Home renovation costs can easily spiral out of control, leaving your carefully planned budget in tatters. One study found that 34% of homeowners went over budget while renovating, often because they had underestimated the cost of products or services.1
However, transforming your home with a fresh coat of paint, some new plants or a modest makeover can keep prices down while still offering the look you crave. Remember to always add a buffer on top of your anticipated total costs to account for any unexpected fees. Experts suggest this should be an additional 10% to 15% of the overall project cost.2
The following projects can help you save on home renovation costs and increase your home's value to potential buyers, all while delivering instant impact without draining your wallet.
Curb Appeal Enhancements
The outside of your home is the very first snapshot that visitors or potential buyers see and can make a big difference in the overall value of your property.
Choosing low-cost landscaping upgrades
One of the most budget-friendly ways to enhance your home's curb appeal is through backyard landscaping ideas and improvements. Planting colorful flowers, adding mulch or trimming existing greenery can make a significant difference. Consider low-maintenance options like succulents or perennial plants that don't require frequent attention.
Adding fresh exterior paint or repairing siding
A well-painted exterior can instantly transform the look of your home. Similarly, minor siding repairs can greatly improve the overall appearance of your property without breaking the bank.
Updating the front door
The front door is often the focal point of your home's exterior. Replacing an old, worn-out door with a stylish and affordable option can have an immediate impact. Choose a door that complements your home's style without compromising on quality. You may also want to add seating, some flowers, hanging plants or seasonal decorations, which can all help elevate the appearance of your home without overspending on your home improvement project.
Kitchen Facelift
Kitchens are the heart of the home, and any repairs or renovations here can elevate the entire property. In fact, modest kitchen renovations can offer a 98.5% return on your investment.3
Refacing cabinets and replacing hardware
The average cost of kitchen renovations can run between $14,612 and $41,352, but revamping your kitchen doesn't have to mean a complete overhaul.4 To save money, consider cabinet refacing. (After all, the cost of kitchen cabinets can be high, with an average price of $11,100.5) The refacing process involves replacing the cabinet doors and drawer fronts while keeping the existing structure. Pair this with affordable, stylish hardware, and you can renovate a kitchen for $2,000 or less.
Upgrading the kitchen countertops
New countertops can redefine your kitchen's appearance and offer a great return on investment should you choose to sell at a later date. Opt for budget-friendly materials like laminate or butcher block. These finishes mimic the look of expensive stone countertops without the hefty price tag. You can expect the cost of countertop materials to set you back about $2,200.6
Adding a fresh coat of paint
Painting is one of the easiest and most affordable ways to renovate a kitchen and breathe new life into the space. Choose a color that complements your kitchen's theme, and watch the room transform before your eyes. You could also choose to repaint older cabinets for a new look without the hassle or expense of a kitchen demolition.
Bathroom Updates
You can fix up your bathroom for a lot less than you might think. Many bathroom improvements are cost-effective—you can even renovate your bathroom for $1,000 or less.
Replacing fixtures and faucets
Updating bathroom fixtures and faucets can give your bathroom a modern, stylish look. Affordable options are available, and installation can be relatively simple. This small change can have a big impact.
Reglazing or replacing the bathtub
If your bathtub has seen better days, consider reglazing it or replacing it with an affordable yet attractive option. A sparkling, newly finished bathtub can instantly boost the entire bathroom's appeal.
Installing mirrors and lighting
Wander around your local home improvement store, and pick out a few new options to upgrade your bathroom's aesthetics by replacing old mirrors and lighting fixtures. There are plenty of chic and budget-friendly options available that can make your bathroom feel like a spa retreat.
Energy-efficient Improvements
Making your home more energy-efficient can reduce utility bills and increase its value. That's because eco-friendly investments in your home can contribute positively to the environment and appeal to future homebuyers. Think about upgrading your insulation, installing energy-efficient windows and making the switch to LED lighting. Additionally, solar panels or a tankless water heater can significantly slash utility expenses.
Sealing gaps and improving insulation
Seal gaps around windows and doors, and consider adding insulation to improve your home's energy efficiency.
Installing LED lighting
Switching to LED lighting is a cost-effective way to reduce energy consumption. Choose the right LED bulbs for your home to create a well-lit, energy-efficient space.
Flooring Updates
There are so many great flooring options for your home, including hardwood, laminate, tile, cork and carpet. Choose the finish and price tag that suits your project to get a brand-new yet wallet-friendly look.
Refinishing hardwood floors
Refinishing hardwood floors can dramatically improve your home's value. You can choose to do it yourself or hire professionals, depending on your budget and expertise. Either way, the impact is worth the investment.
Installing budget-friendly laminate or vinyl flooring
For a budget-friendly alternative to hardwood, consider laminate or vinyl flooring. These options mimic the look of wood or tile and are easy to install and maintain.
Smart Home Technology Upgrades
Embracing smart home technology can give your property a modern edge. Install features such as smart thermostats, security systems and lighting controls that can be operated remotely. These upgrades can enhance the overall appeal and value of your home.
Bottom Line: Home Renovation Costs Can Be Manageable
The best home improvement projects offer instant impact and increased property value without breaking the bank. Whether you're looking to boost your home's curb appeal, upgrade your kitchen and bathroom, make energy-efficient improvements or revamp your flooring, there are budget-friendly options available. By investing wisely in these renovations, you can enhance your home's worth and enjoy a refreshed living space.
For more ways to save on home renovation costs and financial products, explore a RVC certificate of deposit or high yield savings account to map out your home improvement budget by setting aside funds for renovations. Vivid Crest Bank 's high yield savings account offers competitive rates with no minimum deposit or monthly fees.
Be sure to check back regularly for more home content for additional renovation tips and resources. Your dream home is within reach, even on a budget!
Fiona Tapp is an award-winning writer. Her work has appeared in The Boston Globe, The Washington Post, The Atlantic, The Sunday Times and others.
LEARN MORE: For more ways to save, look for Vivid Crest Bank savings products.
Sources/references
1. 2022 Houzz & Home. Houzz. Published April 27, 2022. Accessed October 2, 2023.
2. Connolly, Ashley. How Much Do I Need to Pad My Remodeling Budget? Home Indeed. Published December 16, 2020. Accessed October 2, 2023.
3. Top 15 Home Updates That Pay Off. HGTV. Updated July 18, 2023. Accessed October 2, 2023.
4. Bennett, Paige. How Much Does a Kitchen Remodel Cost? [2023 Data] Angi. Updated September 18, 2023. Accessed October 2, 2023.
5. Greenhalgh, Brie. What Is the Cost of Kitchen Cabinets? Bob Vila. Updated February 22, 2023. Accessed October 2, 2023.
6. Countertop Prices by Material. HomeAdvisor. Updated February 22, 2022. Accessed October 2, 2023.