To save money on home renovations, prioritize essential projects, opt for DIY tasks where feasible, negotiate contractor rates, and secure multiple quotes. Start by creating a detailed budget, allocating funds to high-impact areas like kitchens or bathrooms first. Use existing materials instead of buying new ones, and hire local contractors who may offer lower rates. For example, repainting walls or installing flooring can reduce costs by up to 30% compared to hiring professionals.

Budgeting is critical because home renovations often exceed initial estimates. According to the 2023 Remodeling Cost Report by Remodeling magazine, the average cost of a minor kitchen remodel was $25,000, with 87% recouping expenses at resale. DIY projects save significantly on labor, which typically accounts for 20-30% of total costs. A HomeAdvisor study found that homeowners who handled tasks like painting or simple plumbing themselves saved $5,000-$10,000. Negotiating contracts with contractors can also reduce expenses by 10-15%, as noted by the National Association of the Remodeling Industry. Securing multiple quotes ensures competitive pricing, with the Better Business Bureau reporting that 70% of consumers who obtained three estimates saved an average of 12% on project costs. Combining these strategies minimizes financial risk while achieving desired results.