Renovation That’s More Affordable
Home renovation can be quite expensive—but it doesn’t have to be. What matters is how much of the work you do yourself, and how strategic you are about the renovation. In this writing, we’ll briefly cover five ways you can renovate your home such that you are able to expand your equity without spending too much money.
1. Do As Many DIY Things As Possible
Do It Yourself, or DIY, represents one of the most secure avenues toward cost-effective renovation there is. LVP, or Luxury Vinyl Plank, is a little pricey, but if you install it yourself, that saves a lot of money. You can do a whole kitchen in an afternoon, once you get a good rhythm going. Just leave a quarter-inch to a half-inch away from the walls under trim for expansion.
Going that route saves you the cost of several contractors getting the work done. Essentially, you’ve cut $200 to $2k off the budget, depending on the size and scope of the work. The materials would have been the same either way. So when you can go the DIY route, you’re going to always cut a sizable percentage off the final cost.
2. Remodel Through Reduction Over Addition
Renovation or remodel doesn’t always have to “add” something to a home per se. Granted, any successful remodel or renovation does add something, but that doesn’t necessarily require putting new materials in an area. For example, you could tear out a wall (provided it’s not a supporting wall). You might remove wallpaper. You might remove a countertop.
If there are any reductive renovation options in your home, you might lean into them. The only things you need to “add” are paint or other materials designed to cover up the vacated area and make it look as though that area was never occupied by anything. This is a lot cheaper than adding things to the home.
3. Go The RTA Route For Kitchen Cabinets
Kitchen remodel should cost between 5% and 15% of the total value of your home. For example, if your property’s value were $300k, then you should spend $15k to $45k on kitchen remodel. That is a bit pricey. Things are more reasonable if your house is around $100k in value. But you need not spend money indiscriminately.
You can install flooring at a minimum of expense. There are some top-tier, cost-effective Ready To Assemble (RTA) kitchen cabinets that can be acquired and installed quite affordably. The key is to work smarter and more cost-effectively, not harder.
4. Consider Maximizing Existing Space—Attics And Basements
If you’ve got an unfinished basement, finish it up—that’s going to be fairly straightforward as regards costs, and there’s a lot you can do with it. You could make the basement area another room in the home that’s livable, rent it out, and see the cost of the remodel covered in supplemented income. Or, it could be storage, a “man cave”, a theater, or a mini-bar.
Similarly, you can do a lot with attics, and you don’t have to spend much. It’s a matter of clearing out the junk, cleaning everything up, putting down some carpets, lamps, and furniture, and finding the time to do all those things. Provided your attic is structurally stable, this is a fine idea.
5. Carports, Gazebos, Cupolas, Crow’s Nests, Etc.
Carports are usually four to six pillars and a roof; they’re pretty straightforward. Gazebos are the same thing but in a polygonal shape, that’s a bit more aesthetic. Cupolas are like enclosed gazebos added to the top of your home.
A crow’s nest is a rooftop deck—it’s also a pretty good and cost-effective renovation. Whichever of these resonate with you may be worth considering.
Adding Cost-Effective Remodel Solutions To Your Home
DIY remodeling saves a lot of money and you learn some valuable skills. It does take longer, it is more complicated, you will make mistakes—but it’s worth it in the end. Reduction-centered remodeling only has restoration and removal costs associated with it, as well as time. You don’t generally need crews or materials, beyond paint or some drywall.
RTA cabinetry and similarly cost-effective kitchen remodel solutions make it easier for you to get the kitchen upgraded, and kitchen remodels tend to add a lot of home equity when properly done. Meanwhile, maximizing existing space by finishing basements or making attics usable is only minimally expensive (when done with proper strategy) and provides notable value.
Lastly, adding carports, gazebos, cupolas, or crow’s nests to your property are all potential DIY products that are simultaneously affordable if you’re not going the DIY route, and should add equity when put together properly. Most of these are enhancements, and they’re stylish.