You want to renovate your home, but you don’t want to spend a lot of money. Home renovation and frugality can go hand in hand, but you do need to be thoughtful in how you go about it. The tips below can help you.
Consider the Reason
First, assess whether you should actually go through with renovating your home. If you are planning to sell the house in the next few years and it will increase the value over what it costs you to make the sale, then it is probably a good idea. However, there may be other reasons even if you have no plans to sell. If you love entertaining, you may want to expand your kitchen or dining area. You might also need to add an extra bedroom or other space to accommodate a family member. If you don’t have a clear reason or goal or you are selling soon and your property value won’t increase substantially, this may not be the right step.
Consider Your Funding
How are you going to pay for your renovation? You might have savings, or you may want to look at other ways to fund it. Be careful about such solutions as borrowing against your 401k. It’s generally not a good idea to take money out of your retirement savings unless there is an emergency you can’t pay for in any other way. Credit cards can be a mistake as well because the interest rates are so high. You can utilize a better solution by taking out a personal loan, which can offer a much lower interest rate and a better repayment plan.
Know When to DIY
Doing it yourself might seem like one of the best renovation tips and the most frugal solution but be careful. Consider what your time is worth. Some jobs will take so much longer for you to do compared to a professional that it may be worthwhile to pay someone. More importantly, if you make mistakes, you could end up spending more having someone correct it than if you had hired a professional to do it in the first place. In particular, jobs like plumbing and electricity should be tackled by professionals. On the other hand, there are jobs that you can do on your own and that you can save money doing. Be aware of your own capabilities and temperament to make the most of the DIY solution.
Careful Planning
Planning carefully will be a significant factor in keeping the cost of your home renovation down. This allows you to do research and gather the information that you need to save money. First, be sure to get multiple quotes. Keep in mind that renovations nearly always go over budget even with the best of intentions, so do budget in another 15% or so to account for that. Next, take your time in finding out about vendors and what will save you money. Finally, really think through what you need, where you can reduce costs and where cutting corners is a false economy. Sometimes spending more for quality is the right move. Make sure that you don’t choose the cheapest option when that means having to spend more money down the road.