It’s that time of the year when a lot of us begin to think about what we might do to breathe new life into our homes. Whether you’re looking to tackle a major project like a room addition or you simply want to redecorate, there’s a smart way to approach the process – one that won’t leave you flat broke. And if you think you have to borrow to renovate, think again. There are plenty of ways to afford your next home remodel.
Have a Clear Understanding of What You Want to Do
Before you head to the nearest big box home improvement store, it’s important to really know what it is you want to do. Pull together colors and potential home decor ideas. Pinterest is a great place to begin, but be sure you’re staying consistent with the current flow of your home and a realistic idea of what you can and can’t do. I also like a more pragmatic site like This Old House for idea gathering. Ask friends and family members with the gifts of home design to give you potential ideas about what you might do. And if you’re married or living with someone else absolutely have a discussion about the project.
Know What You Can Afford
Again, it’s never wise to spend money you don’t have. Rather than plunking a large amount on a credit card or taking out a loan, begin saving money. We actually have a sinking fund designated specifically for home repair. Even when we don’t have a project in mind, we’re always putting back a small percentage because we know we’ll need the money eventually.
P.S. just because you don’t have a ton of extra cash laying around doesn’t mean you can’t do something. But borrowing to pay for your home improvements means you’ll dish out as much as twice as much as necessary.
Build a Home Repair Fund
So if you don’t already have a home repair fund, today is the day to begin building it! You might want to consider putting a small percentage of each check back into this special savings account. You could go on a change hunt around your house to give it a kickstart. Or you could host an online garage sale to earn a little extra money. You may even want to consider picking up a side gig. Get creative about making extra money to help your dream come true without the headache of debt.
Get More Than One Quote
For those of us who aren’t DIY experts, we may need to hire someone to do some of the work in our homes. Anytime you’re looking to do a major renovation, it’s smart to get more than one quote. Odds are good you’re not an industry expert. Some services feature different options in their price quote. Pay close attention to details and keep a spreadsheet or handwritten cheat sheet for yourself to help differentiate between offers. By the way, it’s also smart to ask contractor’s if they have a time during the year when their rates are lower. Just like any profession, there can be an “off-season” where you can reap the benefits of lower rates. It might require some patience on your part. Lastly, while you might be able to do the fine detail work, you’re probably capable of any demo work even without a wide skill set. You can certainly save some cash by doing that yourself.
Rewards Programs & Rebates
No matter where you shop, be sure you look into coupons, rewards, and rebates. You want to maximize every single penny spent. Wait to make your purchases when stores like Menards offer an 11% Rebate. Recently, I was told that if you make a major purchase within 2 weeks of the 11% that you can bring your receipt to customer service and they’ll help you get the 11% Rebate even after the fact. It’s worth your time to research the special offerings each of the home repair stores have.
Check Out Salvage Stores/Marketplace on Facebook
For furniture, I’m a big fan of a couple of Indy area salvage stores. I follow local retailers like these on Facebook and have purchased pieces of furniture I love for a fraction of the price. I love Indy Surplus Liquidators and Salvage & Company (both in the Indianapolis area). You can also find great buys on the Facebook Marketplace and Craigslist if you know what you’re looking for. Use smart shopping practices
10 Things You Can Do to Renovate with Little or No Money
- Clean and Declutter
- Rearrange Furniture Within a Room
- Move Furniture from Another Room
- Paint an Accent Wall
- Borrow or Rent Tools
- Change the Hardware on Cabinets
- Reorganize Your Cabinets, Closets, & Drawers to Create Space
- Buy Supplies at Rehab Stores like Habitat for Humanity
- Change the type of light bulb in your fixtures
- Move the curtain rods to create more visual space
Loving the space you’re in doesn’t mean longing for someone else’s home. There’s plenty you can do to improve your home without going overboard.
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This post contains an affiliate link. That means when you get a great deal, learn about a way to save, or maybe even something for free, I may end up making a small commission. All prices are subject to change.
