04 May Affordable Upgrades: House Renovation Ideas You Can Do on a Budget
Many homeowners pull back when the topic of home renovations comes up. And who’s to blame them? A quick Google search on the cost of renovations and upgrades can quickly turn into a rabbit hole of sticker shock.
But here’s an industry secret: you don’t need to break the bank to revamp the interior of your home. And you certainly don’t need to gut it out to get the look and feel you want.
Impactful changes can come from some of the most creative and affordable upgrades. Let us break down a few budget-friendly projects that will improve the look of your home and increase property value.
In this article, you’ll learn:
- The Cost of Home Renovations
- Interior Home Renovation Ideas That Make a Serious Impact
- DIY or Professional Help: What’s the Right Choice for My Home Renovations?
- Home Improvement Loans to Help Fund Your Projects
- Impactful And Reasonable Home Renovation Is Possible
The Cost of Home Renovations
Home renovations can become an expensive endeavour between materials, labour, and other miscellaneous costs.
The Average Cost Of Home Renovations In Canada
According to the same report by Spring Financial, the average cost of a home renovation in Canada is around $15,000 to $200,000.
|Comparison Of Home Renovation Costs In Canada|
|Type of Renovation||Average Cost|
|Whole House (low)||$15,000-$40,000|
|Whole House (middle)||$40,000-$75,000|
|Whole House (high)||$75,000-$200,000|
|Full gut Renovation||$100,000-$200,000|
*Figures by Spring Financial
Of course, even this amount may be too much for some homeowners to spend comfortably. That’s why it’s essential to think carefully about which upgrades will give you the most bang for your buck. You can transform your home on a budget with a bit of research and creativity!
High-End vs. Mid-End vs. Low-End Home Renovations
The cost of home renovations can vary depending on the level of upgrades you’re looking to make. Here are some of the differences between high-end, mid-end, and low-end home renovations:
|High-End Home Renovations||Mid-End Home Renovations||Low-End Home Renovations|
These are typically the most expensive upgrades, costing upwards of $100,000 or more.
These renovations are a step down in cost from high-end upgrades, typically from $25,000 to $75,000.
These are the most budget-friendly upgrades, ranging from $5,000 to $15,000.
They often involve top-of-the-line materials and appliances and may include extensive work on the home’s structure.
Mid-end renovations often include updates to kitchens, bathrooms, and other living spaces but may not involve significant structural changes.
Low-end renovations may include painting, flooring updates, and minor fixture replacements.
Professional contractors usually do high-end renovations, which can take several months to complete.
Homeowners may do some of the work or hire contractors for specific tasks.
Homeowners can often complete these projects themselves or with the help of a handyperson.
No matter your budget, options are available for homeowners looking to renovate their living space. By understanding the differences between high-end, mid-end, and low-end upgrades, you can choose the level of renovation that works best for you and your financial situation.
Interior Home Renovation Ideas That Make a Serious Impact
There are plenty of interior home renovation ideas that won’t cost you an arm and a leg—but will still make a significant difference to the appearance of your house. Here are a few of them:
Update Your Lighting
Swap out outdated light fixtures for modern ones to instantly give your home a fresh, new look. This is a budget-friendly renovation idea that can transform the ambiance of any room. Plus, upgrading to LED lighting can save you money on your energy bills in the long run.
Paint Your Walls
Painting is one of the most accessible and affordable ways to give your home a new look. Choose a bold accent wall or a calming neutral colour to set the mood for your space.
Add Some Greenery
Plants add visual interest to a space, improve air quality, and bring a sense of calm to a room.
Upgrade your hardware
Swapping out outdated hardware for new, modern options is an easy and affordable way to update your space. Consider updating your cabinet knobs, drawer pulls, or door handles.
Add Crown Moulding
Crown moulding adds a touch of elegance and sophistication to any room. It’s a relatively easy DIY project or can be done by a professional, making it a great house renovation idea for the interior.
Upgrade Your Flooring
Replacing old, worn-out flooring can make a massive difference in the look and feel of your home. Options like vinyl plank flooring, laminate, or even a fresh coat of stain on your hardwood floors can give your home a modern, updated look.
Reface Your Cabinet
If your kitchen is looking tired and outdated, consider refacing your cabinets instead of replacing them. This involves swapping out the doors and drawer fronts for new ones, giving your kitchen a fresh, new look without breaking the bank.
Incorporating these house renovation ideas for interior upgrades gives your home a facelift without overspending. But remember to consult with professionals for any major renovations or updates you may need!
DIY or Professional Help: What’s the Right Choice for My Home Renovations?
Now that you have some excellent house renovation ideas for your interiors, you may be wondering if you should tackle them yourself or hire a professional. Here are some factors to consider when deciding between DIY and professional help:
Time and Expertise
Do you have the necessary skills and expertise to complete the renovation project? If not, leave it to the professionals. Additionally, consider how much time you have to devote to the project. If you’re short on time, a professional can do the job faster.
DIY projects may seem more affordable, but mistakes can cost you more in the long run. Be realistic about your budget and compare the cost of DIY versus hiring a professional.
Some renovation projects, like electrical work, require special safety precautions. If you’re not confident in your ability to safely complete the project, hiring a professional is best.
Permits and Codes
Depending on the scope of your renovation project, you may need to obtain permits and comply with building codes. A professional contractor will be familiar with the regulations and can help ensure your project is up to code.
By considering these factors, you can decide whether to tackle your interior house renovation ideas on your own or hire a professional.
Home Improvement Loans to Help Fund Your Projects
After deciding whether to hire a professional or take on your home renovation project yourself, the next challenge is often figuring out how to finance the project.
Luckily, various financing options are available to homeowners looking to make improvements to their homes. Consider these four financing options for your interior house renovation ideas:
Unsecured Personal Loan
An unsecured personal loan is a type of loan that doesn’t require any collateral. These loans typically come with fixed interest rates and terms that vary depending on your credit score and financial history.
A credit card can be a quick and easy way to pay for home renovations. However, pay off the balance immediately to avoid high-interest rates!
Requirements For A Home Renovation Loan
Home renovation loans can help you fund your home improvement projects, but you need to meet certain requirements to be eligible. Here are some common eligibility requirements you should keep in mind before applying for a home renovation loan.
Cash-Out Mortgage Refinancing
If you have built up equity in your home, you can refinance your mortgage to access some of that equity to pay for renovations. This option usually has lower interest rates than personal loans or credit cards.
Home Equity Line of Credit (HELOC)
A HELOC is a revolving line of credit that uses your home’s equity as collateral. This option allows you to borrow funds as needed and typically comes with lower interest rates than personal loans or credit cards.
By considering these financing options, you can find the best fit for your financial situation and make your interior house renovation ideas a reality.
Impactful and Reasonable Home Renovation Is Possible
All in all, with a little time and effort, you can make your house look incredible without breaking the bank. Renovating on a budget can be challenging, but there are plenty of creative ways to spruce up your home with affordable updates.
Whether you’re looking for a significant upgrade or a minor change, there’s something for everyone and every budget. So enjoy the process, get creative, and remember that a little goes a long way regarding house renovation ideas.
Skyhold Construction can help you with house renovation ideas that will give you the perfect balance between cost and quality. With their expertise and simple yet innovative ideas, you can upgrade your home without breaking the bank. So what are you waiting for? Start the upgrade today!