only consider local companies that have good reviews from previous clients,
- Request written and signed bids
- You should compare at least three bids from different contractors
- Get A Contractor to Commit to the Quote
- Be clear about both the project and its budget.
- Be certain of what you are asking for and be certain that is the quote you are getting.
- Allow the contractor to present a list of addendums, with the prices broken out (if wanted bay windows and he suggests 3 crank-out windows in a row, that is an addendum/option)
- Pricing should be listed separately from your request, vs. his want.
- Remember, this is your project, and you want it your way don’t be swayed by a contractor’s suggestions
- Get what YOU want and get that quote
- Allow additional options (at least let the contract believe you are considering them) but have it as a breakout option
- Don’t pay ahead of your contract (at least not the full amount or even until contracts are signed!)
- Make certain the brands of hardware you have chosen match, and that the prices are *Not Subject To Change, once dated and signed.
- I highly suggest building in a ‘late work clause’ because if the work is not delivered on time, money should be extracted from your bill. (tip: This will give your contractor the oomph to stay on time and show up every day)
- Offer to purchase and pick up as many of the products as you can, skimming the amount down to basically day rates to show up.
If a contractor understands that you intend to stick to a constrained budget, it will be easier for him/her to take you through extra expenses, time delays, as well as project changes that you should expect.
How To Do Quick and Easy Contractor Background Checks For Your Budget-Friendly Remodeling
- Check your local online neighborhood website to learn ‘who did not complete, who did complete, who is a dirty worker’ etc.’ gossip there. Know before you hire. Your neighbors will tell the truth.
- Do they have insurance? If they don’t you’ll not want to hire them!
Now You Are Ready To Renovate Your Home On A Budget
You have prioritized your remodeling needs, and you can stay within your budget to achieve what you want and feel comfortable because you have not overspent.
There are several great advantages to renovating your home and you can achieve remodeling without overspending! Remember that along with improving the appearance and comfort of your home, it will raise its market worth.
Fortunately, it doesn’t have to be expensive, and planning an affordable renovation is as easy as following the how to renovate your home on a budget checklist we have provided above.
A property that has undergone budget-friendly remodeling is more easily sold and much better to look at.
Always remember there is no shame when you renovate your home on a budget because it just makes good working sense. If you are undertaking a home renovation, the easiest way to work within the budget is to incorporate DIY projects.
This will help you save costs besides ensuring that you complete the project within schedule and you won’t be stressed out! ~ DANA XO