Besides your home itself, home renovation projects are probably going to be some of the most expensive things you’re going to spend on in your lifetime. However, many people have made it happen, so it’s something that people can afford. There’s been an increase in home renovation projects for 2018 than the previous year. Whether you’re working with a realtor or you’ve learned your skills with real estate directory, you know that home improvements increase the value of your property. However, you don’t want to throw all your hard-earned money away, so here are the best ways to save money on home renovation projects.
Laying out your plans is to take the time to sit and think about what you’re going to do. This will help you determine a budget projection and stick to it. When you don’t plan, you’re going to end up spending a lot more on other things. Be specific and definite with your planning phase, and you’ll find that you can save some bucks. Here are some guiding questions to help you with your plan:
- What rooms are going to be renovated?
- What furniture, fixtures, and lighting will be affected and need to be replaced?
- Will I need electricity and plumbing help?
- How much time do I have?
If you’ve already chosen a contractor at this stage, don’t hesitate to ask a lot of questions.
Determine Your Budget
Creating your budget is to know how much you can spend on the renovation for the operational costs, and the bills after that. It’s crucial to determine your budget before you start any work so you can make adjustments to your plans. If your budget doesn’t allow for all the renovation plans that you’d like, then prioritize instead of shelling out more money. It might sound challenging, but renovating on a budget is possible. Here are some steps you can follow:
- List everything that you need to buy, all the fees, and even the tiniest expenses according to the plan and their estimated costs on a spreadsheet.
- Check the total cost and compare it with your budget. Even if the budget fits, go back to the spreadsheet and make adjustments.
- Look at the areas where your spending is potentially a lot higher, think of what you can do like changing up a design, buying cheaper materials, etc.
Get More Than One Estimate
Once you have a plan and a budget estimate, getting a free estimate from a contractor (or a few of them) will give you a better idea of the entire cost, including the professional fees that you have to pay for. By getting estimates from at least three people who are going to do a similar job, you can find the cheapest options or revisit your plans. How do you get an estimate?
- Ask for free estimates from people who could do the job that you need. For example, if you need an electrician, discuss your plans and ask if you could get a quotation for the job.
- Ask that your estimates be broken down. For example, instead of merely giving you a price, an electrician can specify how much he would charge in installing a particular number of lights or plugs.
Doing things yourself is going to save you a lot of money in your renovation projects because the cost of labor takes a big chunk in the overall renovation cost. Going DIY will allow you to save on labor and allocate that money to another area instead. There are lots of resources on DIY blogs and YouTube resources that you can refer to. Even if you’re not a handyman, there are simple DIY things you can do:
- Do your paint job
- Put up some shelves
- Clean up some surfaces
Unless you have the skill or the license, leave plumbing, electrical work, and other jobs that require professional skills to the appropriate people so that you won’t get in trouble and end up losing a lot more money.
Reuse Whatever You Can
Reusing what you can save you a lot of money instead of buying everything new. There’s no need to change all the things that you’ve stripped off. Sometimes, homeowners find that reusing materials is where they were able to save the most amount of money. Some things that you can consider reusing are:
- Toilet Bowl – It’s not necessary to replace your toilet bowl in your bathroom renovation unless it’s broken.
- Cabinets – Save the cabinets from your kitchen by reusing them. You could repaint them or cut some corners as necessary.
- Appliances – Unless they’re already broken, damaged, or inefficient, where it uses more energy than the usual, use the same appliances.
These are only a few tips, but they’re the best ways to save some money. Remember to have a budget and stick to it. You’re going to find that following these tips will be worth it when you see your savings.