4 MONEY-SAVING IDEAS TO REMODEL YOUR HOME WITHOUT BREAKING BANK
4 MONEY-SAVING
IDEAS TO REMODEL YOUR HOME WITHOUT BREAKING BANK
Home renovation should be done for two reasons: 1) to make your living space (more) comfortable, and 2) to increase your home’s resale value. Home renovations and upgrades can cost thousands of dollars that may not translate into better resale value. This is why smart homeowners tread carefully when it comes to planning a home remodel. Here’s how you can remodel your home without breaking bank.
Key points:
Money spent on home renovation doesn’t necessarily translate into increased home value.
While setting up the renovation budget, have an extra 12 percent for unexpected renovation expenses.
More than 90 percent of homeowners struggle to stay on budget. Plan to avoid spending extra.
Renovate according to home renovation trends for increased home value.
1. Have a home renovation budget
According to Houzz, one-quarter of home renovators spent between $10,000 - $25000. Most of this money comes from savings and credit cards. A small percentage of homeowners rely on bank loans and inheritance.
About 90 percent of the homeowners never stay on budget during renovations. If you are trying to save money, make sure you have a renovation budget and then ensure that things are done within that budget.
One manageable way to do this is to create a separate account for home renovation savings. You can keep that account active and save the money required for renovations throughout your life. Simply keep the renovation savings on the side.
Use savings and avoid credit cards as with the latter you have to pay interest that can add to the overall cost.
2. Have room for the unexpected
According to a study, most homeowners tend to exceed their budget limits during renovations. So always have a small percentage set aside for the unexpected. Add at least 12 percent to the overall home renovation costs so if the unexpected happens, you don’t have to resort to credit cards or other forms of payment that may have interest attached.
3. Know the renovation trends
Home renovation can help you increase your home’s value but only if it is done according to what’s trending. According to a study, a home renovation that includes replaced garage doors, windows, and floors see a much higher return on investment as compared to small design changes.
Not all money spent on home renovation translates to a better home value. So if you are looking to increase the resale value of your home, you need to invest in renovation trends. Following renovations will likely increase your home’s resale value:
Better curb appeal and outdoor living
Garage door replacement
Wood deck
Stone veneer
Kitchen remodel (Learn more about kitchen trends)
Custom epoxy countertops and bathroom floors are the latest trends in home renovation. Millennial homebuyers prefer living spaces that are durable and comfortable. With the custom epoxy renovation, you can gear your home for both (durability and comfort).
4. Work with a professional contractor
Professional home renovation contractors have significant experience that allows them to accurately gauge the costs for the necessary changes. This can help you save money and ensure that the renovation is being done according to the latest trends.
Local home contractors would know the market trends in your area. So talk to a local professional before you work on your renovation budget or decide about the specific renovations.
Learn about how to increase your home’s resale value and get a better return on your investment.