Renovating on a Budget
The median home renovation spending has gone up 60% since 2020. Find ways to save money by creating and sticking to a budget and balancing DIY with contractors.
NEW YORK — Renovations around the house require an investment of time and often considerable amounts of money.
Findings from the 2024 U.S. Houzz & Home Study show that home renovations are becoming more expensive. The median renovation spending for homeowners has gone up 60% since 2020. Angi, a home services website, reports the average renovation cost for homes between 1,250 and 1,600 square feet is $51,772, but the final cost of home renovations depends on the scope of the project.
Homeowners who are conserving funds can rest assured that it is possible to make meaningful changes both inside and outside a home without breaking the bank.
Here are some ways to renovate a home on a budget:
Create a budget and don't waver
Figure out exactly what you can afford for a renovation and then make that your maximum dollars spent.
Research comparable projects in your area and be honest about whether you can afford the renovation as-is or if you must adapt ideas to fit your price. Make sure to build in a cushion of around 15-20% for any unforeseen expenses that may arise once a renovation is underway.
Maximize an existing floor plan
This Old House suggests looking for ways to maximize your current layout before you invest in major renovations like an expansion. Bring in a designer with an eye for utilizing space.
For example, see how you might be able to replace shelves with pull-out drawers in the kitchen. Moving furniture around or rethinking floor plans also can help to lower costs.
Balance DIY with hiring contractors
You can save money by tackling some projects yourself, but only if you are confident in your renovation skills. Rather than risk making costly mistakes and having to redo things, hire well-vetted professionals but ask if there's any DIY work you can do to cut costs.
Check clearance and resale stores
Shop discount stores for building materials to save money. For example, if a builder ordered too many cabinets, they may offer them to Habitat for Humanity ReStores, which are nonprofit home improvement stores and donation centers.
Checking the clearance and markdown sections of other stores may yield considerable savings on items needed for a renovation. Warehouse retailers like Costco or Sam's Club also can be great places to find certain home improvement materials and furnishings.
Take advantage of free services
Certain stores may offer things like free consultations with designers who can show you what a renovation can look like. This is advantageous to the stores because once you see the potential you're more likely to buy the products, even if it's not mandatory.
Resurface instead of redo
Certain items can be made to look new with minimal effort. Paint is a relatively inexpensive tool that can transform walls and more. A good hardwood flooring company can buff out a floor and put a new coating instead of an entirely new floor. Kitchen cabinets can be resurfaced instead of replaced as well.
Finding ways to perform home renovations on a budget may require some creative thinking, but it's possible to get results at the right price point.
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