If you’ve ever started a home renovation project, you know that costs can add up quickly. Even with tens of thousands of dollars, you’re limited as to what you can do. That doesn’t mean that you can’t remodel your home – you simply need to find ways to save money. By making smart decisions, you can transform a room without breaking the bank.
Create a Realistic Budget
If you’ve decided on a home renovation project, one of the best things to do before getting started is to draw up a realistic budget. Whether you are counting every dollar, or you have money to spend, it’s important that you calculate how long you envisage your project will take. The last thing you want is to end up in a ton of debt, so you may benefit from creating a spreadsheet which can add clarity and help you track your monthly income and outgoings.
Once you get an idea of how much you can realistically afford to spend, you can then price materials and fixtures to check whether they will work with your budget. While many homeowners would love to totally transform their property, if you don’t have the funds behind you, it’s best to be wise with your money.
Do It Yourself
One of the best ways to save money when renovating your home is to do some of the work yourself. This could be the demolition, laying tile, building cabinets, cleaning up the mess or anything else you can take care of. The more you can handle, build or put together on your own, the less you will have to pay for someone else to do.
Of course, be aware of your limits in this department. While you will likely be able to install your own home security system, be careful when trying to handle a larger project. If you take on a project that is out of your wheelhouse, you might just end up doing more harm than good.
Get Multiple Quotes
When you need to hire a professional to complete your home renovation, make sure to get quotes from multiple providers. Costs can vary dramatically from contractor to contractor, even in the same town. In some cases, you can save thousands of dollars simply by using a different provider.
One option is to look for someone who does renovation work as a side gig. Since they’re not running a full-time business, they don’t have to spend as much on rent, salaries, and advertising, which means that they often offer lower prices. The work might take a little longer due to schedule constraints, but the savings can be worth it.
When you’re choosing a contractor, be sure to check reviews and ask for recommendations. A provider that does shoddy work can end up costing you more money in repairs down the line. By paying a little more up front, you can rest assured that the result will last for years.
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Choose the Best Building Materials
One of the areas that you should not cut corners on is building materials. If you don’t have much money to spend, you may be more inclined to pick out cheap materials. However, the low cost tends to be because of their substandard quality. No one wants to run into problems later down the line, whether it’s with materials not working like you envisaged, or products failing and needing more regular maintenance.
In order for you to be confident with your materials, it’s advised to speak with a contractor who can give advice on what types of materials to use. If you have any family and friends who have recently undertaken a renovation project, they can be a great source of advice too.
Shop the Scratch and Dent Section
A great way to save money on some expensive materials and appliances is to look for scratch and dent sales at various stores. Often times, the items found in the scratch and dent section have little to no visible damage, they’ve simply been removed from their box and can’t be sold at full price anymore. This means you can often find high-end items at great prices, which can allow you to save money and expand your budget elsewhere.
Shop at the Right Time
Retailers often run sales that coincide with major holidays like Labor Day, Memorial Day, and Black Friday. Waiting to purchase that items you have your eye on could save you hundreds of dollars.
Keep What You Have
One of the best ways to save money on a renovation is to salvage everything that you possibly can. If you have ugly cabinets but they’re solid wood, refacing and painting costs so much less than buying new ones. Take a good, hard look at what you have and what you could potentially keep with a little refurbishing.
Don’t Alter Your Home’s Layout
Without a doubt, the most expensive thing that you can do to your home is to start modifying its layout. The costs of safely removing walls and redesigning your home’s floorplan properly will add up quickly, so it’s wise to avoid this situation altogether. Instead of removing a wall, try creating a pass-through window to open up space. Instead of moving your stove to create extra counter space, add an island in the center of the room. If you’re not sure what’s possible, bring in a contractor for a consultation. The contractor can help you identify cost-effective alternatives that can give your space a new look without breaking the bank.
Take Your Time
Another way to save money on home renovations is to take your time. When renovating your home, it can be very tempting to do it all in a couple of weeks. However, that is not only expensive, but it can be quite stressful and overwhelming. Also, if you rush it, you will most likely experience some regret about at least a couple of the choices you may have made.
If you start slow and take your time, it also allows you some flexibility if some costs end up being more than you expect. You can’t exactly stop a renovation once it already begins, so don’t try and do too much, too quickly. Start with a single room or area, and once that is done, consider moving to the next.
Whether you’re planning to upgrade your kitchen, create an extra bedroom, or install a new bathroom, a home renovation project will require a lot of your time, money, and patience. To keep costs to a minimum, follow the tips above.