The average cost of remodeling a room in your home is a whopping $46,207. While you’ll save tons of money if you aren’t ripping out walls, laying hardwood floors, or rerouting electrical lines, a renovation of any size is still a big investment. A good place to start is with a Home Remodeling & Renovation Guide.
With so many costs, both small and large, going into a remodel, budgeting for your renovation is a must. Keep reading to learn four tips to help you do just that.
1. Finance Your Big Purchases
There are plenty of ways to cut costs and stick to a budget during your home remodel. But certain big-ticket purchases are unavoidable. For example, you shouldn’t skimp out on a cheap, uncomfortable mattress. And, you won’t want to skip buying a new couch just to place an old tattered one back in your newly remodeled living room.
For the big costs you simply can’t afford to pay for upfront, financing can help. In fact, paying off items over time will help you get the expensive items you need right away, with a lower monthly payment that fits in your budget. This also frees up more cash for the remodel costs that you can’t finance. Instead, use it to buy the couch set you’re dreaming of or the high-quality mattress that will help you get a better night’s sleep.
2. Look for Sales or Clearance
You don’t always have to pay full price to get beautiful pieces for your home. Shopping sales and clearance sections are a great way to still get high-quality pieces while staying in budget.
You may have to be a bit flexible with your style to take advantage of these deals, though. But opting for more neutral or classic furniture is a great way to renovate your home in a way that won’t go out of style just months or a year after you’re finished.
3. Be Clear About Your Budget from the Start
Before you even step foot in a store or start scrolling through websites looking for new furniture or appliances, you need to be clear about your budget for your remodel. Renovating a home is far from a one-size-fits-all solution. You could opt to replace your worn-out furniture and add a fresh coat of paint. Or, you could rip out old flooring, change your floor plan, or make other big changes.
But how much you are able to spend will have a big effect on the overall size and scope of your renovation. To that end, setting a budget before you start shopping will help you avoid disappointment when the items you fell in love with turn out to be too expensive. If you are financing, be sure you factor in your payments and ensure you aren’t committing to more than you’ll be able to afford to pay each month.
4. Don’t Buy Everything at Once
There’s no reason to finish every last detail of your remodel all at once. As long as things like painting and flooring get done — and you have the furniture and other basics you need to use your room again — then, by all means, take your time on the rest. Decorations and accent pieces can be tempting to buy right away. But it’s far more important to get the pieces you need first. Then, you can wait until you’ve replenished your savings or find items you like on sale or clearance to finish the rest.
Planning Your Home Renovation
Taking on a home renovation is exciting. However, with all of the expenses, both big and small, it can also be stressful, especially on your finances. From spacing out your purchases to setting a budget and sticking to it, following these tips can help ease the burden of a large home renovation and still allow you to appreciate it all when it’s completed.