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Think DIY Home Projects Are Cheap? You May Be Shocked by What the Average American Spends – The Motley Fool

Image source: Getty Images

Be sure to set a budget for home improvement projects before d…….

Image source: Getty Images

Be sure to set a budget for home improvement projects before diving in.


Key points

  • Tackling home improvement projects solo can result in savings.
  • But even then, the costs at hand can be substantial. 
  • Think about how much you’ll spend on materials, tools, and permits before deciding to DIY a project. 

Renovating your home could make your living space more comfortable. It could also result in added resale value down the line. 

But home renovations aren’t cheap, so if you’re going to make improvements, it’s important to do what you can to trim your costs. And one option may be to tackle your next renovation project yourself. Doing so could save you a lot of money compared to hiring a contractor — but that doesn’t mean you won’t still spend a lot. 

In fact, the average DIY home project costs $1,692, according to data from CraftJack. So it’s important to budget carefully for home improvements, no matter what.

Things to consider when renovating your home

If you’re going to be tackling a home project yourself, there are different costs you’ll need to account for. These include, but may not be limited to:

  • The cost of materials (for example, new tiles if you’re redoing a bathroom or new cabinets if you’re redoing a kitchen)
  • The cost of tools needed to do the job
  • The cost of having debris removed from your property (you may not be able to just put it out on the curb)
  • The cost of permits (these can vary depending on the work at hand and based on where you live, but often, the more expensive the job, the more your permit will cost)

Additionally, think about expenses you might incur after completing your home renovation. Let’s say you’re finishing your basement to give yourself more interior living space. Once the project itself is done, you might then want to put a couch down there, as well as a TV and pool table. 

Granted, you can purchase those items over time, but it’s still a good idea to account for them. After all, the last thing you want is to spend months finishing your basement only to then not be able to use it due to a lack of furniture.</…….

Source: https://www.fool.com/the-ascent/personal-finance/articles/think-diy-home-projects-are-cheap-you-may-be-shocked-by-what-the-average-american-spends/

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