It’s no secret that owning a home can be an expensive undertaking. Whether you’ve recently bought a first home, are considering refinancing a home you’ve owned for a while, or remodeling your home, there are a lot of areas to consider.
But the biggest thing on your mind is probably finances.
How do you make any of these home renovations in the most budget-friendly way possible? Thankfully, your friends at Landmark National Bank can help get you answers to all of your financial-related questions, starting with how you can renovate your home on a budget.
A few simple tips can help you get started on turning your house into your dream home, all while keeping your checking and savings accounts happy
1. Set a Home Renovation Budget and Stick to It
You may just be looking to make some aesthetic changes to your home, or maybe you need to knock down a few walls or vault a ceiling. Either way, make a financial plan before you start any renovations. Make sure your plans fit into your budget and that you have enough saved up to make the changes you want to make to your home.
Once you know you can financially support the renovations you want to make, create a detailed plan for how much you will spend on each project. Do ample research and plan to spend a few more dollars than what you’ve budgeted. Home renovation projects are notorious for taking more time and money than ever planned, so it’s best to err on the side of caution when it comes to budgeting for a home renovation.
2. Use What You Have for Your Home Renovation
One of the easiest ways to save money on your home renovations is to repurpose what you already own. Do you really need new cabinets for your kitchen, or can you repurpose the ones you have with a coat of paint or a new color of stain? Can you recover the cushions on your couch, or do you need to shop for brand new ones? Would putting in a fun accent wall spice up the living room, or does every wall have to be wallpapered?
Take stock of what you already own and what items can be found around your home before you buy anything new. Even small changes can make a big impact in the look and feel of your home.
3. Buy What You Don’t Have Second-Hand
Once you know exactly what you need to renovate your home, hold off on going straight to your local hardware store and take a detour to your local second-hand store. You never know what donated items you’ll find in the shelves of a thrift store.
Items such as light fixtures, wall decorations, small pieces of furniture, or even tiles and carpets can be found for much cheaper at a second-hand store than brand new. If you’re renovating during the summer months, local garage sales and estate sales are great places to scout gently used items that are perfect for home renovation (and for staying within budget).
4. DIY Home Renovation is your BFF
The rule of thumb when it comes to renovations? It’s typically less expensive to do something yourself than to hire someone to do it for you. Try your hand at sanding and staining your cabinets or putting up a new backsplash. You’ll find plenty of step-by-step resources and videos online to walk you through how to complete a project or, at the very least, provide some additional inspiration.
You should know and set your own limits, though. If you lack the skills to do a bigger home renovation project on your own — like knocking down a wall, installing electrical wiring, or retiling your bathroom floor — don’t be afraid to ask for help. Just make sure you shop around for the best deals and the best craftsmanship before you start the project.
Manage Your Home Renovation with Landmark National Bank
If you want to make renovations but aren’t sure your budget can support it, consider a home equity loan or line of credit or potentially refinancing your home. The experts at Landmark National Bank can offer any assistance you need in making this decision.