This post tells you the most frugal tips for a full home renovation.
Buying a home is both exciting and a bit nerve-racking. Even if you budgeted, paid a good price, did your due diligence, and requested a home inspection, there are still plenty of unknowns. If you’re reading this post, your home likely needs some TLC and making your house feel like home will involve a few home improvement projects.
Home renovations can be costly, and the number one mistake first-time homeowners make is underestimating the cost of home ownership and home improvements. However, there are plenty of ways to save money while renovating your home.
This post includes the best way to save money while renovating your home on a tight budget. You don’t have to only shop big box stores or pay full price for expensive renovations to have a nice home. Here are several home renovation ideas to help you get started!
Money-Saving Tips for a Full Home Renovation
1. Analyze what needs fixing, prioritize from most important to least important, and develop a budget spreadsheet
Walk through your new home and make a list of everything that needs updating. Is there water damage? Do any interior walls need to move? Do you want to add a master bath? Do you need a building permit? The most important thing is to have clear renovation plans so you don’t go over budget.
The average cost of renovating a home varies depending on square feet and how much work you plan to do yourself. A kitchen renovation and bathroom renovation is where you spend the most time. Updating these rooms will also increase your home value. Don’t spend more than 20% of your home’s value on home renovation.
In column one of your spreadsheet, keep a list of estimated costs and in column two, keep track of actual costs. You will likely have unexpected costs so keep a 15% margin and stick to your budget.
2. Shop secondhand stores for building supplies, such as Habitat for Humanity ReStore
Make it part of your routine to stop into your local secondhand store on a weekly basis. Items in these stores change constantly and this is an easy way to save a lot of money. Secondhand stores are especially helpful for updating kitchens and bathrooms.
Thrift stores and liquidation or outlet stores are also great places to find supplies with a much lower price tag than big box stores. You never know what you’re going to find so it’s a bit like a treasure hunt and can be a really good time.
3. Buy and sell on Facebook marketplace
If there are appliances or items that came with the home that you do not plan to keep, consider selling them before you donate them. Facebook marketplace is the best place to buy and sell used items.
Monitoring Facebook marketplace will require more of your time, but can be a great way to make money to spend on your home renovation. Why keep a fence you don’t plan to use when you could spend that money on new countertops? Of course, use caution and avoid bad actors.
4. Do as much of the renovation work yourself as possible, but be willing to hire out work that is not worth your time
Labor costs can double, if not triple, the cost of your home renovation projects. Save money by doing the demo yourself and any other smaller projects that are within your skillset.
Renovating a home is a lot of work, so consider what projects are worth hiring someone else to do, such as electrical work. Research cost estimates and only work with reputable companies. You don’t necessarily need to hire a general contractor, but hiring out some of the work will keep the renovation process momentum going.
5. Buy more than what you need to save on trips to the store and return leftover items
When you’re in the middle of a home renovation project, the last thing you want to do is make several trips to hardware stores. Frankly, you’ll find yourself running to the store a lot more times than you first anticipated.
By purchasing more than what you need, you’ll save yourself time, gas, and an unnecessary headache. Once the project is finished, return what you didn’t use and move on to the next project.
6. Rent equipment that you’ll only use once
Having the right tools makes all the difference when renovating your home. But why spend money on a jack hammer, or other tool, you’ll only use once? Some stores only charge you during their business hours so plan your project accordingly to save even more money. Plus you won’t have to worry about cleaning the tool or storing the tool when you’re done.
7. Be flexible on paint color since stores sometimes have mis-tinted paint for a fraction of the cost
A fresh coat of paint is one of the cheapest and best ways to update your home on a budget. Neutral paint colors will help give the space a fresh look and make it feel bigger.
Sometimes paint stores will mix up the wrong color. You can purchase these mis-tinted paint colors for much less than other paint colors. For example, if you’re looking for an off-white, be willing to work with what is available.
This is a good idea to save money on the cost of paint and give your space a new look. New paint that is good quality might seem like a small change, but will produce an incredible end result.
8. Purchase scratch and dent appliances
Appliances are pricey. They can certainly update the look and function of your home, but can also cost thousands of dollars.
