If you've been thinking that your home needs renovation, it's never too early to start planning your project. If money is a concern, you can help put your worries at ease by sticking to these six tips for remodeling on a budget.
1. Create a Budget for Your Project
Before you begin your remodeling journey, the first thing you should do is create a budget. You need to figure out what you can afford and ways you can adjust your lifestyle to stick to the budget. You don’t want to begin a project only to have to leave it unfinished because you ran out of money. Budgeting is crucial.
2. DIY When It Makes Sense
If you are a handy Do It Yourselfer (DIY) and have certain skills that can be used in home improvement projects, utilize them, and save money by doing some tasks on your own rather than relying on contractors for everything. Chances are, you will still need to hire workers, but you can knock quite a bit off your overall bill if you can put in some of the work on your own.
Even if you lack experience, you may be able to do some tasks yourself if you take the time to learn how. Utilize online resources, such as YouTube videos, that can help walk you through the task at hand. Just be sure that you take all the necessary precautions, and be prepared to contact a professional in the event that you're unable to get the job done.
3. Take Your Time
A home renovation is a big endeavor, so you shouldn't expect it to go quickly, and you certainly shouldn't rush it. Otherwise, you risk imperfections that may bother you later, and may require additional work.
"Taking your time is also critical to the overall 'dream' aspect of a dream home renovation," says Ashley McCann at You Need a Budget.1 "If you’re in a big hurry to get it all done as soon as possible, you’re going to make a series of small sacrifices that may result in purchases that aren’t exactly what you wanted. Take your time, make intentional choices, save up for what you want, and get that light fixture that you’ll love for a while."
4. Remodel for Efficiency Rather Than Size
You don't have to increase the size of a room to improve it. While you may be tempted to give yourself more space by expanding a room or adding one onto your home, you may be able to save a great deal of money by simply increasing the efficiency of a room.
"If you can reorganize and equip your kitchen for maximum utility, you may not need to blow out the walls to gain square footage," says James Glave at This Old House.2 "Start by replacing space-hogging shelves with cabinet-height pullout drawers 8 inches wide, containing racks for canned goods and other items. You could easily shell out a few thousand to outfit cabinets with upgrades like dividers, pull-out pot trays, and lazy Susans, but you'll save many times that amount by skipping the addition you thought you needed."
5. Opt for Used Materials
Your first instinct as you go through the remodeling process may be to visit your local big-box home improvement store, but you may be able to save a lot if you look to other sources where you can purchase materials secondhand. Look online for parts on sites like Craigslist or eBay. Go to recycling centers, Habitat for Humanity Restores, and similar types of places to see what you can find that might come in handy.
6. Apply for a Home Equity Line of Credit
If your project is big enough, you might need help funding it. A great way to do this is to apply for a home equity line of credit3,which you can use for home improvements as well as other purposes. Discuss your project and budget with your banker and see if a home equity line of credit makes sense for you.
Starting a major home improvement project can be exciting, but also intimidating. However, if you're smart about your budget and take out a line of credit, you may find that it's much more realistic than you thought.
1. https://www.youneedabudget.com/how-to-remodel-a-house-on-a-budget/
2. https://www.thisoldhouse.com/cabinets/21018036/21-ways-to-save-on-your-house-remodel
3. Loans subject to credit approval. Terms & conditions apply. See banker for details.