A renovation budget helps you prioritize your project and prepare for any surprise expenses that arise. Whether you’re planning a minor update or a major overhaul, keep these tips in mind along the way.
1. Substitute.
Substitutions will increase the style and function of your space for a fraction of the price. For example:
- Consider acrylic laminate instead of marble.
- Consider composite instead of wood.
-Cost of marble countertops: $125-$250 per square foot
-Cost of acrylic laminate countertop: $75-$120 per square foot
Savings: $50-$130 per square foot
-Cost of installing factory-finished hardwood floors in 12×12-foot room: $1,140-$2,0002
-Cost of installing laminate flooring in a 12×12-foot room: $1,000-$1,5852
Savings: $140-$415
2. Do it Yourself.
If you’re ready to handle a challenge, think about making the improvements yourself. Depending on the scope of the project, you’ll save money while improving your skills in the process.
- Take a class at the nearest home improvement store, such as Home Depot or Lowe’s, or at your local community college. Classes are often targeted
at beginners, and you’ll have an expert available to answer your questions. - Tap into the knowledge of the staff at your local hardware store. Employees often have first-hand experience to answer any questions you have about your renovation project, and can recommend products to make it easier.
- YouTube offers a wealth of how-to videos for any project around the home. Watch a video or two before you start a project to see what it entails.
Completing a project yourself has its benefits, but know your limits. Consider hiring a professional for complicated or extensive work. If you’re on the fence, visit DIYorNot.com, a website that features cost estimates by zip code for many major renovation projects, both indoors and out.
3. Rethink your plan.
Do you want to make one big update or several small ones? If your kitchen is out-of-date and/or you’re thinking of listing your home soon, a kitchen remodel may help you boost the value of your home. However, if your home is up-to-date or relatively new, small cosmetic changes can really make it pop.
Renovations that Pay Off
• Minor kitchen remodel—ROI 79.3%
• Bathroom remodel—ROI 70.0%
• Family room addition—ROI 64.1%
RELATED ARTICLES:
- How to decide if you should update your home or spend the money buying a new one
- How to Prepare Your Home For Sale
- Don’t remodel your kitchen until you ask yourself these 3 questions
- Find out what your home is worth
Sources:
1. Buffini & Company
2. CounterTop Guides, How Much Do Different Countertops Cost?
3. CostHelper Home & Garden, Hardwood Floors Cost
4. Remodeling, 2015 Cost vs Value Report
