If you run an internet search on how much it can cost to renovate a home, the figures can be shocking. On average, the range is $18,009 to $76,499.
The kitchen takes up the larger part of the budget at $25,000. Bathrooms and basements take up $10,000 and $20,000 respectively.
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If you go by these figures, it is easy to understand why you have never ventured into renovating your home.
But, do you know it is possible to modernize your current home without breaking the bank? Renovations do not have to be expensive. There are tons of budget-friendly ways to go about it.
And, we will show you how by sharing tips on how to economically renovate your house into a modern home.
1. Start With a Realistic Plan
Aren’t home renovation shows just wonderful? The teams go in, tear everything down and start rebuilding. Well, they have two things working in their favor. One, it is a TV show, so the more razzmatazz, the better. The second is they have budgets.
Now, if you are still reading this article, it means you want to know how to go about the process economically.
The first thing you should do is develop a realistic plan. Yes, approach it much like a business.
- What are your goals?
- What improvements do you want to make?
- Which room would you like to tackle first? Pick one room at a time and complete it before moving on to the next. It is a fantastic way to keep control of your money.
- What can stay, and
- What must go?
Planning for the renovation allows you to focus and prioritize.
2. Determine Sources of Funding and Budget for the Home Renovation
Do you have money set aside in savings for the renovation? If not, you can borrow from family and friends. But, this should be the last option. Many relationships have ended because of money.
The other option is to apply for a loan. Some lending institutions may require a good credit score as a sign that you can pay. But the good thing about renovation loans in Florida is that they are not concerned about credit scores. The only requirement is income verification.
Other advantages of such loans include:
- Quick turnaround times
- Income verification as the qualifying criteria. So, your credit score will not matter.
- Low closing fees
- Fixed interests and monthly payments
- Upfront cash advances for the renovations.
- The best home improvement loans don’t require the use of your home as collateral.
Do not go into any renovation without a budget. Put a limit to how much you want to spend and stick to it. Of course, this will depend on how much you have available.
Create a detailed checklist. Include everything you could want in the renovations. Please remember to add a percentage for unforeseen expenses.
3. Small Changes Can Make A Big Difference
Don’t start with lofty ideas about the changes you want to make. Small changes can significantly improve the home.
A fresh coat of paint will make a room look new and fresh. Replacing cabinet knobs can modernize them. Don’t replace the cabinets; change the color by painting them.
Stick to the following principles.
- Only replace what you cannot improve.
- Modernize what you have with simple steps. One way is through painting them. Here is a tip. Don’t use the same color; bring out your daring side by choosing a different palette. Painting brown cabinets white will make it look like you replaced them.
- Work with what you have. Do you, for instance, know that the HVAC can be part of the decor? Don’t hide it, frame it, or paint it to match the walls.
4. Embrace the DIY Concept for Home Renovations
If you want to save, try DIYs. There is no excuse not to take up some of the projects. Not with the tons of online tutorials on platforms like YouTube. All you need is patience and a willingness to try. And yes, you will need to dedicate some time to this.
Are we saying you should turn to DIYs for the whole renovation? The answer is no. Leave some of the bigger projects to the experts.
Let’s say you want to integrate your kitchen with the living room. Do not start knocking down walls at will. You must know which ones can come down without compromising the structural integrity of the home. That means keeping away from load-bearing walls.
DIYs work because you can save a lot of money. It is not that hard to paint walls. Stripping down wood and applying a coat of varnish does not need hours in a classroom to learn.
And, don’t be shy to ask for help from friends and family. Your cousins may be pretty good at carpentry. Put on a barbecue and invite them over to help you with your home renovation.
Take time in looking for contractors to work with. Research, compare prices and do your due diligence. Only work with reputable professionals who are transparent about costs.
5. Know Where and How to Shop For Supplies
Before you hit the hardware or home items store, consider cheaper alternatives. The salvage yards or flea market can yield some wonderful surprises. People don’t always sell because the stuff is old. Like you, they could be yearning for a change.
Get ready to explore such markets for appliances you can use. Some pieces may just need a little work to get them looking great again. The same applies to platforms like eBay and building material auctions.
Use the same concept to raise some cash. Sell what you no longer need. It is a chance to raise some cash for your projects. You could also offset part of the home renovation loan with the money you get.
Another pro shopping tip is to wait for sales. Big stores will usually offload items at specific times of the year. Black Friday sales, for instance, can also get you fantastic discounts.
Remember, the right way to renovate your home is by being patient. If you know there is an upcoming sale, waiting a little will not hurt.
Renovating your home is possible even on a budget. Not only do you get a modern home. But, if you decide to sell, the resale value will be higher.
Start with a plan that allows you to focus on what you need to do. Budget for the changes by allocating a maximum amount. Home improvement loans are available if you don’t have enough money saved.
Start small and take on some of the jobs as DIYs. And finally, learn where and how to shop. You could save a lot of cash this way.
Good luck with your renovations.