A renovation budget helps you prioritize your project and prepare for any surprise expenses that arise. Whether you're planning a minor update or a major overhaul, keep these tips in mind along the way.

SUBSTITUTE

Substitutions will increase the style and function of your space for a fraction of the price. For example...

  • Acrylic Laminate vs. Marble
    • Marble costs $125-$250 per square foot whereas acrylic laminate costs $75-$120 per square foot. That's a difference of $50-$130!
  • Composite vs. Wood
    • Installing factory-finished hardwood floors in a 12x12 foot room costs $1,140-$2,000 whereas installing laminate flooring in the same room costs $1,000-$1,585. That's a difference of $140-$415!

DO IT YOURSELF

If you're ready to handle a challenge, think about making the improvements yourself. Depending on the scope of the project, you'll save money while improving your skills in the process. 

Take a class at the nearest home improvement store, such as Home Depot or Lowe's or at your local community college. Classes are often targeted at beginners, and you'll have an expert available to answer your questions. Tap into the knowledge of the staff at your local hardware store. Employees often have first-hand experience to answer any questions you have about your renovation project, and can recommend products to make it easier. YouTube offers a wealth of how-to videos for any project around the home. Watch a video or two before you start a project to see what it entails.

RETHINK YOUR PLAN

Do you want to make one big update or several small ones? If your kitchen is out-of-date and/or you're thinking of listing your home soon, a kitchen remodel may help you boost the value of your home. However, if your home is up-to-date or relatively new, small cosmetic changes can really make it pop.

RENOVATIONS THAT PAY OFF

  • Minor Kitchen Remodel -- ROI 79.3%
  • Bathroom Remodel -- ROI 70.0%
  • Family Room Addition -- ROI 64.1%

Completing a project yourself has its benefits, but know your limits. Consider hiring a professional for complicated or extensive work. If you're on the fence, visit DIYorNot.com. This website features cost estimates by zip code for many major renovation projects, both indoors and out. Once finished, contact The Swede Team and we can recommend handymen or contractors to help with your major project. Or, buy a new home with all your desired wants and needs by calling 571-377-8696 or emailing Team@TheSwedeTeam.com