Before you start renovating or even remodeling your home, you need to think about your home improvement budget and how much money you are willing to spend on such a project.
First thing first, make sure you check your house’s value. Now, you need to understand how much each room is worth. For example, a good-looking kitchen or a finished basement can make up to 10-15% of the value of the house. The bathroom comes on the second place, representing 5-15% of the value, depending on its size.
You can use these percentages to your advantage, especially if you intend to sell and make a profit. However, don’t neglect the rest, because if your living room and/or bedroom are old and just look awful, you should really start with these – which is why how you organize your home improvement budget is of paramount importance.
How Do Most People Use Their Home Improvement Money
For instance, Americans spend most of their home improvement budget on rebuilding their kitchens from scratch. From new appliances to lighting and cabinetry, USA residents spend just a little under $30.000 on average on kitchen renovations alone.
If you are also thinking about re-designing your bathroom, you might give it a second thought, because bathroom renovations can cost you around $16.000, especially if you want new cabinets, flooring, a new sink and tub, etc. – labor included. You can improve your home in other ways, like:
- New roof – around $18,000
- Basement makeover – around $58,000
- Attic bedroom – around $50,000
Different Ways To Save Money On Your Home Renovation Project
The easiest way to save some cash is to do the labor yourself. If you don’t have enough experience, you can always surf the Internet for tutorials – and these videos range from replacing your light-bulbs to laminating the floor. The only things you need are determination and diligence, and you mustn’t be afraid of getting your hands dirty.
There are some cases when it’s advised to hire a professional – especially when it comes to electrical problems, structure changes or replacing windows. Another way to save big on your home improvement budget is to hire an interior designer – not one that works for celebrities, though! He or she can offer you some great advice on how to make the most of your living space and spend intelligently.
If you don’t want to spend a lot on interior design, here’s some advice you can take into consideration:
- you can replace the cabinet doors, instead of buying a new cabinet
- consider replacing your appliances with white ones, because white goes well with almost anything
- try vinyl flooring
Managing Your Home Improvement Budget
Once you know what you need to buy for a better, more comfortable house, you should really take a closer look at your spending habits. Most people actually spend insane amounts on little things, but they hardly realize this and they’ll fight back saying that each and every item was a bargain. Well, be that as it may, everything adds up. Don’t buy things, unless you really need them.
Keep in mind that the bigger the goal is, the bigger the home improvement budget. So stop buying expensive and, most of the time, useless stuff, cut back on some expenses and you’ll be able to save the money in no time.
In conclusion, your home might be the biggest investment you’ll ever make, but the satisfaction of living in a clean, comfortable and, most of all, cozy home is inexplicable. Build your dream home step by step – you don’t have to buy everything at once and turn your entire living space into a construction site. Be more responsible with your expenses and maybe you won’t even need a loan from the bank – as a matter of fact, make this one of your goals.