Renovating entails balancing what you want and the financial resources you have available. Professional renovators suggest a number of approaches that can help to stretch your budget.

• Set priorities. Cost-wise renovations begin with a clear plan of what you want to accomplish. The previous section walks you through how to do this.
• Look closely at what you already have. Look for the hidden assets in your home. For instance, homeowners sometimes assume that they need extra floor space when all that may be needed is more effectively designed space. By rearranging interior walls, eliminating separations and installing larger windows, a less-costly renovation can often create the sense of spaciousness and light you want.
• Old hardwood is often of high quality and can be refinished. If your old trim and doors are in good shape, they can be refinished rather than replaced. And be sure to look under carpeting to see what's underneath - in older homes this is often vintage hardwood.
• Do the work in stages to suit your budget. Doing the project in phases may allow you to achieve the results you want without undue financial pressure. Your professional renovator can help develop a master plan with proper sequencing of tasks, timelines and expected costs.
• Consider capital versus operating costs. Water-conserving fixtures will save a considerable amount of money over time in areas with water metering. Likewise, energy-efficient lighting, high-efficiency heating systems and electronic thermostats mean long-term savings. Professional renovators are up-to-date on the latest technologies and can provide you with the information you need to make wise decisions for the long term.
• Do some of the work yourself. If you have the skills, time and interest, you can stretch your renovation dollars by taking on some of the work yourself. Generally, renovators recommend that you leave structural and mechanical renovations to the professionals, but many homeowners can do their own painting, landscaping or other finishing jobs.