How to Save Money on Home Renovation
When it comes to home renovation, the biggest fear we have is going over budget. This fear is well justified, because you won’t be able to achieve the results you’re aiming for when you run out of cash.
Some of the common advice for remaining within your budget includes the following:
• Search for a contractor and check their track record before closing the deal
• Always build with a 20 percent extra budget to cover the nasty surprises
• Cut corners when you’re nearing the peak of your budget
However, despite following the above tips, in most instances, you end up shelling out more than you want to.
You may get discouraged and forego your plans to renovate your home, but there are several things you can do to realize your dream at a price you can afford. And it’s not just by cutting your budget in half but using strategic thinking. There are ways to reduce costs without cutting corners.
Here are some smart saving tips you can follow:
1. Increase efficiency
When you’re renovating your kitchen, you should reorganize and equip your kitchen for maximum utility. To gain more square footage, you should replace your space-hogging cabinets with shelves equipped with pull-out drawers. This will let you contain canned goods and other essential items. In fact, using this setup will let you save money that you would typically spend on shelves upgraded with dividers, lazy Susans, and pull-out pot trays.
2. Bring natural lighting without adding windows
It is possible to bring in natural lighting to your home by using less invasive or less expensive ways of capturing light. You can install a light tube or a small circular window, which can funnel sunshine down into your living space. This can easily be implemented by a professional renovation specialist.
3. Reuse existing materials, or search for used fixtures and building materials in a recycling centre
The most effective way of saving money when renovating your home is by reusing some appliances and cabinets. In fact, if you want to upgrade the style of your cabinets, you can always replace doors and paint but leave the cabinet body in place, or you might find a lumber leftover from your neighbour’s project – you can always buy it for a fraction of its original price.
Another way to reap significant savings is to visit your recycling centre and look for used fixtures and building materials. These recycling hubs will most likely offer salvaged materials at half off home-centre prices. Although you might need to seek the help of your contractor to properly check if the materials can still be used on your renovation project.
4. Make decisions early
Before you embark on your renovation project, you should start prowling the aisles of your neighbourhood hardware store or home centre and determine the fixtures and appliances you want to include in your renovation plan. This is relatively better than relying on your contractor’s estimate since you may have different ideas about the finer details. You’ll need to be absolutely specific upfront about what you really want and make decisions early before the wrecking crew shows up.
5. Pay cash
Paying for your project in cash may sound simple, but this strategy will save you a significant amount of money that you would have ended up settling in interest if you took out a loan or put things on credit that you will pay off next month. So, paying in cash will only limit you based on the money you have now, and you will not be tempted to over your budget since you’re only sticking to your budget. Some contractors may even offer discounts for cash payments.
6. Take your time
It can be tempting to rush out and renovate your home all at once, especially if you have money at hand, but doing this will only lead you to mistakes that can be costly in the long run. That is why it’s always better to take your time and start with one or two rooms. After finishing those areas, you can now move to other rooms. You’ll need to prioritize the most critical areas first; otherwise your project may drag on for years, and you find yourself in a house full of unfinished essential living spaces.
7. Do it yourself
This is one of the most cost-effective ways of conducting a home renovation project. But a lot of people think that they are not handy enough to do some of the more technical tasks like putting up drywall or laying tiles on the floor. However, there are some things you can do to prep your space like scraping off mastic on the floor and skim-coating walls. You don’t need to be skilled to do these tasks yourself, but it can be time-consuming. So, if you have time to spare for your renovation project and you want more savings – research what parts of the project you can do yourself.
8. Get Multiple Quotes
It is important to get quotes from several contractors to ensure that you are getting the best value for money. When you receive each quote, be sure to check what is included in the price including labour, materials and tax. This also leaves you with the ability to negotiate a price with your preferred contractor if their quote is a little above budget.
Overall, home renovations can be exciting, but it can also be costly so it’s essential to find the most effective strategies to save money and stick within your budget. You can also search for home renovation experts in your area. Before calling, you should check their track record and see if they’re a good fit for your project. It’s not impossible to find trustworthy contractors, but you must tell them what you want upfront so they can provide you a realistic cost based on your renovation plan.