Jan 24, 2025
If you’re a homeowner, the idea of tackling a renovation project may have crossed your mind. And you may have found that the cost of home remodeling created your first hurdle.
Your home may be the biggest investment you make. So, budgeting for home improvement can keep your nest a top priority without putting cracks in your nest egg.
While weighing options, it’s wise to keep any home improvement within budget. Whether you’re planning a light bathroom update, a major kitchen overhaul, or something in between, self-taught DIYer Fariha Nasir has a few simple rules for keeping costs in check.
Through her Pennies for a Fortune blog and Instagram account, Nasir has attracted a large community of followers who appreciate good design as well as the challenges of completing home improvements on a budget.
In 2021, Nasir documented the makeover of her guestroom and laundry room for her followers. Then she partnered with Discover® Personal Loans to show how DIYers can customize a home improvement loan around their projects.
Want more details? Nasir shared her steps for giving your home a budget-friendly facelift.
Nasir starts her room designs with a Pinterest board that shows how design elements fit together and how much space is needed. Then she translates them into her own room by sketching out each aspect of the design – walls, doors, windows – into her space along with actual measurements.
Your list should cover everything from the biggest part of the renovation (like refinishing a wood floor) down to the smallest details. This can help you decide if you need professional help. It will also help you separate “must haves” from “nice to haves” if you run into budget issues.
“Planning and budgeting are extremely important in any home improvement project,” Nasir said. “It can really make a difference in how you take a task to completion. Making estimates for each step is essential to knowing what you’re looking at in terms of finances.”
Ensure your budget is flexible because home improvement projects can have variables and occasional surprises. “Make upper and lower estimates,” Nasir says. “You need wiggle room in your estimates to make sure you don’t have issues with under-budgeting.”
Not sure how to start budgeting for home improvements? Check out Discover’s home remodel financial planning checklist to get oriented.
To help keep your project on track, here are more tips for home improvement on a budget.
Home renovations come with a wide range of price tags. A realistic budget for home improvements can vary depending on where you live, the size and age of your home, the materials you use, and how much of the work you plan to do.
Here’s what you might expect to spend, on average, for some common projects in 2024:1
If the cost of a project exceeds your available funds or you don’t want to deplete your savings, Nasir noted that DIYers have a few options. First, you can cut back by using less expensive hardware or lighting. Next, review your priorities and decide what can be left out to manage expenses.
For her recent guest bedroom makeover, Nasir budgeted $3,000. She knew, however, that a planned bathroom renovation would likely be more expensive and that she might not want to pay for it all at once.
“A typical full-bathroom remodel can cost anywhere between $5,000 and $30,000,” Nasir said. “It’s a big investment, but Discover Personal Loans offers a great loan solution to help make big home renovation projects a reality.”
It can help to work with a flexible, experienced lender like Discover Personal Loans. You can customize a Discover home improvement loan to fit a wide range of projects and budgets, and there are no fees if you pay on time.
Budget overages can come as a surprise and often require quick attention. With Discover Personal Loans, most people get a decision the same day. And, if your application is approved, your funds can be sent as early as the next business day after your acceptance.
Having a financial plan allows home improvement DIYers to focus on what’s most important: getting the work done.
“Knowing how much you’re looking at spending can take the headache and stress out of a project, and you won’t have surprises down the road,” Nasir said.
Want to learn more about how a Discover home improvement loan can help keep your project on budget and on time?
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