After living with fraying carpet, old and unattractive furniture and out of style countertops for way too long, you have decided to make some serious changes to your home. To modernize it, you’ll budget for a home renovation with the plan to update each room, from the paint and furnishings to the flooring, appliances and more.
Of course, since you didn’t just win the lottery and are not exactly swimming in cash, you’ll have to do some serious budgeting in order to improve the look of your home. But that’s okay — like anything in life, if you break huge goals down into more manageable steps, you’ll no doubt be able to achieve them.
3 Tips for Budgeting Your Home Renovation Project
Consider the following tips to help you successfully budget for and achieve your home renovation:
1. Prioritize Your Remodeling Wants Vs. Needs
One of the first things you should do when budgeting for a home renovation is to make a wish list of everything you hope to undertake and accomplish. After developing your wish list, separate everything into wants and needs. As well as, which projects you plan to tackle right off the bat.
For instance, if the paint is literally peeling off the walls in the living room and you also want all-new Berber carpet in the same room. It makes sense to complete the paint job first so you’re not accidentally dripping it on the new, expensive carpeting. Once you have an idea of the order in which you’ll be executing your renovation, you can estimate the price of and determine a maximum amount to pay for each job and save up for them one by one.
2. Look for Low-Cost Options
If you discover your prioritized list of home improvement projects will be difficult to pay for, no worries — work on looking for ways to cut costs wherever possible. For instance, you might come across vinyl flooring that looks exactly like wood and which is a much more budget-friendly yet still attractive alternative to hardwood.
Likewise, if you plan to replace all your appliances, you might decide that while the refrigerator and washer/dryer are on their last legs, the oven and microwave are still in good shape and can stick around a bit longer. Once you hire a contractor, ask him or her if you can buy any of the supplies yourself; in some cases, you might be able to trim your project costs by a good amount if you do some of the shopping on your own.
And, whether you’re shopping for new furniture, tile, paint, light fixtures and more for your renovation project, be on the constant lookout for sales and special offers.
3. Determine How You Plan to Pay for Everything
Prior to setting the final budget on your home improvement project, you’ll need to determine how exactly to pay for everything. If you decide to take out a home equity loan to cover the entire renovation. Speak with your bank sooner rather than later to see whether you qualify, which will help guide the scope of the project.
Alternatively, if you hope to pay cash as you go, you’ll need to trim your expenses as much as possible or potentially take on a side hustle to fund each renovation purchase. You can also see if each retailer you’re working with offers financing.
So, when shopping for new couches and coffee tables, check to see if any furniture stores can work with you and your payment options. For example, Jerome’s provides no-hassle, no-credit-needed payment options, allowing you to make affordable monthly payments, all while enjoying your brand new and stylish home furniture.
You Can Do This!
You don’t have to live with chipped tiles, shabby furniture and old paint any longer. By making a prioritized list of needs versus wants, being smart with your shopping and looking into your payment and loan options. You’ll be well on your way to transforming your living space, room by room, into the home of your dreams.