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Renovating on a Budget in Chicago

Jun 1, 2021 | Industry News

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If it’s time to give some areas of your home an upgrade but your budget has you feeling stuck, there are often strategies that can help Chicago buyers make it work. While you might not be recreating your absolute dream home, you can achieve beautiful results on a smaller budget. The key is knowing where and how to spend what you do have. Here are a few of our favorite tips:

Expectations

First, you need to be clear on what your budget actually is. From there, it’s important to set some expectations for the project you’re taking on. Based on your budget and the strategies you plan to employ, you can get a sense of what’s possible. Starting out with realistic expectations is important when it comes to staying on budget.

Strategize

Homeowners should think about where they can the most return on their investments. If you’re wanting to give your home a facelift, surface changes like fresh coats of paint and new textiles can make a big impact. If you’re wanting to make your home a better fit for your family, it’s a matter of prioritizing the update and improvements you want to make, and working down the list as your budget allows.

Thrift

Getting all new furniture can be expensive, but if you’re up for some hunting around, thrifted furniture can be a great option. Often, you can find more unique pieces that will really stand out or pieces that you can refinish to meet your needs. This also goes for doorknobs and drawer pull, artwork, lamps, and outdoor setups. Checking out your local thrift stores or flea markets can save you a good amount while also giving you the opportunity to find quality pieces for your home.

DIY

The key to great DIY-ing is knowing when to DIY and when to call in the professionals. If you’re wanting to change the paint color, create new artwork, or sand and paint a piece of furniture, these are in most homeowners’ wheelhouses and they carry relatively little risk. If you don’t have the knowledge and experience to do something, DIY-ing can lead to an even more expensive project. Consider this in your budget. If you need to do something with the electric or plumbing systems, for example, and don’t have the experience, get a quote from a few local professionals and see what’s possible. DIY what you can, but don’t risk damaging your home or creating more expensive problems to repair.

Community

Finally, ask for help. Maybe professional painters aren’t in the budget, but a cookout for several friends and family members with paintbrushes is. Reaching out to your community for a bit of assistance and thanking them with a home-cooked meal is often much more affordable (and fun) than stretching your budget to the max.

 

Are there areas of your home you’d like to renovate or update? How do you budget for these types of projects and ensure you don’t overspend? Have you come up with any creative cost-saving solutions? I’d love to hear your thoughts.

 
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