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.
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.