In 2016, homeowners spent an average of $60,400 on home renovations.
I don’t know about you, but not many people have that kind of cash sitting around. Just because you don’t have a spare $60K, doesn’t mean that you need to give up on your dreams of home renovation.
Home remodeling can be expensive, but savings are possible if you know where to start. Here are five tips for savvy women to save money on their renovation.
1. Create and Stick to a Budget
The first step in your home renovation project is to create and stick to a budget.
Create an overall budget amount for the whole home. Then work backward.
Create a list of all the possible projects you want done in a spreadsheet. In a new column next to the project, write down the estimated cost of the specific project. If you have absolutely no clue what home renovation projects costs, use this resource for a starting point.
2. Prioritize Projects
One of the best home renovation tips is to prioritize your projects. Unless you’re working on an unlimited budget, odds are you won’t be able to complete every renovation project on your wish list.
With the same spreadsheet you created for your budget, it’s time to rank the importance of each chart. Feel free to rearrange your spreadsheet rows to correspond with your ranking system.
Once you have your whole list prioritized, you can easily determine which projects you can fund with your current budget. If you can’t complete each project right now it doesn’t mean the project won’t ever get accomplished.
3. DIY When Possible
Wondering how to remodel a house on a budget? DIY is the answer.
Just because you haven’t refinished cabinets before, doesn’t mean that you need to pay a professional to do it. Often times, all you need is a Youtube tutorial and the right tools to get the job done.
If you give the renovation project your full effort and it still isn’t working out, then you can consider hiring a professional.
The same theory goes for repairs. Instead of throwing out an item that no longer works, try doing the repairs yourself.
4. Make Small Changes
When remodeling old homes, small changes can make a huge difference.
Let’s say you want to renovate your kitchen but don’t have much money left in your budget. Start by repainting your walls and cabinets. Then you can change out your cabinet hardware for a completely new look.
Read more here about all the other ways you can lower the cost of your small kitchen renovation.
5. Enlist Help
Just because you aren’t hiring expensive contractors, doesn’t mean you have to tackle a house remodel on your own.
Plan a renovation party and invite all your friends and family members. Tell them that you’ll supply the food and drinks if they provide a little elbow grease.
If you have a friend that is a professional in a certain renovation job, consider bartering. Ask them for their help in exchange for a service you can offer. For example, if you have a friend who is good at plumbing, ask them to install your new sink in exchange for a redesign of their website.
Start Your Home Remodeling
Now that you know all about home remodeling on a budget, it’s time to get to work.
Remember, the first steps are to create your budget and prioritize your projects. Then save money by DIYing the renovation, making small changes, and enlisting help. With these tips, you’ll get more bang for your buck!
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