Is it possible to do a home renovation on a budget? Renovation ideas or a home improvement could be anything from a small living room revamp, applying a fresh coat of paint in the kitchen wall, or a crucial remodel that could require knocking out every room in your house. Whether it's a small project or a major one, a home renovation will always require finalizing a budget.
A home renovation budget should be able to cover materials, labor, a contingency fund for unexpected repairs, and overall hiccups along the way. Of course, the home renovation budget will depend on how small or big your home is and how old the structure is. Sprucing up your home can be daunting but setting realistic goals and a budget to cover cost is key to making sure you don't go broke at the end of the renovation. Here are efficient renovation ideas and tips that will help you save money: 1. Nail down the specifics of your renovation. Before coming up with a budget, it would be wise to have clear objective that would set the parameters of your home renovation plan. At the end of the project, what do you envision to achieve? A bathroom with more space? A brand new kitchen with more storage? Renovations can get overwhelming but having a plan will help map out the process. You will be likely to overspend as well. 2. Figure out your budget and stick to it. The goal before you start renovating is to have a well-defined budget that will cover all costs. Home renovation will always include labor, materials, tools and equipment, permits, and a proper clean up service. Set aside around 10% to 20% of your total budget for unexpected expenses. Having a well-defined budget is the key to a successful renovation without breaking the bank. 3. Pay in cash as much as you can Instead of paying for the interest from a loan or credit card penalties, you can save more money in the long run when you pay in cash. It's easier as well to stick to your home renovation budget with tangible money on hand. While it's easy to go get a loan to finance your home improvement project, rethink your fund source. Remind yourself that if you cannot afford that new floor or a change of tiles now, you have to be resourceful and cut costs. 4. Seek affordable home decor options With a deluge of renovation ideas, it's very tempting to spend on new items to replace all that furniture. To lower the cost of your house renovation, it would be wise to scout for home decor shops where things you need are affordable, if not cheaper. In the Philippines, tiangges or surplus shops are great items to shop for furniture and home decor, too. Have you heard of Dapitan Arcade? They sell homewares and decors online to make shopping convenient for home owners. 5. If you can, Do It Yourself! The term "DIY" (do it yourself) was not coined for nothing. With a plethora of YouTube videos offering tutorials on installing cabinets, fresh ideas on window treatments, using peel and stick instead of expensive hardwood flooring, executing your home renovation ideas is entirely possible. Although professional assistance will be needed at some point for electrical tasks or new fixture installations, you can save on renovations cost by doing the small tasks yourself or with a family member. 6. Reuse and recycle your current homewares A full revamp is not necessary when you have existing home furnishings that are still in great condition. With a new paint job, using that old vase or runner as focal point can do the trick. Utilizing as many furniture or home items as possible can do wonders to save money and maybe spend below your budget. It would also be smart to repurpose hand-me-downs from friends or family. Got extra wood from a displaced doors or shelves? Maybe you can use them to make that bedside table you've always wanted. 7. Negotiate with your contractor Being transparent with your contractor about your budget will help you save on house renovations cost. A good contractor will collaborate with you on your remodeling project and suggest cost cutting ideas to help you stick to your allocated budget. Home renovations will consume a substantial amount of your time and financial resources. But given these smart spending tips, home renovations shouldn't break your bank. You can go as much as finding the cheapest places to shop for home furnishings or roll up your sleeves and go DIY that new space. But do keep in mind that when in doubt, professionals are also available to help you execute those home renovation ideas.
4 Comments
11/8/2023 07:09:48 pm
Renovating your home doesn't have to break the bank. This article shares practical tips and creative ideas to help homeowners achieve their dream renovations on a budget. From repurposing materials to DIY projects, discover ways to save money without compromising on style and quality. With a little ingenuity and careful planning, homeowners can transform their spaces while keeping their wallets happy.
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5/3/2024 05:41:13 pm
This is a great article with some practical tips for renovating a home on a budget! I especially like the suggestion of repurposing old furniture and decor - it's a fantastic way to add character and save money.
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11/26/2024 08:55:26 pm
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1/17/2025 05:44:42 pm
I followed similar steps, and my results were fantastic.
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