Last Updated on May 11, 2021
Home renovation is always a pricey endeavor, but there are many benefits it will bring. Your home is updated, more secure, more stable, and more reliable. Renovations can add value to a home, but they need to be done properly. This can be expensive.
If you’re not careful, remodeling your home can set you back financially as upgrading often gets more expensive as you go along. The good news is, there are some clever tips to help you avoid overspending.
1. Create and Stick To a Budget
The first thing to remember when you are looking for a contractor is that budget does not mean “cheap”. A budget is simply the best way to set an amount of money aside for the project to protect you from overspending. The amount you budget for the renovations needs to be something you are comfortable with and that will not interfere with your monthly finances. Once you know how much you have available to spend, you can choose fixtures and materials accordingly. Shop around to find the items you want for pricing that fits your budget. In many cases, you can save in one area, allowing for a bigger budget in another. When planning the budget, make sure you account for unexpected expenses too. Typically this is around 10% of the total budget.
2. Pay Cash
Rather than take a loan out or use a credit card, it is better to pay for large projects with money you already have. If you are not able to afford the renovations, think of ways to cut spending so you can save. If the renovations are for the intent of selling, you may be able to get a loan, with the understanding that you will get a return on the investment and can pay the loan off easily.
3. Do it Yourself
Doing the renovations yourself is one way to save money. Just be sure you know what you are doing. Even the handiest person cannot perform all the tasks needed for a renovation. If you are not comfortable with tasks like putting up drywall, you can at least prep the space. This way, workers will spend less time on the job which saves money.
When selecting the right concrete construction contractor, experience and reputation should be taken into consideration. From a slab to concrete repair to all cement projects in between, when concrete work is done right, it can be counted on for many years of nearly maintenance-free use.
Electrical and utility work requires having a license, so if you don’t have one, this needs to be left to the professionals. If there is any work that requires permits, make sure you have those before you start work too.
If you have moderate DIY skills, you can learn many renovation tasks using YouTube. You can rent tools from local hardware stores. The return dates for the equipment will be an added motivator to get the jobs done.
4. Wait For Sales
Some components of a renovation can be pricey, but you can save money by waiting for sales. If you know you are going to be renovating, keep an eye out for holiday sales beforehand. Do not be impatient with your big purchases and plan ahead.
5. Take your Time
Home renovations are an investment, so you need to take your time with the decisions. If you have to save money, this allows time to think about the big picture and to tackle renovations in smaller steps. Start with one area at a time, prioritizing which areas will add the most value. Make sure you finish one project before starting another, so you don’t have a bunch of unfinished work around you. Taking time is beneficial for your budget and getting things done properly. Take time with the planning too, so that no aspects are forgotten, and no money gets wasted.
6. Reuse Materials
Renovations do not mean everything has to be new. You can save money by reusing appliances and cabinetry. These may be in good condition and only in need of a little paint or upgrading. Replacing materials is much cheaper than buying everything brand new. You can also get materials from salvage yards that are in good condition to save money.
7. Mix High and Low-End Materials
USe your finds wisely to make the most of your materials. Spend more for statement items and reserve funds for less impactful areas. Decide on this balance when you are preparing your budget. You want to find a balance and not choose anything too flashy or too cheap.
8. Get Help When Needed
Doing things yourself can save money, but not if things get messed up. The wrong wiring or the wrong placement of drywall can lead to additional expenses when you need to fix them. Reach out to people you know with experience or professionals to help with tasks. You may pay a little more in the beginning, but this will be cheaper than having to repair or replace things afterward. If you decide to bring in professional help, be sure to arrange the project for off-season. Most companies do their large projects during the summer, so smaller home renovations are not a priority. You may also get better pricing when hiring off-season.
9. Demolition Help
Tearing down structural components can be dangerous and challenging. It is best to have professionals do this task to avoid injury or unwanted damage. You don’t want to tear down the wrong wall or accidentally cut into electrical wiring as you tear away the structure. Smaller structures such as a gazebo or deck, you can tear down by yourself, but for larger structures, you should hire professional help to do the dirty work.
10. Stick With The Classics
For renovations that are designed to add value to a home, you want to keep things classic. Potential buyers will want to envision a home they can make their own, so keep your choices simple. Bold and permanent changes are exciting but not ideal if you are trying to sell the home. Classic materials, styles, and structures will go a long way in sprucing up the look and value of the home.
Another important factor to consider when renovating is the age of your home. If it was built before 1950, plumbing, wiring, and wall materials likely need updating along with overall renovation changes. You may not be aware of this until you start knocking walls down, so include these in the budget, just to protect yourself. You also want to include fees in the budget such as permits, and homeowners’ association fees.
Home renovations are exciting but they are big projects and you need to take your time with them. Budget wisely, because even though renovations add value to the home, you do not want to go in debt first. Reach out for help when needed to make sure every task is done safely and properly. Despite being costly, a budget can help make renovating stress-free and it will bring you benefits in the long run.
