One of the perks of being a homeowner is the option to renovate what you want when you want. And while home improvements can sometimes be costly, you don’t always need to do a complete demo. It’s possible to implement small but impactful changes without shelling out tens of thousands of dollars. Here are five steps you can take to tackle your next home improvement project on a budget:
1. Set a budget
Create a budget before you dive in head first. Figure out what you’re comfortable spending—and what won’t put you into major debt. Be sure to include costs for materials and labor (if you plan to hire a professional), plus allow 15-20% for unexpected expenses.
You’ll also need to decide how you’ll pay for your home improvements, whether that’s with a credit card, a personal loan, or even a home equity line of credit (HELOC). Many think HELOCs can only be used for large-scale projects and professional renovations, but that’s false. Most banks or credit unions offer a line of credit starting at $10,000—but that doesn’t mean you have to use all of it. HELOCs are a great financing choice because they come at a lower interest rate than other high-rate options, like credit cards. They also offer tax-deductible interest payments if you use funds to improve your home substantially.1
2. Prioritize your projects
Home renovations are exciting, but they can also be overwhelming if you don’t walk into it with a plan. Go through your home and list what you want to accomplish room by room. Doing so will help you know what your money is going toward and stick to your budget. If what you want to accomplish will set you over your allotted spend, pick the most important projects and save the others for another time.
3. Choose cost-effective options
While you want to ensure you’re not cutting corners quality-wise, choosing cost-effective options is a great way to stretch your dollars. A full kitchen remodel costs around $25,000—and not everyone has the funds to make that happen. However, there are dozens of ways to change the look of a space without completely gutting it.
For example, if your cabinets are structurally sound, but you want an updated look, consider refinishing them rather than replacing them altogether. Or, you could change the cabinet pulls. If you hope to make a larger impact with minimal effort, add (or update) a backsplash, replace light fixtures, or even paint.
4. Explore DIY options
Hiring a professional might not always be the most economical choice, especially for projects you can easily do yourself. As mentioned above, adding backsplash is a fairly simple upgrade you don’t need to hire a professional to achieve—same with changing light fixtures. With the internet at your disposal, hundreds of tutorials show you how to tackle projects from start to finish. Then, you can put those extra funds toward hiring experts for more complicated tasks.
5. Shop around
Whether you hire a professional or opt to DIY, it’s important to shop around for the best price. Thanks to TikTok, “dupes” are a hot buying trend. While the concept itself isn’t new, it’s become increasingly popular—and a great way to save some cash.
If you’ve been eyeing a new chandelier or couch, for example, but don’t love the designer price tag, you can often find the exact items online for cheaper using either Google’s reverse image search or a site like dupe.com, which lets you search by URL or image. It then scours the internet for lookalikes at different prices.
Facebook Marketplace is also a great way to find secondhand items in great condition at a significantly lower price. Here are a few tips to keep in mind:
- Pay attention to photos and listing info, and see how much similar items are listed for.
- Ask the seller about the item’s history and condition.
- Only communicate through Facebook Messenger.
- Use a secure payment method, like PayPal Goods and Services.
Bottom line
Tackling home improvement projects on a budget might seem daunting, but with careful planning, it’s entirely attainable—small steps can lead to big transformations! By prioritizing your needs, exploring DIY options, and taking advantage of affordable materials and resources, you can enhance your home without breaking the bank.
Do you have a favorite budget-friendly home improvement tip? Share it with us in the comments!
