How To Budget and Pay for a Home Renovation Project

a person holding a stack of coins

Home renovations are a big deal for homeowners in the United States. Homeowners spend over $400 billion on home improvement projects in the U.S. every year, and as the coronavirus pandemic slowly subsides, evidence is pointing to an even greater surge this year. Property owners have had ample opportunity to remain locked within their four walls and are overwhelmingly itching to make structural changes that will provide them with an even greater quality of life and comfort level than they had before.

Many people are looking to create extensions in order to accommodate visiting family members or so that they can build a home office that will continue to facilitate their shifted working schedule. Others want to build professional garden spaces that can provide enjoyable experiences that fit in with the trend of spending time outdoors in order to relieve stress and manage blood pressure issues more effectively.

Whatever your dream home project, budgeting is a central theme in the approach to any home improvement project. With these great tips under your belt, giving the green light to your contractor to get started can come far easier than you may have originally thought possible.

Start saving early for the greatest peace of mind.


Monthly savings with a goal in mind—in this case, the renovation work—is simple and affordable for millions of families. Setting aside a few hundred dollars for the expressed purpose of a home improvement project every month is effective and often entirely doable for households that are sticking religiously to their monthly budgets. Even if you can only add a few extra bucks each month to the pool, saving for the long term is a must for retirement, home renovations, and emergency expenses of all varieties. Shifting focus for six months to a year in order to set aside this capital can give you the funding you need before you even notice that you’ve built up the savings required!

Saving as part of a regular budget can help you maintain a consistent volume when it comes to putting cash aside, and within a few short months, you’ll have the cash you need to pay for the project outright or augment a low-interest home loan or personal loan in order to break ground on the renovation project.

Prioritize system fixes that will improve your quality of life.


HVAC system improvements are a great idea for homeowners who are approaching the home improvement marketplace this year. Learning why you need to schedule HVAC maintenance this fall is important for all homeowners who are considering doing work on their homes. The HVAC system (including the condenser, air conditioner, furnace, and other essential components) requires routine maintenance in order to keep all the moving parts working efficiently and at maximum output. The last thing you want as a homeowner is a heater that goes bust right as the cold begins to set in for the winter. Getting a technician out to repair a broken heating element or replace a core part can be expensive and can take precious time that you and your family can’t afford to relinquish.

Update the bathroom with luxury bath amenities.

A bathroom renovation is one common priority for many homeowners who are looking for a single-day shower replacement or other installations and fixtures that will immediately boost the comfort level in the home. One day shower remodeling is a common one for those who are interested in changing a tub to a shower (or a shower to a tub). Speed is key here, and homeowners can expect to finish many bathroom renovations in record time, getting their home back to working order as quickly as possible in the process. A new tub or shower installation can create the perfect shift in the home and on a minimal budget as well.

With these options in mind, getting the most out of your renovation is simple and effective.

Ebonie Barden works across OI's platforms and deparments, developing content that reflects our readers' inquiries and needs in order to best engage and serve our diverse audiences on the topics that matter.

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