Home renovation projects are often a huge undertaking that require a lot of money upfront. Did you know that the average home renovation costs about $46,727? Most people don’t have that kind of cash lying around. But, the good news is that there are a few things you can do to help budget and save for your first home renovation that allow you to recoup the most of your renovation ROI. Keep reading to learn more.
1. Set Your Budget in Stone
People treat budgets as suggestions rather than requirements far too often, which ends up costing them far more than necessary. In order for your budget to work as intended, it’s vital that you actually stick to it. It’s important to take enough time to conduct research and develop a realistic figure that will achieve your renovation goals while not breaking the bank.
2. Shop Around to Find the Best Deals
The internet has made it easier than ever to find amazing deals. Don’t purchase the first thing you see. Instead, Google what you’re looking for and find the best price. Simply visiting the website and then logging into Facebook or Instagram will trigger cookies that will often send you an email or an ad that contains a discount or promo code — so, don’t jump on the first thing you like. Give it time and wait for a seasonal sale, holiday clearance like Presidents’ Day or Black Friday, and for the company to email you a discount code, and you will save some serious coin.
Shopping around is also important when it comes to contractors. Call several contractors and get as many quotes as possible until you find the company with the best offerings. It’s also important to ask for recommendations and/or read reviews before making the final decision to ensure you choose a contractor who is honest, hard-working, and skilled at their craft and customer service.
3. Buy Statement Furniture Pieces
You can get away with just a few tweaks that lead to a total room transformation when you invest in some statement furniture. This could be a red velvet sofa for the living/family room, or try a modular sofa in an outdoor friendly fabric to accommodate all of your guests comfortably on the patio or porch. The best part is, a lot of statement furniture is now considered vintage, and you can find it at flea markets and secondhand stores for significant savings.
4. DIY Where You Can
Contractors are expensive and eat up a significant chunk of the renovation budget. Stretch that budget farther when you rely on your own skills and DIY as many projects as you can. If you’re unsure about a certain technique, there are plenty of YouTube videos on DIY home renovation techniques. Of course, more complex and dangerous projects will require the expertise of a contractor. But, the more small projects you do yourself the farther you can stretch your budget for the big jobs.
5. Reuse Materials Where You Can
If you’re swapping out the brown granite in the kitchen for a more modern color and stone, don’t throw the granite away! Why not use that granite in the master bathroom or guest suite? That way, you don’t have to worry about buying new material for the counters, and your budget suddenly goes a lot farther. The same goes for cabinets, appliances, and light fixtures — if you don’t want them to be the main focus of the primary rooms in your home, look for other areas you can add them to, like the basement or bar. Reusing materials and appliances is a great way to save money without breaking the bank.
6. Get Some Extra Cash from Garage Sales
A convenient way to get rid of old materials, furniture, and other parts of the home you no longer love and get some instant cash is by holding a garage sale. Gather all household appliances, materials, furniture, and so on that you don’t want to keep, and put it in a garage sale pile. Then, find a weekend that you can dedicate to setting up, hosting, and cleaning up the garage sale. Next, set out signs and list your garage sale date, time, and location in the local paper and community website, and watch as your junk becomes somebody else’s treasure. Best of all, you can use that cash to put toward your home renovation.
Have you tried any of these budget-friendly home renovation ideas? Think we missed one? Let us know! Share your thoughts on social media — we can’t wait to hear from you!