If you have a tight budget but are renovating a fixer-upper, it can be hard to decide what to do first. The team here at Corken + Company found this list of expert ideas to help you identify the best projects for your wallet and your home!
The vast majority of people who purchase fixer-upper homes do so for financial reasons— because they generally can’t afford a turn-key property. Which renovation projects should you focus on first if your budget is tight? And why?
Before You Start Remodeling:
It’s important to understand what work should be done for safety reasons. This can help prevent costly challenges down the road. The best way to do this is to have a professional assess your newly purchased home. You can then take that assessment and use it to develop a plan.
Hiring an expert to create a cost estimate for your renovations can give you a realistic assessment of how much money you’ll need to accomplish each item on the list. It can also help you decide what you can afford to do first. While safety repairs are likely to be the most expensive, they’re critical to laying the proper groundwork for subsequent projects.
Refresh Rooms with Paint:
Once you’ve addressed safety matters, you can turn your attention to the aesthetic side of renovating. Adding a new coat of paint throughout your home can make a big difference without a big investment.
A painting project can cost as little as $50, depending on the scope. Plus, paint almost always needs a refresh anyway when a home transitions from one owner to the next. Consider painting an accent or focal wall, which is generally the wall you first see when entering a room. It might also be the wall where your sofa or your bed is located.
Install New Flooring:
Another project that can make a big difference in a fixer-upper is flooring. Experts recommend luxury vinyl plank flooring to save money, which runs about $5 a square foot.
Not only will new flooring brighten a fixer-upper visually, but tackling this type of change early on makes sense logistically. If you do your flooring before moving all of your furniture in, it will save you time and stress down the road.
The color you select for your vinyl flooring or floor stain will also help set the stage for future updates in your home.
Upgrade the Exterior:
Exterior upgrades can be more affordable than interior changes and are an important consideration for fixer-uppers. The 2020 U.S. Houzz & Home Study found that 21% of renovating homeowners tackled roofing, windows and skylights, and exterior paint projects at a median spend of $8,000, $3,900, and $1,000, respectively.
Learn more about renovating a fixer-upper at: bhg.com
