Are you dreaming of a home refresh, but don’t know where to start?
Whether you’re thinking of a small spruce up or a major remodel, a home renovation is an excellent way to make your living space feel more like home — but it can also be pricey. Fortunately, there are plenty of ways to bring your ideas to life while sticking to your budget. The key? Plan ahead, stay focused on your home renovation vision, and keep things as simple as possible.
Read on to learn 10 easy tips to make the most out of your next home renovation project.
1. Envision Your Dream Home Design
When creating your dream home, it makes sense to browse the top home renovation trends for inspiration — but what’s trending now might not be what works best for your space and taste. Before knocking down walls, why not use technology to help you visualize what you’re planning?
While you may need to hire pros for certain aspects of your renovation (such as an architect or contractor for structural remodels), free home design software and app options allow you to experiment with — and visualize — things like layout changes and design ideas without committing to costly changes.
2. Do the Math with a Home Renovation Calculator
A great way to save on your renovation project is to know what you’ll need to spend. Here, a renovation cost calculator can be a big help. Before you spend a dime, you can use a home renovation calculator to understand how much your project may cost. From there, you can create a realistic budget for your project. This allows you to set better expectations, guide your choices when it comes to the project’s scope and prioritize your spending effectively.
3. Simplify Your Saving with Digital Tools and Services
Need to beef up your savings before you can meet your project budget? Saving up for a home renovation doesn’t have to be complicated – or costly.
There are simple and convenient financial For example, saving for your home renovation can be even simpler with a no monthly fee Tangerine Savings Account, which can include an Automatic Savings Program. You can choose how much you set aside and how often — and adjust at any time.
Another way to save is to make every dollar you spend go further. Tangerine’s no annual fee cash back Credit Card does just that — you can earn unlimited cash back on your purchases, and when you choose Home Improvement as one of your 2% Money-Back Rewards Categories, you could get even more cash back on eligible purchases.*
*Terms and conditions apply
4. Look for Renovation Grants
Depending on your location and situation, you may also qualify for certain grants for your home reno. When planning a renovation project, it’s a good idea to search for local government home improvement renovation grants that may apply to your situation, as they may help you save money and cut reno costs.
In Ontario, for example, the Home Renovation Savings Program launched on January 28, 2025, offers rebates of up to 30 per cent for certain qualifying home energy efficiency renovations and improvements such as new windows and doors, air sealing and smart thermostats. Grants like this could make certain energy-efficient upgrades more affordable as part of your renovation.
5. Consider Any Tax Renovation Credits Available
Are home renovations tax deductible? While the renovations themselves are not generally tax deductible, there are some home renovation tax credits and rebates you may qualify for and can help make your project more affordable.
For example, if you’re renovating your home to improve accessibility for individuals eligible for the disability tax credit (DTC) or for those over 65 years old, you may qualify for the Home Accessibility Tax Credit. The federal, non-refundable tax credit applies to permanent renovations that will enhance accessibility or functionality within the home.
And if you substantially renovate your home, you may qualify for the GST/HST New Housing Rebate. Designed to help offset the cost of GST/HST paid on eligible construction costs, this rebate may be available if your house has a fair market value less than $450,000 upon completed renovation.
If you think your planned renovations may qualify for a home renovation tax credit or rebate, be sure to review the eligibility criteria for the credit closely and consult with the appropriate issuer (such as the Canada Revenue Agency) to confirm you meet all the qualifications.
Related: The Best Tax Benefits, Rebates and Grants You Can Get for Renovating in Canada, by Province
6. Plot Your Numbers into a Home Budget Template
Keeping track of what you spend as you go can help you stay on track with your budget and save in the long-term with your renovation project, but it’s easy to lose track of things if you don’t have a system.
Consider using a home renovation budget template with categories for the renovation costs in your budget, like materials, permits and labour. This allows you to easily see what you’ve spent, where you’ve spent it and whether your budget aligns with what you’ve planned.
7. Choose More Sustainable Home Improvements
To save on your home costs in the long-term, you may also consider ways to incorporate home renovation ideas that can help your space be more energy efficient — such as replacing old windows with energy-efficient models, installing a programmable thermostat or going with energy-efficient kitchen appliances. Beyond reducing your carbon footprint, energy-efficient swaps can also lead to lower energy bills and utility costs in the future.
Like energy-efficient upgrades, using reclaimed and sustainable materials can help lower renovation costs while adding character and charm to your home.
Opting for reused or reclaimed materials is a great way to keep your home reno more sustainable. For example, materials like reclaimed wood, recycled bricks and salvaged metal are often less expensive than new materials. Consider incorporating a reclaimed wood fireplace mantel into your living room or even using salvaged bricks for an accent wall.
8. Consider a Home Renovation Loan
Depending on your goals, you may want to explore whether a home renovation loan could be a good fit for your project. If you’re considering a renovation that could increase your home’s value — such as a kitchen revamp or adding another bathroom — looking into options like a home equity line of credit or home equity loan to renovate may be helpful.
Just be sure to research all available options and consult a financial professional to find what might work best for your unique situation.
Related: These Big Renovations Will Beef Up Your ROI
9. Do a DIY Renovation
Are you handy? Not afraid of some hard work? If so, you’re already holding one of the best keys to unlocking reno cost savings. The more DIY home renovation tasks you can take on, the better, as labour costs are often one of the biggest expenses of home improvement projects.
However, it’s important to balance your sweat equity with knowing when to call in the pros. Certain tasks, like plumbing and electrical work, should be handled by licensed professionals to ensure they’re done safely and up to code — and to avoid expensive newbie mistakes.
For example, if you’re tackling a DIY bathroom renovation, you might handle tasks like painting, sanding and installing wall shelves to cut down costs — but leave plumbing work to an expert to help prevent leaks and other issues you may not be able to handle yourself.
10. Hire a Home Contractor
While you can definitely keep costs down by taking on certain renovation projects yourself, there are also situations where hiring a contractor can save you money in the long run.
This may seem counterintuitive: How can spending money save you money?
Experienced contractors can typically complete bigger and more complex projects faster and more efficiently — saving time and money. They often have access to discounts on things like materials and subcontractor labour. They also know about necessary codes and permits, which may help prevent expensive fines or unnecessary redos.
Ultimately, if you’re taking on home renovation, it’s a good idea to talk to a few contractors, get quotes and assess whether they could save you time, effort and money.
Related: 8 Must-Know Reno Hacks That Will Save You Time and Money
