If you think remodeling is only for rich people, think again! The benefits of remodeling are available to you even on a strict budget. Since remodeling adds value to your home, in the long run it can be a smart financial decision.

 

When you want to remodel and aren’t made of money, the two first steps go hand-and-hand: deciding what you want to remodel and creating a budget. What you want to remodel is influenced by your budget, and vice versa. If you don’t have a large budget, some remodeling is still within your reach. The important thing is sticking to your limits once you determine the amount you wish to spend.

 

To estimate remodeling costs, it’s important to figure out how costs break down. You can generally assume that about 20% of your budget will go to labor and 20% to unexpected surprises. More specific budgetary planning depends on your particular project.

 

A great way to save money is focusing on increased efficiency, not size. While adding square footage racks up the cost quickly, there are plenty of space-saving innovations that can save you thousands of dollars.