Even small home remodeling projects can come with large price tags. With some strategic thinking about design, materials, and timing, you can often cut your home renovation costs without cutting corners. If you are investing in a home improvement project, consider the following tips to save on your home renovation costs.
Make a budget – Before you move forward with your home improvement project, create a budget that you can live with. It’s easy to get caught up in the excitement of remodeling and little extras can significantly impact your costs.
Factor in unexpected costs – Most home improvement projects have a few unanticipated expenses. If you haven’t budgeted correctly, you may be forced to cut parts of your remodeling project. Consider adding 15% to your forecasted expenses for items that are not yet identified.
Prioritize your projects – Unless you plan to live in your house for the rest of your life, make sure you prioritize the projects that will improve the resale value of your home. This will traditionally include the upgrading of fixtures in the bathroom, replacement of major kitchen appliances, or the replacement of cabinetry throughout your home.
Remodel slowly – It’s best to work on one renovation project at a time to help ensure you can afford the improvements to your home. This will protect you from potential budget issues that could strain your financial situation.
Get several contractor estimates – Find a reliable contractor who will quote you a fair price. Meeting with several contractors will not only give you a good idea of the price range, but also give you a sense of whom you’ll want to work with.
Do it yourself – Instead of paying for someone else to help you with your home improvement project, consider doing the work yourself. This can be very rewarding for people who are handy, and online tutorials can make it simpler than you might think.
Revamp or repurpose existing fixtures – Instead of replacing everything in your home with new materials, think about how to reuse your existing items. Unless it’s necessary to completely replace something in your household because it’s insufficient or a hazard, you could save thousands of dollars by simply refurbishing what you already have in your home.
Don’t relocate plumbing, appliances, or electrical systems – Moving plumbing, appliances, and electrical systems is very expensive and sometimes not necessary. You can make a dramatic difference in your home by simply upgrading the materials and not moving major infrastructure.