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

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

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.

Should you go the DIY route in the first place?

You may be inclined to tackle home improvement projects yourself to save money. But in some cases, hiring a contractor could actually save you money. Why so? 

If a contractor damages your home in the course of their work, it's on them to cover repairs. But if you make a mistake and, say, accidentally bust through a wall, you'll rack up a higher credit card tab to cover the cost of patching it up. 

Similarly, a contractor might get the work done more quickly than you can. That means fewer weeks of upheaval, less dust to inhale, and less debris to be living with. 

Plus, some work is best left to professionals. If you'll be doing electrical work, for example, not hiring someone who knows what they're doing could result in the job not passing an inspection. It could also put your home and safety in danger.

But otherwise, in many cases, going the DIY route is perfectly fine and can be a big money-saver. Just make sure to budget accordingly and be realistic about your timeframe so you're not disappointed.