A complete home renovation can cost anywhere from $40,000 to $60,000! So, if you're a new homeowner, you likely don't have the budget to tackle that kind of a renovation.
Thankfully, you can put together a fully renovated home for much cheaper. Here are some great tips to show you exactly how to renovate a house on a budget. Your dream home is right around the corner.
Make A Budget
The saying goes that a project will take as much time as you allot for it. The same thing goes with your home improvement projects.
If you don't decide your budget before you start, your renovation will take up as much as it needs to. This can end up being much more than you can afford.
So, before you even start putting together plans, put together a budget. Make a list of the renovations you want in your home and do some market research. Figure out how much those renovations typically cost.
Once you have a budget in place, you can move forward with the rest of your renovation.
Plan, Plan, Plan
Before you renovate anything, you should have an idea of exactly what you want your new space to look like. This will help you maintain your focus.
It will help you identify weak spots in your renovation plan before you even start. Maybe you hang a color palette for your kitchen, then a month later you realize you don’t really like those colors. At least you determined that before you bought the paint and other items in those colors.
A solid plan will keep you from getting distracted by the latest fads and trends. You know exactly what you want. Maybe you have decided that you want a sleek kitchen. So, when wicker trends come into style, even though you love the look, that means you won’t be using any wicker in your new kitchen.
Paint is Your Best Friend
Often, a new coat of paint goes a long way when it comes to giving your home a new feel. As often as possible, repaint instead of replacing. This applies to cabinets, walls, doorframes, and even doorknobs.
Doorknobs themselves can cost anywhere from $10 to $60 each! A can of metallic spray paint will run about $8.
If you can upgrade it with a new coat of paint, and it already functions well, then there's no need to replace it. This alone can save you hundreds or even thousands of dollars.
Repainting walls can give rooms a brand-new feel, and it doesn't cost much. You can opt for classic styles or look online at samples of rooms you like or search for a color palette that you think would look wonderful in your home.
Focus on Your ROI
If you plan to sell your home in the next few years, focus on renovations that are likely to have the highest ROI. Of course, this is your home too. So, if there's something you would love in your renovation, add it.
Kitchen remodels, decks, and improving your curb appeal typically see the biggest ROI. Replacing the garage door is expected to provide a return of 97.5%.
Different projects have different rates of return. As you renovate your house, keep in mind three things.
Why Do You Want This Renovation?
If your home wishes involve big bay windows and a little breakfast nook, then go for it.
But remember that the reason you're adding this renovation is that you want it. Don't expect a return on investment, and seriously consider if the cost will be worth it.
Is the ROI Worth It Right Now?
If you're doing a renovation for the ROI, hopefully, you plan to sell your house soon. If not, it may not be worth it right now. The newer the renovation, the better the ROI. People like to know they won't have to fix something for a long while.
If you don't plan to sell your home soon, and your current appliances still work, postpone it. This will help spread out your expenses so you can handle them better.
Is It Good Enough Right Now?
Consider if you need a full renovation. Is an appliance functionally sound, and just needs some cosmetic improvement? If that's the case, you can save big bucks by holding on to functioning appliances longer.
Upcycle and Recycle as Much as Possible
Habitat for Humanity ReStore sells excess building materials. You can save money by shopping there instead of Home Depot.
Where possible (and practical) look to use recycled materials as much as possible. Not only will this help your bottom line, but it's also better for the environment too.
Upcycling old decor can add a lot to your home's personality as well. For instance, if your bathroom needs a new mirror, consider shopping at thrift stores. A beautiful antique mirror will do a lot more for your space than a slab of glass from Wal-Mart.
Pay Attention to The Pay Off
Especially when you renovate and update appliances, pay attention to the cost-saving value. Sure, an eco-friendly fridge might be more expensive initially. But by replacing it, it will save an average of $270 over the next five years.
The more you do this throughout your home, the bigger your annual savings. One of the best places to focus on eco-friendly choices is actually with your lighting.
Switching to eco-friendly bulbs or adding dimmer switches can give you a bigger pay back. Plus, the mood lighting in your home can make the environment more vibrant or cozy, depending on your design.
Don't Forget Landscaping
A dead yellow lawn takes away a lot from an otherwise beautiful home.
When you're planning your landscaping, consider what you predominantly use the space for.
If you love reading in a hammock, you can fill your lawn with bushes, tall flowers, and decorative stones. Then add a little end table next to your hammock for an umbrella and a book.
But if you have three active boys, you will probably want to invest in the turf that can withstand a lot of wear and tear. Don’t skimp on your lawn if it's going to have to handle a lot of activity. If you skimp it could be destroyed within a year.
Another good idea is turning some of your outdoor space into a garden. If your HOA allows, you might be able to do this with both your back and front yard. This gives you much better use of the space than an empty lawn. It's decorative, beautiful, and good for the environment.
Plus, you'll have healthy homegrown vegetables all year round. This, in turn, can cut down on your grocery expenses.
Most importantly, focus on sustainability in your yard. Try to incorporate the natural landscape around you. Decorate with plants local to the area. They'll last longer and grow healthier. They'll also be less of a drain on your water supply and require less attention.
Even if you live in a desert, you can have stunning landscaping that fits the place you live in.
You're a frugal person who knows how to make a dollar stretch. Don't forget to use the money-saving hacks you already know when it comes to a renovation.
Take advantage of deals and DIY where you can. But don't be afraid to pay for a professional on hard issues like electric and plumbing.
Focus on big impact renovations first, like flooring, lighting, and paint. Then pay attention to your small impact renovations.
Remember, little details have a big impact. This is your space, so create it the way you want.
Focus on Interior Design
If your home feels outdated, the issue might not be your home. It could be your furniture that's the problem. These days, people are focusing on designing cozy, chic, and eco-friendly interiors.
Consider trading in your furniture for something that better suits your space. Put in the effort to make it feel exactly the way you want. Pretty paint won't help much if your couch still looks like it comes from the seventies.
Look for ideas to decorate your home online. Pinterest and other site have thousands of ideas that you can look at to glean details that will make your space just the way you want it. You can also get inspiration from magazines or googling ideas for remodels.
Focus on how much space you have. For example, if you live in a tiny home, you don't want to look up remodels for gorgeous huge kitchens. You want something that fits the space you have. This will make it practical, and more fitting for you.
Now You Know Exactly How to Renovate a House on a Budget
These tips show you exactly how to renovate a house on a budget. It takes a bit more creativity, but it's not hard. Often, you can get an entirely new feel for your home by painting or upgrading your furniture.
With these tips, your dream home renovation is right around the corner.
Looking to sell your current home or buy a new one? Contact our real estate agents today!