As any homeowner knows, there’s always another project to work on. Unfortunately, these projects aren’t always cheap, and we end up letting them languish because we can’t afford them. If this sounds familiar, we’ll offer some tips below to lower the cost of your home renovation project and fix your home on a budget.
Come Up With Thorough Plans First
The most important thing you can do when trying to fix up your home on a budget is to devise a thorough plan before diving in. By thinking about all aspects of the project, you can often identify cost savings early on and avoid some common renovation mistakes. We recommend starting by choosing one project you want to work on, perhaps a single room or a spot in your yard.
From there, detail everything that you want to do in that location. Within these details, write down the supplies or tools you’ll need, how much time it might take to complete the project, and any potential problems that you foresee. From there, start figuring out the costs for the project by looking up the cost of supplies or getting estimates from a professional home renovator.
The more details you can put into your plan, the better off you’ll be in the long run. Even if your plan changes along the way, having a solid plan as your foundation will ensure you don’t spend unnecessary money.
Know If You Can DIY
Next, you should consider whether you can do your renovation project on your own or need to hire some help. The answer to this will depend on the type of project and how handy you are. For example, let’s say you’re looking to fix up your basement. In normal circumstances, you might be able to repaint the walls, hang up some shelves, and easily replace the furniture.
However, your basement could also have drywall damage. According to Serenity by Santiago, a Phoenix handyman, “Signs of drywall damage include visible cracks, nail pops, holes, and water spots, with water damage requiring the most immediate attention. Removing the broken drywall and installing a new piece that matches the rest of your basement could be beyond your knowledge level.”
It’s important to recognize when a project is beyond your abilities or available time, as attempting a project when you don’t have the right skills or enough time to dedicate toward it could result in extra costs.
Find Discounts on Supplies and Furnishings
A great way to save money on your next home renovation project is by finding discounts on the supplies and furnishings you need. Supplies are often a big chunk of a project’s total cost, meaning if you can save money here, you can more easily stay within your budget.
One way to save money on supplies is simply by comparing costs across different vendors and stores. Rather than buying the first option, check out a few places to see if you can find a discount. We also recommend trying to remain flexible when buying supplies. For example, rather than purchasing the backsplash tiles you love that cost $90/square foot, get the ones that you like for $45/square foot and save yourself a lot of money.
Explore Various Payment Options
There are also different ways to finance your home renovation project. The most affordable way is typically to pay for it with cash, but depending on the size of your project, you may not have that amount of money readily available. In this case, you’ll want to explore other options.
One option is to open a new credit card that doesn’t charge interest for an introductory period. You can then pay it off over time, and as long as you finish before the introductory period ends, you won’t spend any extra money. Some banks and credit unions will also issue loans for home renovation projects. With this method, you may have low monthly payments in exchange for paying a little more throughout the loan. Lastly, the businesses providing your supplies or labor may have payment plans available. Explore all your options to determine which works best for your situation.
Choose Projects That Can Save You Money
Our last tip is to explore home renovation projects that can help you save money over time. For example, installing solar panels on your home’s roof could allow you to save money on energy costs. Similarly, you could install energy-saving appliances that cut back your fuel consumption. Or maybe you could build a home office that would allow you to work from home and eliminate your daily commute. If you can find a project that saves you money elsewhere, you can factor those savings into your budget when determining how much you can afford.
