When you want to plan your next home renovation project, money is usually the biggest barrier. But if you’re smart about how you plan your renovation project, you could find yourself saving money. Want to learn how? These tips are going to help you do just that.
Set a Budget
Yes, the first money-saving tip is really that simple! Setting a budget is one of the first things you need to do when you’re planning on another home renovation. Unfortunately, it’s also one of the most commonly ignored steps in home renovation projects, as well. In fact, 46% of homeowners who set a budget for home renovation exceed it during their projects. So when you’re assessing your finances and how much you can afford to allocate to your next home renovation project, make a point to stick to your final budget like glue. When you practice this kind of financial discipline, you’ll find that you can still get stellar results with a smaller budget if you’re smart about which home renovation projects you choose to complete and how you choose to complete them. Deciding whether to DIY or not should also be taken into account when you’re setting up your budget.
And if it turns out that you don’t currently have a big enough budget to pay for the necessary renovation materials, it’s important to be patient. Instead of buying cheaper materials that may not last as long or look as intended, reassess your budget and organize a plan for saving up the amount of money you need to get the project done right. This way, you’re less likely to go over budget and more likely to get the results you want.
Refinish Instead of Replacing
When you want to start fixing up your home, sometimes full-on renovation isn’t the right answer. If you inspect things like your kitchen cabinets or your exterior and interior doors and find that they’re in excellent condition, you could be wasting money by replacing them entirely. Instead, consider refinishing some of the fixtures in your home on your own. In most cases, all you need is a sander, some good paint, and maybe some new hardware. After all, almost 57% of homeowners said that they want their home to be a space where they can feel like themselves. That doesn’t necessarily mean paying through the nose for replacement cabinets and doors. You’ll be amazed at what a little bit of elbow grease and some new doorknobs and cabinet handles can do for how you feel about your home and in your home.
Focus on What’s Already Costing You Money
Where are you spending the most money in your home? Is it on heating and cooling costs? Water use? Water heating alone makes up almost 18% of your home’s energy costs. If you’re noticing high spending in any area of your home, it’s probably a sign that you need to prioritize improvement there first. For example, if you notice that your water bill is uncomfortably high, call in a plumber and get your pipes inspected. If it turns out that the issue can be fixed relatively easily, then invest in that project first. Not only will it save you money in the immediate future, but it will also help you save up for your next renovation project. If you had to readjust your budget for a future project, prioritizing projects that will help you save money on current home expenses is an excellent solution.
Learning how to save money when you’re planning a home renovation project is one of the many ways you can live more cost-effectively in your home. Happy renovating!