Financial Wellness: Home remodeling on a budget

Warmer weather means it’s time for home projects! We’ve got some tips on how to make the most of your remodel and still have money for other summer fun.

Determine what you can afford to spend. The most important part of any remodeling project is knowing what you can afford to spend. Remodeling should allow you to enjoy your house more, not cause headaches over bills you can’t pay. Make sure you understand what you can afford and plan for potential cost overruns.

A little bit goes a long way. Projects like moving walls or gutting and re-doing kitchens or baths can be costly, and you may not get much of a return on your investment when you sell your house. Simple things, like repainting walls and replacing outdated blinds and fixtures, can make your home look significantly better without having to spend a ton of money.

Refinish or reface instead of replace. Dated cabinets are a common feature of older homes. While brand new mahogany or walnut cabinets could make your kitchen look nicer, ripping out the old cabinets and putting in new ones can be expensive and time-consuming. However, for the cost of a can of paint and some new knobs, old cabinets can get a fresh look. Besides painting, another option is to reface the cabinets, which involves replacing the doors or veneering all visible surfaces, but leaving the existing frame.

Do the work yourself. If you do work yourself, you will only have to pay for materials, not labor. There are countless books and websites available with helpful information for do-it-yourselfers. However, a wise remodeler knows when to call in the professionals, especially when the remodeling involves specialized work, such as plumbing or electrical changes. If you do not know what you are doing, it could cost you more money to have professionals fix your mistakes than to just have them do the work from the beginning.

For more information and additional complimentary financial education and counseling resources, visit

Let us help finance your summer home project! Apply today at or contact our Lending Team at [email protected] or 503.546.5000.

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