How to Save for a Home Renovation

By November 16, 2018Savings

The average home renovation cost for 2018 is $39,211 with some homeowners spending as much as $130,000 for high-end multiple-room improvements. While renovating a house is a great way to add value to your investment and improve the overall look and feel of the place that you call home, you don’t have to spend your entire life savings just to redo your space.

 

Consider Financing First in Home Renovations

Okay, if you’ve already Googled “How much does it cost to remodel an entire house?” and you’re currently having a panic attack over the number that’s popped up, then we’re going to ask you to take a deep breath and just listen. While those numbers are general ballpark figures given to people who decide to go all in without looking at their financial options, you don’t have to spend that much on a renovation. Before going crazy with your Pinterest dream renovation boards, you’ll want to ensure that you have considered your options for financing a home renovation.

 

What Are the Steps to Remodeling a House?

From refinancing your mortgage to taking out a home equity loan, there are many options that don’t include spending your children’s college funds. First, ensure that a renovation will add value to your home. If it won’t, then it’s probably not the best financial decision at the time. Then, calculate how much the renovation will cost and add an extra amount for contingencies and other unforeseen costs. Once you’ve reached this step in the home renovation process, you’ll be ready to begin purchasing your materials.

 

Find Creative Ways to Save on Materials

If you love the look of hardwood floors, you can get the same look at a much cheaper price by opting for faux-wood flooring. As an added benefit, faux-wood is actually easier to clean and more eco-friendly in some instances. For a truly unique and creative renovation, you can look for scraps of flooring such as marble to hack an impressive new look at a low cost. You can also save on materials at a place like Home Depot, for example, by purchasing some of their “Oops Paint,” which is paint that others have opened and found that didn’t quite fit with their color scheme and later returned to the store. Easy hacks like these will yield the same result at a much cheaper price.

 

Optimize the Functionality of Your Home to Reduce Long-Term Costs

A home renovation is a great time to incorporate smart technology and other features that can help you optimize the functionality of your home while adding value and decreasing additional long-term costs such as electricity and power usage. If you’re creative about how you spend, you can reduce the overall costs of a home renovation by installing things such as smart thermostats and other energy-saving technologies that will drastically cut your home costs in the future while also making your home a greener space to live in.

 

Get Cashback on Your Home Renovation Purchases

The easiest way to save on a home renovation is to purchase an item at the lowest price. While you might not always be sure you’re getting the best price for something you buy from a place like Home Depot, Lowes, Restoration Hardware, and any furniture or interior design store, here at moolah, we are.

If you sign up for moolah using the email you use to make online purchases during your home renovation (and for anything else, really), we’ll work 24/7 to look for a price drop and send you a refund when we find one. This is not only a great way to save on your home renovation purchases, but it’s a good way to save year-round in order to put money back into the remodel.


GET $10 FOR FREE when you sign-up with Acorns! Moolah wants to help you find ways to save more money in order to invest back into yourself, which is why we’ve partnered with Acorns.

What is Acorns? It’s a micro-investing app that allows you to invest your spare change from your everyday purchases in order to grow your wealth in a low-risk way.

Join Acorns now and get $10  you can put towards your home renovation and much more!

To find out more about Acorns, check out this blog here.

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Elizabeth Thorn

Author Elizabeth Thorn

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