If you want to make your home stand out from others, you don’t have to spend a fortune on renovations. Whether you are renovating to increase the market value of your home or for personal pleasure, there are many budget-friendly ways to do so. Here are some ways to refurbish your home on a tight budget.
1. Define Your Purpose
The first step to ensure you stick to a budget is to have a clear purpose for your renovation project. Are you aiming to increase your chances of selling your house, or do you want to fetch a high selling price? If your house is fully renovated and you plan on selling, partner with a reputable real estate firm for a fast and smooth transaction and look at what houses in your area are going for, for example house prices in San Antonio. Aim for agents who will market your home to get you top dollar.
Some repairs and upgrades are necessary. For example, you may need to improve your home’s insulation or fix faulty electrical wiring. Ultimately, the reason you are remodeling or repairing your house will determine your budget. It will also inform your timeline and the expertise required.
2. Research Everything In Advance
Make sure you research the average prices for materials, fixtures, appliances, and contractor services. Your house renovation expense may exceed your budget if you don’t make all financial decisions in advance. Taking this step gives you an estimate of your total expenses. You will also be able to decide where you will splurge and where you are going to save.
3. Contingency Fund
Even the best-laid plans tend to fail. When embarking on a project, you have to make room for challenges or unexpected occurrences. Therefore, when creating a budget for renovating your house, put aside a contingency fund.
A rule of thumb is to have a contingency fund that is 20% of your total expenditure. If the fund isn’t used up by the project’s conclusion, it will still end up with you. A contingency fund is a smart way to avoid exceeding your budget and failing to complete your remodeling project.
4. Start With Big-Impact Changes
One of the things that will ensure you stick to your budget is prioritizing. Begin with the changes that will have the most significant impact. These are things that will add the most value to your home. Flooring, lighting, furniture, and appliances are just a few things you should consider first. If you still have money left from your budget after implementing these priority upgrades, focus on other changes that will subtly improve your home.
5. Do-It-Yourself
One of the best ways to cut renovation costs is to do all tasks that don’t require a professional. There are skills you can pick up by viewing YouTube videos like painting walls with Ralph Lauren paint and reading some articles and guidelines online.
Make sure you don’t bite off more than you can chew. There is a limit to the DIY tasks you can engage in. If you are in doubt or a task has a high risk of failure, leave it to the professionals. Focus on the small and simple tasks.
An alternative to hiring professionals is enlisting skillful friends in a specific aspect of the remodeling project. You can barter with them by offering to help them with a task you are good at. For example, you could help them prepare a complex meal while they install your lighting fixtures.
6. Find The Right Professionals
Picking the wrong professionals for a task is money wasted because you may have to pay for the same job again. Therefore, when choosing a professional, your motivation shouldn’t be price alone. Quality should be your most significant consideration.
You can find a competent contractor through word-of-mouth references or by reading customer reviews from sites such as HomeAdvisor. When searching for a professional, look into their reputation in the home construction industry. Hiring a contractor with great customer reviews will likely lead to a satisfactory outcome.
7. Exercise Flexibility
A brilliant way to renovate your house and still spend within your budget is to swap for alternatives. Since timber decking is costly, you can opt for a cheaper option like tiles. If you cannot afford plantation shutters go for Venetian blinds to achieve the same effect at a less expensive price.
Other budget-busters include rearranging furniture instead of buying new chairs, tables, and sofas. Rearranging the furniture by moving them to different spots can significantly transform the feel and appearance of your home. Also, instead of investing in expensive mirrors, you can use art and wall photos on your walls.
8. Add A New Coat Of Paint
Before you rip out existing structures, determine whether the layout and structure of a particular room are in order. If these aspects are okay, you don’t need to perform any demolition. Instead, add a new coat of paint for a modern transformation.
Adding a specialist coat of paint on any surface in your house can save you from the expensive affair of gutting a room. It is more affordable to paint kitchen cabinets and bathroom fixtures than invest in a new design.
9. Save Money With Second-Hand Items And Government Programs
Another good way to stick to your home renovation budget is to seek quality materials and appliances from second-hand rehabs and government programs. These two sources offer good bargains. For instance, Habitat for Humanity Restore is a haven for quality second-hand material for home renovation projects. Restores offer gently-used furniture, building materials, home accessories, and appliances at a reasonable price.
You can also save money through government programs—research on available programs in your area. For example, you may qualify for federal tax credits for making your home energy efficient.
Wrapping It Up
Embarking on a home renovation project can take a considerable toll on your finances. Depending on your motivation, many homeowners achieve a high return on investment after selling their refurbished homes. However, if you are looking to improve your home for personal benefit, there is still the satisfaction that comes after the renovations are complete. The above tips will help you renovate your house on a shoe-string budget.
