Whether you’ve lived in your home for years or you bought a fixer-upper, home renovations can be an exciting yet expensive task. From an updated kitchen to new flooring, there are endless ways to exhaust your budget. If you’re ready to pull the trigger but not ready to let go of your hard-earned money, keep these tips in mind.
1. Keep Your Floorplan The Same
If you’re on a budget, one of the most expensive things you can do is begin ripping out walls and transforming rooms. The new trend is an open floorplan, but sometimes creating a more open flow to your home can come with extra expenses. A larger kitchen means the need for a larger kitchen island or more countertop space, ultimately driving the bill up. And if you start messing with walls, you may end up having to brace.
2. Choose Do-It-Yourself Options
When you start the renovation process, you’ll probably sit down and think about all the awesome updates you want to do to your home, but with that usually comes the need for hired help. Luckily there are a few projects you can tackle yourself like updating backsplashes, flooring, and even painting.
Tile
One of the most noticeable updates you can make to a bathroom or kitchen is add new tile and backsplashes. A cost-effective backsplash option that’s also DIY-friendly is a backsplash wallpaper. Backsplash wallpapers offer multiple different mediums that can fit nearly any style or renovation, but keep in mind that they don’t always
Floors
Updating floors, while tedious, isn’t as hard as it used to be in the past. If you’re considering updating your flooring and you’re not trying to lay down real hardwoods, try to take a look at laminate or vinyl plank. They’re economical alternatives to hardwood, while also providing benefits like easy installation and quiet, yet waterproof construction.
Paint
Another tedious task is updating paint colors around the house. If you’re considering room by room renovations, handling the updates yourself isn’t too difficult to achieve. If you’re considering a full-house update, it may be easier to outsource the task to ensure it’s done quickly and properly. But if time is on your side and you’re willing to part ways with a weekend’s worth of time, painting can be done pretty quickly by you and your family or friends.
3. Finance When It Makes Sense
Financing large purchases are fairly normal practice, as not everyone has thousands of dollars laying around to sink into a renovation. But if a store offers a 0% financing option, it may be advantageous to apply for it. As with all credit decisions, make sure you’re still able to cover the monthly payments.
4. The Most Expensive Options Aren’t Always Best
From high-tech appliances to top-of-the-line furniture, there are plenty of eye-catching upgrades for your home, but price tags don’t always mean better. Make sure to take a look at reviews before pulling the trigger on that “must-have” fridge or couch. You may even be able to purchase the same items for less at other stores, so be prepared to shop around for the best deal.
5. Wait For Big Sales
Purchasing a new appliance shouldn’t be an impulse buy, and definitely not at full price. If you’re able to keep your old appliances during the renovation period, you can easily swap them out once the cosmetic work is complete. The best time of year to buy new appliances is between September and October, since most manufacturers release their new models around that time. If you have to purchase, try to shoot for around Memorial Day (May) or Black Friday (November), as many stores offer larger than normal discounts during those holiday sales.
6. Sell Items You’ve Replaced
It’s exciting to remove that old, dated ceiling fan and get it as far out of your sight as possible, but don’t forget that it may be worth something to someone. Old fixtures and appliances may still have value, so before throwing them on the curb, try listing them online. Often times you can recoup some of the costs of replacing said items by selling them on Craigslist or Facebook Marketplace. While it may not fully recoup the costs, it can definitely offset the renovation bills.
7. Utilize Cash Back Options Or Rewards Cards
If you’re able to cover the costs of the repairs or need to finance them through a personal credit card, make sure to utilize any current offers available to you. Many credit cards offer double points for purchases at certain retailers, which can help
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