Home Budgeting Tips to Live By When Planning for Renovation

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Giving your home that much-needed makeover can be the best investment to make this year. But to provide you with a great head start, here are some home budgeting tips that are worth considering when planning for a home renovation:

How Much Should I Spend for Home Renovation

Spending more time in your home could make you notice a lot of things that need renovation. And things can spiral out of control if you don’t know some home budgeting tips to get the very best out of your hard-earned money.

To boot, it is said that one should never spend more than 15 percent of their home’s value on a single part of a house. For instance, a $100,000 home should not have more than $15,000 renovation cost for a kitchen.

From fixing a safety issue to improving your home’s value, home renovation indeed increases the comfort of living in your home. The same applies if you opted to buy a fixer-upper, thinking it would cost you less. With this, a mighty moving list and a budget planner are two of the new home budgeting tips you should take note of. The former will help you make relocation feel like a breeze, while the latter can help you keep tabs on how much value your home renovation projects will take on your budget.

After all, renovation often costs you less than building a new one, so having a few household tips like budgeting and tracking your money thoroughly can save you from debt and other financial struggles.

Tips to Consider When Planning a Home Renovation on a Budget

Home renovation can be both exciting and staggering. Note that it takes a lot of planning, budgeting, and collaboration to make everything work. If you’re up for the task, then here are home budgeting tips that are worth the effort.

Prioritize your needs

Prioritizing your needs keeps you on track of your home renovation budget. Whether the home renovation is intended to cause structural or cosmetic changes, the primary purpose of the renovation is to meet your standards and way of living. It can be upgrading your kitchen for more efficient cooking or creating a new nursery room if you’re expecting. Just remember that when you seem to feel like you’re low on budget, small projects can always wait.

Choose the right contractor

Choosing the right contractor that will handle the renovation is crucial since it’s considered your first step towards the success or failure of the project. Well, you have the internet to thank for since you can look for a competent one with just a click or a tap.

Aside from binging on the online platforms of contractors, you can also request bids from multiple ones and even get testimonials and recommendations from your family and friends. Either way, the most critical aspect to cite here is that the key to making the renovation project successful is collaboration. Both sides should communicate the plan.

Keep track of your progress

Always set realistic and achievable goals in your plan. Since home renovation takes time and effort before you see results, tracking your progress bit by bit can help you cut costs in the future. You’re making this budget plan so that you can avoid overspending money, and you should always keep it that way. The last thing you want is to go bankrupt and face debts that could have been avoided if you were careful in the first place.

Anticipate unexpected expenses

There’s no such thing as the perfect budget for a home renovation since there are always hidden expenses that will pop out when you’re near the end of a project. It’s simply inevitable to yield the exact number based on what you have predicted on your budget plan. Anticipating that the plan is a little imperfect is just one of the home budgeting tips you should fully accept. 

Do heed that a bit of compromisation wouldn’t hurt, as long as you have a cash cushion to support and make ends meet. More so, overcommunicating with your contractor is one way to figure out how you’re going to finance and quantify the renovation budget in the first place. Also, always try to go back and track your progress to stay in the line. That way, you can adjust effectively and keep everything and everyone on the same page.

Try DIY projects

Doing some of the work yourself can surely cut some of the cost intended for the renovation. From the simple installation of room divider shelves to installing kitchen backsplashes, these DIY projects can save you money which was initially designed as pay for a helper/worker. Aside from saving money on labor, you also have the chance to incorporate your ideas in the process, giving you a sense of fulfillment as you integrate your style.

Don’t rush the process

All good things take time, and for you to enjoy your soon-to-be-newly-refurbished house, patience and lots of grace are prime factors for everything to go smoothly and successfully.

Usually, a home renovation’s planning and budgeting phase take months, and that should be a standard. Rushing things make everything complicated and may cause you to lose sight of your goal. Even the most minor details make the most significant impact when redesigning your interior design, so it’s best to assess and carefully ponder on your budget plan from time to time.

DIY Home Renovation on a Budget

Now that you’re equipped with budgeting tips for a home renovation project, it’s time to introduce you to renovation designs that you can DIY to save a few bucks more on the allocated budget.

Living Room Remodeling Ideas

The living room is where people can lounge, entertain guests, or draw together in a comfortable area. With this, it’s essential to fully enhance the convenience and function of your living room for a much more enjoyable stay.

Thus, try out vinyl flooring when remodeling your living room as this type of material is durable, easy to clean, and warm underfoot. Looking for a corner shelf also makes a massive difference from bulky cabinets that eat up valuable space. Other than ingenious corner storage ideas, you can opt for furniture with storage to save space and organize your stuff.

Don’t forget about incorporating good lighting in your living room, as this greatly influences the overall mood and atmosphere. For instance, floor lamps provide ample lighting to specific seating or task areas. By choosing a suitable light, you get to add height and elegance to a room.

Moreover, no living room should ever exist without a table since this piece of furniture anchors the whole room. Though having a couch, lamp, and coffee table may seem too basic, you can up the ante by buying coffee tables with unique features to make it a nifty addition.

Kitchen Remodeling Ideas

To budget for a home of your own can be overwhelming, especially when you’re thinking of a new look for your kitchen. The overall layout of the kitchen can either make cooking a pleasing or a distasteful pursuit.

More so, today’s kitchen has been revolutionized into a family or guest meeting area as people enjoy food with great company. You also need to put in mind that you’re remodeling your kitchen to upgrade features, improve safety, increase storage options, as well as save energy consumption.

Like most parts of the house, lighting is also an important asset to take note of, along with furniture, shelving, and racks that you can hang on walls and corners to free up space on your countertop. This will provide you with more room to prepare meals and create a more organized kitchen.

Small Bedroom Ideas

There’s no such thing as a small bedroom when you have big renovation ideas to carry out. Besides, the tiny home concept has been a trend for first-time home buyers and minimalists to cut costs and live a simple life.

Likewise, we know that there’s always a way for us to improvise and DIY to make a small space feel more significant than it seems. Like other rooms, effective light distribution can eliminate shadows and other dark areas that make a room feel cramped and tight. Not to mention how bedroom ceiling lights brighten and spruce up bedroom space while saving floor space, unlike awkward bedside lights and floor lamps. 

Besides efficient lighting, using multifunction furniture can also come in handy for small bedrooms. Loft beds can be great for additional storage, playroom, desk options, and closets. Murphy beds, commonly known as wall beds, also call for practical use of floor space since they can be stored out of sight during the day or when not in service.

Budgeting for renovating your new home can be a laborious process, but it sure is worth every sweat and penny. With these home budgeting tips and ideas, you can now pull off the best home improvement projects that your house truly deserves. Now if you’re running low on ideas for formulating an old-fashioned interior, check these best vintage furniture to give your space some life and character.