This post will walk you through how to budget for a renovation and some helpful tips to save money on your journey. All of our suggestions are gained from personal experience and we hope that you can use them to benefit your future projects.
Categorize a List of Projects & Prioritize Them
The first step is to make a list of all the tasks that you want to complete in your remodel. We find it helpful to look at your project through the lens of “in a perfect world.” Then you can imagine everything that you would do to update your house, bathroom, kitchen, laundry room, etc. Once you have completed that list, then you should rank the tasks based on their importance to you. Let’s face it, most of us have limited resources we can afford to spend at any given time. Prioritizing the list breaks down your project into what really matters to you. Now that you have a prioritized list, you an start to break your remodel into phases that make sense for your budget.
During this process, it helps to think about what tasks must be done together. If you are an avid DIYer, then you know what we mean when we say that some projects are linked. This is a frequent occurrence in home renovation, so just ensure that you account for that in your plans.
Budget All Components
Now that you have a list of each project broken into phases, it’s time to start budgeting. My favorite way to do this is to set a max budget and then give yourself allowances based on the average cost of each project component. Our Phase 1 Project Budget is pasted below for your reference. We had a max budget of $15,000 to start. We had many (oh so many! :-D) other to-dos on the list that were pushed to a later phase in order to ensure that we stayed under budget. We also gave ourselves a cushion for any unexpected issues that came up. This is always a good idea because no renovation goes perfectly. There are always unexpected hiccups along the way.
|Demo||Floors, baseboards, Walls||Free|
|Remove Walls||Engineer||$ 300|
|Install Floors||Flooring||$ 2,000|
|Stair Noses||$ 75|
|Moisture Barrier||$ 250|
|Base Boards||Baseboard||$ 1,000|
|Toe kick||$ 500|
|Drywall Work||Repair Drywall||$ 500|
|Re-texture Ceilings||$ 500|
|Doors||Interior Doors||$ 1,000|
|Fire Door||$ 300|
|Exterior Door||$ 300|
|Front Door||$ 300|
|Knobs & Hardware||$ 250|
|Light Fixtures||$ 300|
|Canned Lighting||$ 1,000|
|Total Expenses||$ 13,145|
Determine What to Keep
Just because it’s ugly doesn’t mean it’s not salvageable. Look around your existing rooms for good quality workmanship. Then make notes of what could be fixed rather than trashed. There is bound to be something that you can keep. We kept our kitchen cabinetry and our stone fireplace. We simply refinished them to give them a more modern look. This saved us thousands of dollars in remodeling costs and they both look great.
If you’re unable to keep anything cosmetically, then think about what you are able to sell online. If your cabinets are in basically good condition, then you may be able to sell them on Facebook Market Place, Let Go or Craig’s List. The same goes for your ceiling fans, vanities or chandeliers. This can help you recoup some of the cost of the renovation.
Do not trash any good quality wood, if you can avoid it. We kept all of the studs from within our walls and used them for a boat load of mini-projects. One of my favorites is the floor to ceiling shelving unit in our garage that cost us next to nothing thanks to those studs. We also used them to build a stand for our chicken coop, my husband’s saw tables/work bench and a wall rack to hold all of the wood. It’s been over a year and we are still using the wood from our first phase.
Buy Materials Slowly
This suggestion is a great way to create a forced savings account for your next project. All this tip does is simplify your savings by taking the money that you would otherwise save for your project and buying the necessary tools for the job instead. This ensures that your money goes to the project, rather than to something else.
My husband and I slowly accrued a lot of the materials we needed for our kitchen remodel. When Nick “accidentally” (are we sure that was an accident? I wonder :-D) broke our kitchen counters, we had a lot of the components already purchased and waiting at our house. This made it much easier for us to start the renovation the day of the breakage.
Remodel in Sections
If you can’t complete the remodel due to budget restrictions, then go slowly. Section out the broader project into small, digestible tasks. For example, you can replace your light fixtures or repaint before you start gutting a room for a heftier remodel. This is an easy way to make noticeable improvements quickly without breaking the bank.
Much like Chip Gaines, we LOVE demo day! Demolition is a no-brainer task that contractors can charge you north of $1,000 to do. For most demolitions, it’s just about effort and has very little to do with skill. If you’re comfortable with a few basic tools, then this is a great way to save money on your project. So, get your hands dirty and have a little fun while you’re at it. Also, please don’t forget to wear the proper protective gear. Insulation in your lungs is never fun…neither is concrete. Trust me…I know these things :-D.
Take Advantage of Tool Rental
Rather than buy all of the tools you need upfront, it’s worth checking out the cost to rent them from the tool desk at Home Depot. We do this a lot, especially when the tool is not something we do not expect to need again for a while. They have a lot of different options out there, which can help immensely with your upfront costs. They also offer truck rental, which has been a life saver for us since we don’t own one of our own. $19.99 for the first 75 minutes…Yes please!
We hope that you found our money saving tips helpful and that you are able to use them successfully in your remodel! If you’re interested in our other DIY Posts, please read the following posts: Beach House Renovation Story, How to Remodel Your Kitchen for $1,000, White-Wash a Stone or Brick Fireplace and 6 Tips for DIY Renovators.