Home Ownership

Home Updates for Less: 5 Budget-Friendly DIY Projects and Tips

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    • FNBO

      Jul 14 2021

Home Updates for Less: 5 Budget-Friendly DIY Projects and Tips

Keeping your home up-to-date with current trends and styles can increase its value. Fortunately, there are a number of simple do-it-yourself home improvement projects that can modernize your residence without taking a chunk out of your wallet.

To help you get started, we’ve compiled a few budget-friendly DIY home ideas and tips to consider when embarking on any renovation project.

Where to Start with Budget-Friendly Home Renovations

Know your interior design style: Simple improvements can go a long way when it comes to modernizing the look of your home, but don’t forget the importance of comfort and functionality. Before getting started, it’s a good idea to understand your design style. Knowing whether you prefer modern to traditional, or if you fit into the transitional space, will help to guide your efforts and make it easier to source inspiration.

Get the most out of your DIY renovation projects: Next, think about projects that will provide you with the most bang for your buck. Unless you plan on selling, this is largely a personal decision based on how you use your home and where you spend the most time.

For example, 90 percent of people say they are taking greater advantage of outdoor living spaces since the start of the COVID-19 pandemic in 2020. In fact, a survey conducted by The Casual Furnishings Association indicates that six out of 10 Americans plan to add more comfort and beauty to their existing patio or deck by making a new furniture purchase. Others are updating landscaping, planting trees or even adding an herb garden.

5 Ways to Update Your Home on a Budget

  • Paint - When it comes to budget-friendly outdoor transformations, paint is also your friend. Consider repainting siding, trim, fencing or other outside details, such as light fixtures or decking, with a modern color. A splash of vibrance can go a long way in giving your home added curb appeal.

    Paint also plays a starring role in making budget-friendly upgrades to your interior. Use it as part of a whole-room renovation or to modernize the look of your existing furnishings.

    Apply the 60-30-10 rule when making your color selections. Fill 60 percent of the space with one color to provide an anchor. This will typically be used on larger spaces, such as walls, as well as a large piece of furniture and an accent or two.

    Then, use a coordinating color for 30 percent of the space, such as draperies, smaller furniture or even an accent wall. Last, select a tertiary color (10 percent) to guide your selection of decorative elements, such as artwork, pillows, lamps and accessories.

  • Use crown molding and trim to level up your walls - If your paint and color schemes are already on par with modern designs, consider adding crown molding or other decorative wood trim to a room. Crown molding brings the eye up which can make a room feel larger than it is. This type of architectural element adds depth and richness to any space, easily updating the look of your interior.
  • Update your kitchen backsplash - For a dated kitchen, try adding a new backsplash. Today’s peel-and-stick tiles make it easy and affordable to create an enticing food prep area that adds aesthetic to your home.
  • Update your kitchen and bathroom hardware - For an even simpler update, change out your old cabinet hardware for a new more modern design. A similar approach can be used to refashion your bathroom. Try adding new cabinet door or drawer pulls in combination with an updated sink or replace your worn-out shower curtain with new glass doors. Framed mirrors are another modern enhancement that creates more visual appeal in a smaller space and remember, most cabinets can be painted which can completely renew a room’s ambiance.
  • Create a focal point with art - A final way to upgrade your look without breaking the bank is with accessories. A large piece of artwork has the power to transform a room when placed appropriately. Other smaller pieces, or the use of rugs or window treatments, can help to tie an existing scheme together, giving your room a more polished and impactful appearance.

Define “Budget-Friendly” Before You Begin

While there are a number of affordable ways to upgrade your home, it’s important to understand the current costs associated with any proposed project. Without an informed and careful approach, expenses can easily overrun your budget, particularly now, when demand is spurring skyrocketing prices. For example, lumber costs have risen 300 percent since April of 2020 and the cost of some paint will increase seven percent by the end of the summer.

The good news is, no matter how big or small your budget, there are easy and cost-effective ways to upgrade your home and provide it with a renewed and modern appeal. Just make sure you determine your budget before you begin, price supplies up front and stick to your plan to avoid runaway costs.

The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.