Home Renovation: 5 Tips to Not Break the Bank

Many people view home renovations as a way to literally wipe out their checking and savings account. However, it doesn't have to be this way. All it takes is some careful planning and prioritization. Here are a few tips to make sure that your checking account doesn't enter into the red:

1. Draft Your Dreams.

The first step in home renovation is deciding what you want and putting it on paper. You need to visualize the remodel that you want and try to sketch out the details on paper. Even if they aren't the best of sketches, they'll help your contractor understand what you want a little bit better than simply trying to tell them.

2. Know Your Budget and Stick to It.

Determine what your budget is so that you can make sure that you make the most of it. Don't forget to budget in some losses and mishaps because they're likely going to happen. Determine the things that are most important to you and get those things done first. If you have money left over, you can go a little further down the list. Know your budget and how to make the most of it so that you don't have to compromise the quality of the job.

3. Make Changes That Are Eye-Catching.

If you're working with a small budget, consider making one big change that will transform the entire appearance of your home. For example, rip out your ceilings and open it up to create high ceilings, which can create the illusion of space. This can be done regardless of whether you have an attic or a pitched roof.

4. Go Custom with the Cabinets.

If you're in the kitchen, and are limited on the money you can spend, you really need to think about what it is that you want to achieve with the renovation. While a new high-end fridge and appliances may be great and cater to your lifestyle, custom cabinets are going to stand out a lot more.

5. Change the Colors with a Splash of Paint.

If you are on the low-end of the budget scale, then you can help transform the home with a brand new coat of paint. Don't go with the same color, though. Go dynamic. Go bold. Choose something that is going to make the room stand out, but make sure it goes well with your current décor unless you plan on changing it. Consider painting just an accent wall if you don't want the whole room a bold new color.

With these five tips, you should be ready to get started on your home renovation. If your budget allows, be sure to hire a professional contractor to ensure everything is done accurately from the get-go.