5 Handy Ways to Save on Home Rehab

Less Is the New More Gone are the days of lavish renovation projects like adding a second story, with budgets bigger than your average McMansion. Harvard's Joint Center for Housing Studies found that remodeling expenditures more than doubled from 1995 to 2007, reaching $326 billion. However, they declined by 16 percent by the end of 2008, and the NAHB's Remodeling Market Index slipped in the second quarter of 2010.With conditions weak, homeowners who have considerably less home equity to finance improvements are bucking for a bargain and prizing the practical, says Scott Duncan, owner of Duncan's Creative Kitchens in Bradenton, Fla. "The one major trend I am seeing is 'budget-conscious,'" he says. "Everyone is weighing the benefits versus the costs of any upgrade they consider. Practicality is reigning supreme."Your best bet is to focus on thrifty upgrades that will make you glad you're home. For example, a whirlpool bath you'll never use is money down the drain. Opt instead for a handheld shower head with multiple settings. Top-of-the-line luxury can be had for a few hundred dollars.

The Crew Is You

Before you do anything, ask this question: Who's the boss? Perhaps it should be you. If all your home needs is a little TLC, DIY may be better for your billfold.

"DIY saves a fortune," says Roger Lew, a builder of high-end homes in Sag Harbor, N.Y., noting that labor accounts for up to half the cost of redoing a bathroom. "But you have to have the time and the inclination."

If DIY is how you want to go, get free or cheap help from resources like your local hardware store or home improvement chains. Most offer free information and tutoring. For example, Lowe's Shop Class is a woodworking course taught via video and e-mail. The Home Depot Home Improver Club offers free in-store workshops that cover painting tips, flooring solutions, cabinet refacing ideas and more. The site will also walk you through projects like "Update your kitchen backsplash for under $300." Female DIYers might want to check out a workshop called Do-It-Herself.

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