Scratch and dent stores sell slightly damaged appliances at discount prices. For example, if you’re looking for a stainless steel refrigerator, you might find one that has a ding in the side. But if the side is going against a cabinet, it won’t matter much that it has a ding in the side. This frugal home renovation idea will make a big impact on your savings.
9. Limit your dumpsters by throwing away as much as possible at once
Depending on the size of your home renovation, you might be able to throw things away in your trash bin. But if you’re planning to do bigger projects, a dumpster is a necessary part of the process.
Save money by coordinating your demolition with your dumpster. For example, do as much of the demolition ahead of time as possible. Then when you have the dumpster, throw everything away at once, filling the dumpster to the fill line. This is a must if you want to be efficient and limit additional costs.
10. Restore the kitchen cabinets and update the hardware instead of replacing the kitchen cabinets
Kitchen cabinets are one of the biggest purchases in a home. If your cabinets are in good shape but updated, consider restoring them with a wax finish or paint.
Update the hardware with a modern look and put the money you saved into appliances or a better bathroom. If you have ugly laminate countertops, you might consider replacing them. But remember, not everything needs to be replaced to make your home look and feel like your own.
11. Evaluate for high-efficiency energy usage
Depending on the age of your home, you might be surprised by the monthly energy bills. Hire a technician to service your furnace and AC unit. Replace filters and seal any cracks or gaps with insulation. If your basement is unfinished, insulate the headers—this is where a lot of heat is lost. Install door sweeps, weather striping and consider hanging plastic in the windows if it will be a long time before you can replace inefficient windows.
Bonus tip: Meet fire safety requirements by replacing smoke alarms and carbon monoxide detectors as soon as you get the keys to your new home.
12. Don’t trip over dollars trying to save pennies
When you’re trying to save money on home renovation costs, it can be tempting to purchase cheap materials or cut corners to save extra cost. Don’t do it. If you pay for poor quality, you will receive poor quality.
Additionally, if you make several trips to the store in an effort to “save money,” you’ll spend more on gas. So, basically, consider your real savings and spend wisely.
13. Recycle metals for cash
If your home or property has a lot of scrap metals, such as copper, aluminum, or brass, take them to a local salvage company for recycling. They will weigh the scrap metal by the pound and pay you for its worth.
This is a good way to earn some money to put back into your home renovation. Load up a truck or trailer and see how much money you can make!
14. Replace light fixtures and play up the natural light by clearing away overgrown landscaping
Updated light fixtures are one of the most cost effective ways to make your home feel fresh and new. Energy efficient, LED, warm white bulbs will make your home feel cozy and welcoming. Consider shopping for light fixtures on Facebook marketplace or look for them at a secondhand store.
Another great way to update your home for cheap is by cutting down overgrown bushes, especially around windows or doors where natural light is being blocked.
15. Consider getting a credit card with a rewards program
Opening a new line of credit might be beneficial if you are diligent about your finances and can pay off the balance each month. The benefit of doing this is that you can earn rewards cash that you can then apply to your home renovation.
Opening a home equity line of credit or getting home equity loans requires careful evaluation. The goal is to save money so consider whether using credit for home loans fits with your money-saving goals before taking this route.
16. Small changes can make a huge difference
A new front door is one of the best ways to give new homes a facelift. Consider replacing the door frames and updating small spaces or small rooms with accent walls that become a focal point. Add built-in storage space in living space that you will spend the most time in.
Once you’ve updated the kitchen and bathroom, you can make small changes that will all add up to increasing the value of your home per square foot. As you can see, whether this is your first place or not, there are numerous ways to own homes you love without breaking the bank.
17. Sack lunches and freezer meals are your friend
Last by not least, save money by preparing easy meals that you can eat on-the-go, such as sandwiches, pizza, or burgers. Freeze meals for those long work days when you want something warm, but don’t want to spend another chunk of your hard-earned money on takeout.
Remember, this is just a season and someday soon, you’ll have that brand new kitchen, bath or living room that you’ve been dreaming about.
Finally, you don’t have to accumulate debt to update your first home. Even if the housing market and interest rates are not ideal, there is a good news. Finding an old house in good condition provides plenty of opportunity to make a huge difference.
There are so many ways to renovate your home on a budget and make it feel warm and inviting. Be sure to comment below and share your experiences! Connect with us on social media.
