If there’s one ugly truth associated with remodeling, it’s that your planning and budgeting expectations will rarely match up with reality. As any contractor or homeowner will tell you, renovation costs aren’t cheap. Project delays, structural issues and surprise expenses can throw your entire finances off guard.
According to a survey from Trulia, 90% of homeowners plan to remodel their home at some point. But nearly half aren’t willing to spend more than $5,000 on that renovation. Although $5,000 is a fairly good chunk of money, it won’t necessarily get you as far as you’d like. According to Home Advisor, an inground pool, for example, can cost an average of about $51,000. That’s quite a lot more than what most would imagine. But that’s how it goes in the remodeling world: The perceived renovation costs and actual costs don’t always match up.
So that being said, what will $5,000 actually get you? From a simple kitchen remodel to a fresh coat of paint, let’s see what’s possible when you’re on a budget.
The national average to install a new set of floors is a little under $3,000. But obviously things like square footage, installation quality and type of flooring will impact your bottom line. Another thing to watch for are the potential problems lurking underneath your old floors, and what will be revealed once those floors are finally removed. Hardwood is by far the most expensive, followed closely by stone and laminate. To save some money, limit new flooring to high-traffic areas like kitchens, family rooms and hallways.
A full kitchen renovation could cost up to $50,000. But a few simple upgrades won’t run you nearly as much. Instead of installing a whole set of kitchen cabinets, consider refinishing just the doors instead. This can save you about a third of what brand new cabinets might cost.
With the money leftover, you could even get some new appliances — granted you really keep an eye out for deals. You’ll have to stretch the budget a little though if you want to install a new countertop, which will cost on average nearly $3,000. A very cosmetic upgrade, however, of your existing kitchen is entirely possible.
Kitchens and bathrooms are usually the most expensive rooms to renovate given all the remodeling options available for these spaces. But for dining rooms, living rooms and bedrooms — a fresh coat of paint can have real impact. The average cost to paint a home’s interior is roughly $1,700, which means you could get a room painted for a little under $400. Consider doing the paint job yourself to keep things under budget.
Although $5,000 won’t get you the remodeling project of your dreams, it can still make an impact if you’re selective about the upgrades you choose. But don’t forget to factor in the other costs associated with renovating, such as waste removal. Remodeling initiatives usually result in a ton of construction debris.
One of the most cost-efficient ways to handle waste material is to rent a dumpster. VaVia offers container rentals for both homeowners and contractors. Our 10 and 15-yard bins are slim enough to fit in the driveway, yet still heavy-duty to handle all types of renovation debris. Best part is our rates are so competitive, it won’t be difficult to stay within budget!
For more information on dumpster rentals for your next budget reno, call VaVia at 1-833-GO-VAVIA or contact us here.