Renovating your house to transform it into something you can call home shouldn’t make you feel overwhelmed or drain your pockets. Unfortunately, home renovation projects tend to go over the budget, and there are plenty of reasons behind that. But we are not here to dive into that. Instead, we’ll look at ways you can save money on your home renovation. From planning on time and budgeting to hiring the right contractors, we’ll discuss ten ways to save money on your home renovation.
1. Create a Budget, and try to stick to it
Before starting renovations, figure out how much you can allocate to it.
Consider every minor and major detail like individual remodeling projects and even the cost of furniture or décor items you will need.
Next, check your finances to see what you can afford. Will you have to run down your savings or take out a personal loan? It would be best if you also looked at cost estimates for various renovation projects – a contractor can help you with that. Once your finances are set aside, plan a budget according to that. Be cautious of taking out loans for renovation projects. If you’re unsure, sleep on it. But don’t overcommit.
2. Get rid of the old stuff before purchasing new ones
When you’re in the planning phase of remodeling your house, your mind tricks you into purchasing new items for the “new” place. That’s okay but also costly. Regardless of your budget, try to sell old home stuff before purchasing new ones. Before moving your belongings to a safe spot, you must sort everything out. Toss out anything that doesn’t fit the aesthetic of your new space or won’t come in handy. Bonus tip: If you’re in Kelowna, look up “self storage Kelowna,” and you’ll come across plenty of self-storage companies like Airport Village. They promise to keep your belongings safe until you can put them up for use in your new home.
3. Get estimates from various contractors
A key to saving money during home renovations is to get estimates from various contractors. If you’re renovating the entire house, you need a general contractor. Not only will they overlook every major and minor project, but they give you a break from taking matters into your own hands. Though some general contractors give hefty estimates for even minor renovations, experienced homeowners would recommend you to hire one. Why? Because they are worth the time and money. The time and money you spend on a renovation project might cost you an arm and a leg compared to letting a professional handle it. General contractors would also give you an estimate before starting the renovation project and help you make budget-friendly decisions.
To find the right one, interview a couple of contractors and get bids for your renovation project. Then, go for the one that provides the most value in exchange for your money.
4. Do it yourself if you can
Suppose you can handle some projects, like adding new tiles in the bathroom, updating the kitchen counters, or painting the rooftop. In that case, you might as well do the entire renovation project on your own. It’s the best way of saving money – do it yourself! There are plenty of renovation projects that you can do on your own. It’s okay if you didn’t take a shop class in high school. Jobs like painting, installing wallpapers, and demolition, don’t require a contractor. Plus, it’s best to do some of these on your own to save the extra bucks you can put into decorating your space or investing in another project. Be careful to hire a professional for electrical and plumbing jobs unless you know what you’re doing.
5. Save on material costs
Try to save as much as you can on materials for renovation. Rather than buying new materials, look for recycled or reused material. Some of these are in good condition and less pricey than new ones. You can negotiate their price as well, unlike for new ones. Look for cheap build material in your neighborhood as well as online. From leftover stone slabs to perfectly well cabinets, windows and doors, there’s a lot you can save on.
6. Be efficient with your space
Before you tear down the floral wallpaper you detest so much or demolish the kitchen to install bigger cabinets, rethink what you can do with your space. Often, homeowners need a change in organization and decoration rather than a complete renovation. It’s one of the best ways of saving money when remodeling the entire house. Is there a spot that needs a fresh coat of paint to make it airier, or do you really need to tear down the walls?
Also, there’s no point in redoing the kitchen cabinets only to install new ones that only have an aesthetic appeal and an expensive price tag. Instead, replace them with space-saving options like pull-out drawers. You will save a lot of money this way.
7. Take your time
If you want to save money on a home renovation project, don’t put all your eggs in one basket. Or, don’t try to remodel everything at the same time. If you’re moving into a new house, before starting the renovation, live in it for some time to see what really needs to be changed. If you can learn to live with the existing state of the house, you might not have to spend a single penny on renovation. Even if you go ahead with renovations, batching up the process can be much more cost-effective than doing it all at once.
8. Wait for big sales
In addition to using old home materials instead of purchasing new ones, another money-saving tip is waiting for big annual or quarterly sales. During holiday sales, prices are the lowest for certain building materials and even décor items. So wait for Christmas, New Year’s, Labor Day, July Fourth, and Memorial Day sales; you will likely get a good deal on appliances, building equipment, or furniture.
9. Finance your home renovations the right way
As mentioned earlier, you can always take out a personal loan if you don’t want to use up your savings to finance a renovation project. But instead of taking out a traditional loan or using your savings, you can apply for a home equity line of credit (HELOC). This type of loan allows you to borrow funds against the property’s equity. In addition, HELOC loans have lower interest rates, and thus you can save a lot on repayments.
10. Buy floor model appliances instead of new ones
Instead of purchasing new appliances, you can opt for floor models. Floor model appliances are the ones that have been put on display at stores. These types of appliances are often available for purchase at a reduced price. In addition, some manufacturers provide warranty for floor model appliances, so be sure to check them out if you want to save money on renovation.
Whether you have moved into a new house and want to add your own touch or remodeling a fixer-upper before its listing, home renovations can take a toll on you and your wallet. However, there are plenty of money-saving ways, from allocating a budget to saving up on building materials. In a nutshell, it isn’t impossible to save money when renovating your house. You just have to plan better, use big sales, do whatever you can, or let the professionals handle it!