Home Renovation Tips: 5 Strategies for Maximizing Value on a Budget

Picture: Jessica Hearn / Unsplash

The most impactful house renovations aren’t always the most expensive. Many homeowners manage to transform their properties on a shoestring budget, getting everything they want in their new home in the process.

While tight budgets undoubtedly make renovating a much more challenging task, you may be surprised at how much further you can stretch your money. The following advice should get you started:

Think About What You Want

Before you even think about setting budgets and hiring tradespeople, consider the changes you want to make. Fresh paint, a brighter kitchen, or a more practical living space might be high on your wishlist.

Consider visiting the best local display homes in your area, and go to open homes to see what other people have done to make their properties stand out from the crowd. Visiting other properties should provide the inspiration you need to get your own renovations underway.

Set a Realistic Budget

Setting a budget is undoubtedly one of the most critical parts of the renovation process. A budget gives you parameters to stick to and a target to aim for, helping you avoid spending more than you can comfortably afford. As of 2023, Americans were spending an average of $22,000 on house renovations. Whether your budget ends up being smaller or larger, it will give you the foundation you need to sustainably produce the results you want.

Research Costs

You know the renovations you’d like to perform and how much you’d like to spend. Now, it’s time to research what those renovations will realistically cost you based on design, materials, and labor.

To make your research easier, break it down into discrete sections. For example, you might set aside $5,000 in your budget for a bathroom overhaul, then research how much a new shower, vanity, toilet, and tiles would cost. Researching costs can be an excellent way to avoid going over budget while devising ideas for saving money.

Tackle Tasks Yourself

Life gets busy, and it’s only natural to want to outsource your home’s renovation to the experts. Sadly, this isn’t always possible on a tight budget. Write down a list of everything you can do yourself and the tasks you’ll have to outsource to trained professionals. The more renovations you can tackle in-house, the more cost-effective your renovations can be.

However, it’s important to note that some jobs should always be performed by experts, even if you feel confident tackling them yourself. Unless you’re a trained professional, always outsource roofing, plumbing, and electrical work.

Prioritize Paint and Flooring

Whether you’re renovating your home to sell or enjoy, consider making paint and flooring your priority. These two areas provide the most impact, especially if your current walls and flooring are drab. A fresh coat of paint and new vinyl or carpet can be a cost-effective change that completely transforms the look and feel of a house.

Brainstorm Money-Saving Tips

It can sometimes feel like all you’re doing is spending money when you’re renovating a house. However, you can find plenty of ways to save money as you go. For example:

• Find renovation materials and tools on Facebook Marketplace
• Explore thrift stores for used goods
• Ask friends and family for help
• Sell old materials you’re removing from your home
• Shop for decor, tools, and materials when there are sales

You don’t have to spend tens of thousands of dollars to have a home you can be proud of. When you take the time to plan, research, and prioritize impactful renovations, you pave the way to a fresh and beautifully renovated property that doesn’t blow out your budget.