Creative ways to save on home renovations

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Home renovations can be expensive, but you might not need to put off those upgrades. There's been a 17 percent increase in kitchen and bathroom remodeling projects over the past two years, according to a recent survey from the National Association of Home Builders.

Other popular projects are replacing windows and doors, repairing property damage, and adding rooms.

Mortgage rates dropped to record lows this week, despite recent efforts to ease the euro crisis and boost investors' confidence.

30-year fixed-rate: Fell 2 basis points to 3.87 percent. A basis point is one-hundredth of 1 percentage point.

15-year fixed-rate: Fell 3 basis points to 3.13 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 1 basis point to 4.47 percent.

5/1 adjustable-rate: Fell 6 basis points to 2.96 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

If you want to start your dream renovation, start by finding creative ways to work within your budget. One of the best ways to save is being flexible. It's not hard to find stores carrying discontinued, overstock or unneeded special-ordered items, and that can mean big savings for you.

Leah Ingram, founder of SuddenlyFrugal.com, saved 50 percent on her patio pavers by shopping at a store that was closing.

Here are five other ways to save when renovating your home:

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Creative ways to save on home renovations