According to statistics, the average cost of a home renovation project in the US/Canada can range from $40,000 to $60,000, depending on the project’s scope and materials. While this might seem plausible, the costs can quickly ascend for more extensive projects or high-end areas. Cost is often the major concern for homeowners.
Whether updating appliances or renovating your space, the expenses can quickly accumulate and become overwhelming. Given such massive costs, it’s no wonder most homeowners are looking for budget-friendly alternatives to traditional renovations.
Fortunately, you can spruce up your home without jeopardizing yourself financially. With creative use of materials, DIY work, and smaller-scale projects, you can attain proper renovation for a significantly lower investment.
Let’s see how:
#1 Hire a home improvement company
According to This Old House, homeowners can save around 10% to 20% on remodeling and renovation costs by hiring a professional contractor. Although spending money on hiring professionals may seem counterintuitive, it can save significant money in the long run by avoiding mistakes, improving efficiency, and ensuring timely results. Besides, if you don’t hire the experts, you’ll end up incurring more costs than expected.
By hiring home improvement experts like the C. Michael Exteriors Home Remodeling Company, you can achieve your desired home remodeling outcomes. They also provide valuable guidance and professional advice on the latest trends and cost-effective materials for your renovation.
Suppose you want to renovate your kitchen. The home improvement company can help you choose suitable materials and appliances that fit your budget and can handle the entire process from beginning to end, including obtaining necessary permits, sourcing materials, and managing the construction process.
This method can alleviate the stress of tackling a remodeling project independently and lets you relax, knowing that the final result will be within budget, completed on time, and of high quality.
#2 Draw a budget
To save money, you need to assign money. Without a fixed budget, you can get carried away with all the compelling prospects of home remodeling, causing it to become an expensive endeavor. Setting a budget lets you be realistic about what you can afford and keeps you from overspending.
One tip is to plan appropriately and prioritize the areas of your home that require renovation. Then, allocate a more substantial amount from your budget to those areas. For example, suppose your bathroom needs new plumbing or fixtures. Spending more on those upgrades than cosmetic changes like paint or fresh towels would be best. You should also leave enough room for extra or unplanned expenses in your budget.
#3 Prioritize cosmetic upgrades
When prioritizing your home renovation projects, remember that cosmetic upgrades can significantly impact your home’s overall look and feel. Prioritizing and focusing on remodeling projects that will dramatically impact your space is crucial. For example, a fresh coat of paint or new lighting can make a huge difference and offer a huge ROI, boosting resale value.
Here is a list of cosmetic upgrades you can do:
- Add a backsplash: A cost-effective way to update your kitchen or bathroom.
- Replace hardware: Change out old cabinet handles, doorknobs, and faucets for a modern look.
- Install crown molding: Add a touch of elegance and sophistication.
- Add a statement piece: A unique piece of art or a large plant can be a great focal point in a room.
- Refresh your furniture: Reupholstering old furniture or adding slipcovers can give them new life.
There are many more rewarding remodeling upgrades you can incorporate into your home. But remember to prioritize those projects that add the most to curb appeal, increase the most value, and are eco-friendly.
#4 Install a bay window
Installing new windows may need more of an investment initially. Still, they save long-term money by providing natural light and improving ventilation, reducing energy bills. A bay window to boost curb appeal increases property value and improves lighting. It also expands the square footage of your space without needing a major renovation. Bay windows extend beyond the exterior wall, creating additional space for seating or storage.
Not only do bay windows invite more light into your space and make it more appealing, but they’re also a financially rewarding renovation because of their 70% ROI rate. This rate means that even if your bay window installation costs around $10,000, you can still get approximately $7,000 back, making it a secure investment.
#5 Refresh, don’t replace
If you have functional but outdated furniture, consider refinishing it or reupholstering it instead of buying new pieces to save money and still get a revamped look for your space. For example, you can reupholster an old but comfortable armchair in a modern fabric to provide a refreshed look.
Another way to refresh your decor is by swapping out smaller decor items. Instead of replacing your entire living room set, consider only replacing the throw pillows or adding a new area rug. You can also purchase new curtains or blinds to update your windows without the cost of new window treatments.
#6 DIY where possible
Even if you don’t consider yourself a handy person, you can complete many projects with some research and elbow grease. For example, painting a room is a simple and inexpensive way to freshen your space. You can also install a new light fixture, lay your flooring, or even build furniture with the help of online tutorials.
Here’s a fun list of DIY projects you can try out:
- Create a gallery wall: Select your favorite artwork, photos, and prints to create a fun gallery wall.
- Paint an accent wall: Add a pop of color to any room by painting a single accent wall.
- Build a bookshelf: Create a simple bookshelf using inexpensive materials like plywood or reclaimed wood.
- Create a custom headboard: Use fabric, paint, or reclaimed wood to create a custom headboard for your bed.
However, knowing your limits and when to call in a professional is essential. Specific projects like electrical work or substantial plumbing repairs should always be left to experts to ensure your safety and avoid costly mistakes.
Remodeling can be a manageable process, both financially and emotionally. You can renew your space resourcefully by properly allocating materials, time, and responsibility. While trying to stay budget-friendly, remember to invest where it matters and cut back on things you can manage without.