5 Budget-Friendly Home Renovation Ideas for Savvy Homeowners
Does your home need a makeover, but you’re on a budget? Don’t worry, there are plenty of renovation projects that won’t take much of your time or money. Here are five easy projects for maximum impact on aesthetics, and minimal effect on your bank account.
1. Refresh With Paint
One of the simplest and most cost-effective ways to breathe new life into your home is with a fresh coat of paint. The average gallon of paint costs only about $25, and that’s more than enough to paint a small room if you want a DIY job.
So how much will a paint job set you back? Measure the square footage of your room first, and then calculate the costs. On average, a gallon will paint around 400 square feet (but you typically need at least two layers of paint). You may also need to prime and disinfect the walls, which costs extra, as a gallon of primer covers only around 250 square feet. Finally, you can opt for finishes to make the paint last longer.
2. Update Lighting Fixtures
Updating your lighting fixtures can help you improve the mood in your home, give it a more contemporary touch, and improve energy efficiency. While state-of-the-art fixtures can be expensive, you can also find cheaper (and often more unique) options on flea markets, garage sales, or online marketplaces.
Also, consider LED or energy-efficient bulbs to save energy, and don’t forget a dimmer switch. Finally, choose the best color temperature for your new fixtures. Warm whites are recommended for dining rooms, bedrooms, bathrooms, living rooms, and all types of mood lighting. Cool whites have more blue and keep us more awake, so they’re more suitable for offices, task lighting, basements, and garages.
3. Revamp Your Kitchen Cabinets
A full kitchen remodel can be costly, but you can achieve a fresh look by focusing on the cabinets. Depending on your budget, you can replace them or just refresh them with a few layers of paint (just make sure it’s high-quality paint that can withstand the heat and the humidity of a kitchen).
An even more affordable change is simply swapping out your hardware, such as knobs and handles. They don’t have to be classic steel knobs either, as you can find brass, marble, wood, and ceramic hardware, too.
4. An Outdoor Oasis
There’s nothing like some good old landscaping to boost curb appeal and make your home the envy of the neighborhood. In fact, according to the National Association of Realtors, some tree care, improved irrigation systems, and some good old lawn care are some of the main affordable outdoor improvements that bring US homeowners joy.
Other ideas include fire features, outdoor brick ovens, and brick barbecues, which may be within the average American’s skill and financial range.
5. Crown Molding
This is a simple, cheap, but highly effective DIY project, and according to Bob Vila, the average cost of the entire project is $1,218. However, it can be even less if you don’t hire a professional, as a linear foot of materials costs only between $3 and $5.
Still, it’s important to note installing trims can be dangerous to DIY if you’re not highly used to working on a ladder, as the position can make you dizzy.
What If My Home Needs More Expensive Renovations?
Sometimes, a bit of sprucing up isn’t enough. This is especially true if you have structural issues, mold, plumbing, or electricity concerns or need to upgrade your roof. Moreover, if you want to boost your home’s value or invest in significant home modifications, the projects will likely cost thousands. So what is the solution?
If you purchased your home with an FHA loan, a conventional loan, or another mortgage type, and you have improved your credit score and grown your equity, you may look for a cash-out refinance as a way to fund renovations. A good rule of thumb is to get a refinance if you can lower your rate by 1% or 2%, as it can save you thousands over the years.
However, only do so after talking to a financial advisor, and if you really need this renovation. Another option is FHA’s Rehabilitation Mortgage, which can help you fund home improvements with additional benefits for energy-efficiency projects.
