Everyone deserves their dream home at a price they can afford. But can you really renovate a home on a tight budget? We have 5 tips for money-saving and affordable home renovation for you.
Home renovation does not have to be pricey. The key is to think about the materials, design, and timing of your home renovation project. To stick to a tight budget, you have to do simple tasks yourself, work with a contractor, and take advantage of sales and discounts.
Whether your budget is big or small, you also have to control the cost of your home renovation so your budget will not get out of control.
Ultimately, the most important thing to do when renovating your house on a budget is to plan the entire process effectively.
Read on to get more money-saving and affordable home renovation tips and ideas.
1. Create a budget and stick to It
Begin by creating a budget that covers all home renovation costs. Since you want to renovate your house economically, it is important for you to set the total expenditure requirements/limit. This will help you avoid overspending on renovating your house.
Check on the things that you need to pay for, which include labor, materials, tools and equipment, permits, and cleanup service. When you make a budget, it is also important to set aside a contingency fund, around 10% to 20% of your total budget for unexpected expenses.
Put your home renovation cost breakdown in a spreadsheet, which can double function as your house renovation checklist. You can refer to this file from time to time to keep track of your spending and ensure that you are still within your budget.
According to Entrepreneur India, it is important to remember in budgeting that you cannot overestimate your budget, keep your budget underestimated and then move on to researching things you need.
2. Plan early
Do you agree that planning a project is half the fun? Before pushing through with home renovation, take some time to consider every detail so you won’t waste your time and money later on when you’re unsure of your decisions.
When you plan early, you avoid overspending on non-essential things. To stay within your budget, you can canvass at various home improvement centers and hardware stores, so you can compare prices of various appliances and fixtures and be able to buy items at the best price.
3. Pay cash as much as possible
It might sound simple, but paying for your project in cash will save you a significant amount of money you would end up paying in interest if you take out a loan or purchase things via credit card that you won’t be able to immediately pay off.
Instead of easily jumping into a home loan to finance your renovation, think it through. If you can’t afford it now, begin looking for ways on how you can cut your budget to save money for your home renovation project.
4. Check where to shop for affordable home decors
It’s tempting to shop for beautiful and unique home decors. So, you have to be extra careful when buying them.
To keep your home decor costs to a minimum, do your own research and check where you can shop for quality and affordable home items. Aside from looking at cheaper options, check the most convenient and safest way to purchase these items. Look for shops that offer online shopping and home delivery so you won’t need to go out and expose yourself.
5. Go DIY! Do small home renovation tasks yourself
Home renovating may involve a range of tasks, which include demolishing, cleaning, and adding the finishing touches. Although professional assistance is required for major tasks like electrical works or new fixture installations, you can save a lot of money by doing some simple tasks yourself.
Don’t be afraid to DIY! There are a lot of video tutorials nowadays that would help you in DIY-ing your home renovation project.
6. Compare prices from different contractors
Even if you decide to DIY your home renovation, you will still need some professional help for the more sophisticated tasks, so you won’t waste money re-doing things.
It’s time to ask for referrals from people you know and contact the recommended contractors, check on what they offer, and get at least three quotes. You must compare not just the cost estimates but also their track record and relevant experience in the type of job that you need to get done.
You have to keep in mind that having the cheapest rate doesn’t necessarily mean a contractor is the best one for the job. If there’s a contractor who’s competent and whom you’re comfortable with but is charging a higher price, ask for possible ways to cut costs or negotiate.
7. Discuss your budget with the contractor
If you really want to stick to your budget, taking some time to communicate your budget restraints with your contractor will help you save on home renovation costs.
It allows the contractor to work with you on the house remodeling project and come up with cost-saving ideas to help you stick to your budget.
Affordable Home Renovation Ideas You Can Try
While you’re planning your renovation, make sure to keep in mind the other things that may add to your budget.
Check if there are other things that need updating or you may also have a home inspector to check walls and other things that can be a concern. Remember that when getting a home renovation, it is best to get a home inspection too, then, decide if you want to pay an additional fee for all those that need to be addressed.
Here are some affordable home renovation ideas that you can try if you’re planning to do some changes in your home this year.
