How to renovate on a budget

Understand the value

It's important to consider value in picking projects and materials. This can help you set a budget, whether or not you're thinking of selling soon.

You don't want to spend more than you should given the value of your home.

For instance, a kitchen generally accounts for 10% to 15% of the property value, so spend no more than this on a renovation, according to the National Kitchen and Bath Association.  If your home is worth $200,000, you’ll want to spend $30,000 or less.

Also, keep quality in mind.

"Every new addition to your home will suffer from degradation from age — the moment something is installed, it begins to inch toward the end of its life," says Jeff Wilson, a TV host and author of The Greened House Effect. "So choose upgrades and materials which will last long enough to justify their cost and still be useful when you go to sell your home."