Does your kitchen look like it belongs on “Three’s Company”? Are your bathroom tiles falling off? With your children out of the home, could you potentially expand that room into a library? Whatever the case, many homeowners are beginning to think about renovating their homes. With housing prices continuing to soar, the occupants tend to believe that it is a wise investment to change the makeup of the home.
One of the biggest constraints to moving forward with a home renovation is the money factor. Since many homeowners are house-rich but cash-poor, they tap into their home equity, dip into their savings account or charge it on the credit card. This is dangerous.
No one will argue the fact that home renovations are costly. However, it is up to you to find some savings, cut costs, and prioritize the household renovations. It doesn’t have to be exorbitant.
Here are four ways to save money on home renovations:
Plan Well in Advance
You made the biggest acquisition in your entire life a few years ago. Now you want to give that major purchase a bit of an overhaul. Who can blame you? That kitchen sink leaks, your carpets smell like mold, and that basement is just sitting there empty without anything to do. The logical step to take is to renovate your home. Before you move ahead with this arduous and expensive endeavor, you must first plan well in advance. Otherwise, you will get into trouble.
With your significant other, walk around the home and determine what you want to be renovated, what your priorities are, and how much money you have to work with. Once these essentials are complete, it is up to you to find the right home renovation specialists for your home’s needs.
Do the Demolishing Yourself
It is time to quote former United States President Ronald Reagan: “…tear down this wall.”Whether you are expanding the master bedroom or you’re gutting the bathroom, you and your spouse should perform one part of the renovation: demolition – this is the best part!
By demolishing a wall or a kitchen yourself, you can save some dough on your budget. The only thing you would be spending is the manpower involved, but it is well worth it in the end. Do the required research, locate the necessary tools, and unleash all of your frustrations in life.
Take Advantage of Free Home Reno Consultations
For all of the planning, number-crunching, and due diligence you conduct, you may never get it fully accurate. Therefore, you should take advantage of free home renovation consultations.
When you take on this consultation, you are provided with price-tags, difficulties, estimates, time projections, and other elements important to your project. Even if you don’t hire that particular home renovation contractor, you are still left with details, blueprints, and maps. It’s worth it.
Your Budget Will Always Creep Up
There is one thing you must know right from the beginning: your budget will always creep up. As you commence your home renovation with a well-crafted budget, unexpected expenses will always eat away at your forecasts. A common cause of this happening is you. Yes, you!
Since you’re excited about giving your home a facelift, you will often head to the local department store and purchase some light fixtures, detailed hardwood flooring, and even appliances without considering the budget you and your spouse established. Should you want to add something to your overall list, it is best to speak with your contractor and see if you can offset the expense with some savings, like downgrading windows or getting a cheaper bathroom sink.
A home renovation can be a stressful experience for anybody. For the next few weeks, your home will be a construction site, whether it’s inside or outside. That said, after 23 years, it was about time you gave your home a much-needed remodeling. Not everyone can sit at the kitchen table, wondering if they’re eating a meal at home or on the set of “Married with Children.”