Renovating on a Budget

Be Realistic and Specific

Don’t base your budget off of what you think you can get at the most affordable price- you are sure to be let down if you can’t meet those goals. Know what you can spend and what is necessary for the reno. You can save money by taking on some of the renovations yourself. However, if you know you can’t do something yourself, hire someone. If you do it wrong, it will cost you more to get it fixed and done again properly. Know what your must-haves are and what you just hope to have done. Prioritize the reno wish list and stick to the plan- it’s easy to add to it and suddenly the costs grow. Plan for the unexpected; add in contingency costs or wiggle room in the budget for problems you may come across that you were unaware of at the start.

Work With What You Have

Look around your home- are there rooms that could be revamped without having to knock down walls or buy all new furniture? Sometimes, a new coat of paint can do wonders and change a room completely. Be aware of these opportunities, it can help your budget in the long run and give you more to work with in other parts of your home that you do want to do more with. Look at what you already have for furniture as well- can they be repaired or reupholstered and given a new lease on life? You don’t always need new, sometimes new to you can bring you everything you were looking for. Try to increase efficiency instead of size. Instead of thinking you need to add an extension on your home, try changing the space around. Change out your cabinetry, reorganize the room, or use wasted space. Get creative! It isn’t always about the biggest being the best.

Work With Your Budget, Not Against It

Your budget can seem like a number hanging over your head. But it’s all about learning how to work with that number and finding ways to meet it. Do your research- find out if there are materials that can be substitutable for less expensive options. If the cheaper option will serve the same purpose and last as long, why not use it? With that said, consider your long-term costs, not just short-term goals. Energy efficient appliances or better quality materials that will last longer can save you on your bills or repairs and replacements down the road. When buying new appliances, ask if there are bundle discounts available. Many times, retailers will give you a discount for buying multiple appliances from them, but rarely advertise this option. It can be difficult to take your time with renovations- you want to see your final project now! But if you have the time, spread out the renovations as this will help you spread out the costs and give you time to build up your savings for each project instead of going into debt to complete everything in a short period of time.

You should always have a detailed plan going into home renovations. You should especially know what your budget is and follow it so you don’t have financial regrets at the end. But this doesn’t mean you can’t have fun with your renos! Know your budget and work within it and enjoy your hard work!