Being a homeowner is rewarding, but it can be costly. Over the years, you’ll need to invest in repairs and improvements to keep your home in good shape.
Saving for renovations can feel intimidating, but there are ways to make the most of your budget. These three simple steps can help you save on your next renovation project.
1. Prioritize your projects.
If you look around and start tallying up every project on your wish list, it’s overwhelming—when will you ever have the budget to do it all?
Press pause and think instead about which home improvements are most important to you and your family right now. For example, maybe you want to refresh the landscaping in your back yard, but you also want to replace the old vanity and crumbling tile in your bathroom. The bathroom might be a good starting point since it’s a room you use daily, rather than prioritizing an outdoor space that you only use part of the year.
Focus on your priorities and keep other projects on the backburner in the meantime. Don’t try to stretch your budget across too many projects at once—you’ll get more bang for your buck when you zero in on one area at a time.
2. Try your hand at a DIY job.
Many home improvements are DIY-friendly, which is more affordable than hiring a contractor. Good candidates for DIY projects include refinishing an old piece of furniture, installing a new kitchen backsplash, replacing light fixtures or installing peel-and-stick wallpaper. Home improvement websites and blogs are full of detailed tutorials with instructions on how to tackle different home improvements.
Just remember: Some projects, especially dangerous ones like trimming trees or work on the roof, are best left to the pros. Structural changes like removing walls, installing plumbing or electrical work will also require help from a professional.
3. Start with simple fixes that make a big difference.
Instead of feeling discouraged by the big renovations you can’t afford, focus on the projects you can control. You don’t need to totally gut your house to make a big improvement.
Simply painting a room with a fresh new color can make a world of difference. If you can’t afford new kitchen cabinets, paint your current ones for a sleek new finish. Even tweaks to your décor and the staging of furniture can help you fall in love with your home all over again.
If you don’t keep up with financial news, you may not pay much attention to the federal funds...
Any time you start a new chapter, it can feel overwhelming—especially if you’re a recent...
Maybe you dream of saving enough money to afford a down payment on a house. Maybe you’re...