1. Refresh your house with a new paint job
A fresh coat of paint might just be the only thing that you need to give your house a refreshed look. If you repaint the house, it will not cost you a lot and it is easier to do than tearing up your walls and changing some structures. You can enhance the ambiance of your space without having to buy furniture and decors.
You can save even more on home renovation costs, if you do the painting job yourself or with the help of family or friends. Make sure to choose a color that suits your personality or the desired mood that you want to evoke for the house.
There are some homeowners who opt for a black and white palette since it will not only give your house a modern sophisticated look but will also cost you less. Plus – you can never go wrong with white or black!
If you are working on a tighter budget, you can just repaint your doors, window casings, and cabinets. This will instantly refresh your home while saving significantly on paint.
2. Let in more natural light
Natural light is one of the top trends in home design and renovation. But did you know that aside from being on-trend, natural light is also important to good health and overall well-being?
So, take into consideration inviting in some sunshine when you do your home renovation. Instead of splurging on fancy light fixtures or new windows, you can simply add light pipes to the area. These will help distribute light beautifully in the space while costing less compared to adding a window.
3. Find cheaper options
Buying expensive furniture will do harm to your budget. Nowadays, you can buy high-quality furniture made of alternative materials that are available at a much cheaper price.
You can buy cheaper alternatives that can serve the same purpose or if you have a particular design in mind, you can approach a local carpenter and have them make affordable custom versions of the expensive furniture that you are eyeing.
Many are also considering getting second-hand instead of brand-new furniture. Why not look for quality vintage items that will fit your renovated home. It’s now easier to shop for brand new and used furniture, all you have to do is to search and transact online, and these items will be delivered to your doorstep easily and hassle-free.
4. Maximize existing spaces
If you want more space in your home but do not want to spend extra money, try creating more space by decluttering instead of expanding your home. You can sell your old stuff and add your earnings to your home renovation budget.
Try adding storage in each room to help organize things and maximize your space. You can also explore setting up overhead shelves, floating shelves, under-the-bed storage space, and built-in cabinets to maximize the spaces at home.
Another hack is to install mirrors that create an illusion of a bigger space in a room.
5. Keep your existing furnishings
We are familiar with the saying – if it is not broken, don’t fix it. A home renovation does not mean a complete overhaul. There’s no need to tear apart your existing furnishings and change everything in the house.
There are a lot of hacks that you can try without the need to remove your existing furnishings. If you want to update your existing flooring, know that you don’t have to remove the existing ones. You can make use of floor tiles that can make a huge difference without costing more.
6. Use recycled materials
It will help you a lot to cut down on your renovation expenses if you will use as many recycled materials as possible. Try to repurpose any old but usable stuff at home and hand-me-downs from family and friends.
You can be creative and DIY everything with recycled materials or mix and match them with inexpensive items you bought on sale.
7. Decorate your home with plants
Bring the outdoors in by displaying low-maintenance indoor plants such as snake plants, peace lilies, or aloe vera instead of pricey home decors. Houseplants don’t just add a homey vibe to a room, but they also help keep the air fresh.
Aside from the aesthetic brought by the plants, be it a small succulent or a big leafy one, indoor gardening also brings positive benefits.
Home renovations are definitely exciting and fun to do, but can also be the most challenging, especially when it comes to budgeting. If you are thinking about renovating your home and your biggest concern is getting everything you want on a very tight budget, these simple and affordable home renovation tips and ideas should help you refresh and refurbish your old living space without breaking the bank.
After all, the key to renovating or redecorating your home beautifully yet inexpensively is to set a goal for yourself, and paint an entire picture of what you want and then take renovation step by step to each part of your house like the ones mentioned above.
BRIA Homes is a subsidiary of GOLDEN MV Holdings Inc., one of the largest real estate companies in the country. BRIA Homes is primed to bring quality and affordable house and lot packages and condominium units closer to ordinary Filipino families. This is the goal that drives every single employee in the company, for which the ultimate fulfillment is seeing a client happily moving into BRIA’s homes.
To know more, visit their website at www.bria.com.ph, like and follow “Bria Homes Inc.” on Facebook, Twitter, Instagram, YouTube, Pinterest, Spotify, Viber Community, Telegram Channel, Kakao Talk, LINE and WhatsApp, or call 0939-887-9637.
Written by Cheska Castro