How to Make an Impact with Home Renovations on a Budget

Take advantage of smart savings options to make beautiful home updates on a budget

You don't need to tear a room apart or spend a fortune to give your home a makeover. When you're making home renovations on a budget, a little can go a long way if you know how to stretch your funds and maximize existing resources. In this guide, you'll learn how to refresh your home's style while staying within budget. First, compare savings options, including bank CDs (certificates of deposit), money markets and more, to find the right account to grow your funds and meet your goals. Then, take a look at these tips for making home updates on a budget to start creating the house you've always wanted.

How to update different rooms in your home without going over budget

When you're planning to make home updates on a budget, you want to get as much out of your funds as possible. Whether you're doing just one room at a time or tackling an entire home makeover, it may be easier than you think to make updates without overspending. These budget-friendly suggestions are only a few examples of the affordable, yet significant, home improvements you can make by room:

  • Kitchen: Making kitchen updates on a budget is feasible when you choose materials prudently and use what you already have. Instead of splurging on granite counters, consider going with a more affordable option like tile or ceramic. Want to change up your kitchen cabinets? Instead of replacing them, consider repainting, re-staining, or refacing them with veneer and new doors. You might also decide to remove the doors altogether for open shelving. Then, pick up some new lighting and sink fixtures for a quick way to freshen up the space. Finish with a new coat of stain-resistant paint on the walls. When you follow these tips, you can keep the aesthetic improvement costs to a minimum, which leaves more money in your budget to spend on high-end appliances or to make renovations to a different room.

  • Bathroom: Small changes can go a long way when you decide to renovate the bathroom. Replacing shower fixtures and sinks with low-volume water fixtures is a low-cost bathroom update that enhances the room's look while saving money on utilities in the long run. If your tile walls look tired, but are still in good condition, don't replace the tile just yet. You can easily use paint to make the tile look as good as new. You can also re-grout the wall and floor tile for a clean, fresh look. Additionally, switching out old light fixtures and purchasing new rugs and toilet covers are relatively low-cost bathroom updates that will brighten up the room. For a master bath, consider installing whirlpool jets in your existing tub rather than purchasing a new one, and installing a dimmer switch for mood lighting.

  • Living room: Rejuvenate your living room with a fresh coat of paint and minor stylistic changes like new lampshades, wall hangings and slipcovers for the furniture. If you have hardwood floors, consider adding an area rug to warm up the space literally and aesthetically. When planning a living room remodel, consider how a few small furniture pieces like a new end table or coffee table can change up the space. Before you throw out your old furniture, keep in mind that you can use the older pieces to furnish a different room.

  • Spare room: If you have a rarely-used den and young children, a few furniture purchases (or relocated pieces) and paint can transform the room into a nursery or play room. As your children grow, you can add a closet and turn it into a spare bedroom to increase the value of your home. You could also turn the space into an office or library with the purchase of a desk, reading chair and a few bookcases. If you're handy enough at carpentry, you can save money and make the shelves yourself.

  • Bedroom: The bedroom can be one of the easiest rooms to work with when making home renovations on a budget. A new coat of paint and new art for your walls are affordable ways to alter the character of the space. You can also spruce up the room with a new comforter, sheet set and throw pillows for the bed. If you are handy with a sewing machine, fashion some new window hangings, or purchase them at a local craft fair where they may be less expensive than at the store. Finally, you can adjust the ambiance of the room by purchasing new light fixtures and adding a dimmer switch.

Explore your savings options to grow your home renovation funds quickly

When you're saving for home updates on a budget, you want to make every penny count. That's why it's important to understand what your savings options are. If you have the time and liquidity to let your funds sit and grow undisturbed, a Citizens Bank CD may be just what you need. With a CD, you'll leave the funds in your account for a predetermined amount of time in exchange for a higher interest rate. By investing the money for your home renovation budget in a bank CD, you can save for a short- or long-term goal with a guaranteed fixed-rate of return and the peace of mind that comes with having your funds secured by FDIC insurance. However, if you want to be able to contribute to the account regularly, or have access to the funds whenever you wish, a standard savings account may work better. To discuss savings options for home updates on a budget, contact Citizens Bank today.

 

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