Home renovation is an equally exciting and overwhelming exercise, yet a necessary activity for homeowners. Regardless of whether you genuinely need to fix some repairs or just want to improve the appearance of your new home, renovations can be expensive to execute. This is why most people put off this idea as much as they can. However, renovating on a budget is possible if you get the right insights. Below are money-saving tips to consider when renovating your home.
Setting a budget is probably the first thing that every homeowner should do. Your budget should not only be realistic but also capture the nature of renovations. For instance, you can’t re-floor the entire house with a $500 budget. That said, you should plan properly, evaluating important things according to priority and costs. Consider how much you are willing to spend on this project. Generally, your budget should be guided by personal savings and financing options available.
Reuse What You Have
While achieving a brand new home is every homeowner’s dream, such may not be possible if you are renovating on a budget. Fortunately, you can reuse and repurpose some installations. Some items may be fully functional but have a worn-out external appearance, especially furniture and floor tiles. Therefore, find ways of refreshing the appearance of your old furniture and bedroom or bathroom floors instead of removing and disposing of them.
Try DIY Options
Most homeowners pack and leave their homes for contractors to do the dirty work of renovation. However, with strict finances, such may not be possible for everyone. Factoring in some DIY options can save a lot when renovating your home. For instance, you can take on painting walls and buffing old floors. These activities don’t require many skills, and you can handle them nicely with the right tools. Some parts, such as plumbing and electrical repairs, should be left for professionals.
Shop during Massive Sales Period
From home appliances, backsplash, tiles, and furniture, the cost of new home installations can quickly surge. Therefore, if you prefer new materials over second-hand items, buy them during massive holiday sales when prices are discounted. These sales happen during Black Fridays, Labor Day Holidays, Memorial Day, Cyber Monday, July the Fourth, Christmas, and New Year. Shopping gradually is also a good idea compared to buying everything once.
Prioritize Renovations that Add Value
Homeowners have varying reasons for conducting renovations. For instance, you might be renovating your old home to meet your current living situation, add some space, or simply update the bathroom. Regardless of the reason, ensure that your renovation goals are prioritized and met. If a large kitchen island is your priority, ensure that it is captured accurately.
That aside, it is prudent to consult cost vs. value reports when conducting renovations. From such reports, you can identify areas that provide the best bang for the buck when updated. Focus on areas that will increase the value of your property if you intend to sell your home later.
Compare Bids from Multiple Contractors
If you intend to renovate your entire home, you will need a general contractor to coordinate the entire project. While general contractors are quite expensive, they are worth the money. Besides overseeing the project, general contractors provide budget-saving home improvement ideas. However, to find the best contractor, interview and compare bids from several contractors.
Consult Others Who Have Completed Similar Renovations
Discussing your renovation project with others who have done it first-hand is also beneficial. Besides providing insightful tips on how to complete the project, they provide guidance on how to save. For instance, they can recommend where to find good deals on supplies.
Avoid Unnecessary Frills
Avoiding unnecessary installations is another simple money-saving tip. However, this requires that you consider several factors. For instance, you might consider doing away with carpets if you have pets and young children at home. Also, wallpapers, though beautiful, might not suit your tropical climate.
Sell Functional Appliances that You Intend to Replace
If you have earmarked some appliances to replace, make some money by selling your old items. This includes refrigerators, stoves, cookers, and any other appliance that you won’t need. You can sell them on eBay, Facebook marketplace, or Craigslist. Consider a dumpster rental service or schedule a trash collection for larger items that cannot be sold or given away.
Pay Cash for Materials and Labor Charges
This is a tried and tested renovation idea that suits homeowners looking to limit their renovation expenses. You can save significantly by paying cash for materials and labor fees. For starters, paying cash instead of credit eliminates the possibility of incurring interests. Secondly, contractors often offer a price break to customers paying cash.
Cut Costs Where Possible
Cutting unnecessary costs where possible is a good idea. If you don’t want to compromise on quality materials and finishes, opt for refurbished or gently-used items. Contractors may also offer leftover items from their previous projects.