5 Tips for Building an Affordable Home Gym

Scrolling through the New Year's deals for exercise equipment, it's easy to see how one could spend $5,000 or more outfitting a home gym. But you don't need to hit your personal finances to get in a good workout at home. Here are a few tips for building a home gym without breaking the bank.

1. Start with the basics

Your home gym doesn't need to rival the local Planet Fitness right from the starting line. Indeed, you don't even need any fancy machines. You can build a perfectly functional home gym with a pull-up bar, resistance bands, some dumbbells, and a yoga mat.

Not sure what you need? Make a list of all of the exercises you want to do in your home gym. Then figure out how many of them actually require specific gear or equipment.

Be realistic about your needs -- and about your budget. Sure, a treadmill would be nice, but if you already have a good running route through the neighborhood, maybe focus on strength-training equipment that would be more difficult to substitute for free.

2. DIY what you can (with safety in mind)

If you're a bit handy and have the tools on hand, there are a few home gym projects you could do yourself.

Some sturdy flanges and a strong metal pipe can make a handy pull-up bar. Leftover cement from a backyard project? Cast it in cheap buckets to make DIY dumbbells. A drill and screws can turn spare lumber into a dip station.

You can check YouTube and fitness blogs for all kinds of DIY ideas. And this isn't just for equipment. You can DIY your shelving, seating, towel storage -- whatever you feel capable of building.

Just keep safety in mind; anything meant to hold your body weight should, you know, hold your body weight. Or, even better, well over your body weight. (I'm a firm believer that over-engineered is always better than under-engineered.)

3. Comparison shop deals

Whatever equipment you decide you need, be sure you're looking for deals on it. This goes double for January when everyone is buying up fitness gear as a part of their newfound resolutions to get fit.

Most large exercise equipment -- like treadmills, bikes, and weight machines -- will be a "you get what you pay for" product. Aim for mid-tier or higher here. You'll use the machines more if they feel sturdy and safe. (I've tried the cheap machines from Amazon. They're utter junk.)

Oh, and don't forget to check warehouse clubs like Costco and Sam's Club -- even if you're not a member. If you can get a good enough deal on a big piece of equipment, it could be worth the cost of a membership and then some. Plus, these retailers tend to have great return policies!

4. Open a new card with a welcome bonus

When you've found a great deal and you're ready to take the plunge on a pricey machine, consider which credit card to use for the purchase. 

The best card for the purchase will depend on where you're shopping. However, most retailers have cobranded store cards that could offer some decent rewards. At the very least, a good flat-rate rewards credit card will earn you 2% cash back or more.

You can also choose to open a new rewards card with a competitive welcome bonus. A single purchase of a $1,000 treadmill is enough to earn a welcome bonus of $200 or more from some of the best cash back cards.

5. Rehome gently used machines

If you can afford to be patient, give folks a few months to realize that their I-used-it-three-times treadmill has become a clothing rack. Then you can haunt social media, local thrift shops, and neighborhood buy-nothing groups for like-new exercise equipment.

This isn't limited to strangers, either. Did your brother-in-law go full Bowflex -- for about four weeks? Offer to open up that space in the garage by taking it off his hands.

Local gyms can also be good places to score deals on machines if they're updating their stock. While gym-used equipment is bound to have some wear and tear (and some residual funk), it could be an affordable way to get commercial-quality machines.

Bonus tip: Add a cheap smart TV for free fitness routines

Spend 60 seconds on YouTube and you can find thousands of great workout and yoga routines for free. (Well, it'll cost you at least two unskippable ads, but that's YouTube these days.) You can also download all sorts of free fitness apps for your smart TV or phone. 

It's amazing how well a $75 smart TV playing fitness videos can turn even the starkest basement or garage into a fitness center.

Having a home gym may conjure images of expensive apartments full of high-end machines. But even just a dedicated corner of the den with some weight and a yoga mat can offer a ton of workout options.