How to Save Money on a Home Renovation
Wednesday, December 12, 2018, 6:00 AM | Leave Comment
It’s estimated that nearly half of all home renovations go over budget. Spending too much can be a result of poor planning, lack of organization, or even a case of your eyes being too big for your wallet.
But there are plenty of ways to not only stay within your budget, but also save money.
Here are seven ways you can save on a home renovation.
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Shop around
Before you start requesting bids for your projects, vet possible contractors thoroughly. Read customer reviews to make sure the contractor stays on budget, does quality work, corrects their mistakes, and doesn’t charge hidden fees.
Get bids from multiple contractors before you hire and check their references, insurance, and contractor’s license. Carefully vetting contractors and builders can help you stay on budget and ultimately save money in the long run.
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Take on some of the work yourself
There are some parts of a renovation job that even laymen can handle. Painting, refinishing cabinets, putting up molding, staining wood floors, as well as prep work, like ripping up carpet and flooring, are just a few that most homeowners can safely and efficiently handle.
If you’re not experienced with aspects like plumbing, electricity, and gas lines, these jobs are best left to the pros, who can save you money by avoiding dangerous and expensive mistakes.
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Get materials from salvage yards
Using reclaimed materials is not only great for the environment, it’s great for your budget as well. Reclaimed flooring, tile, doors, and countertops are very much in style right now and can cost a fraction of the price of new materials.
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Sell the old
If you’re getting rid of appliances, furniture, countertops, sinks, etc., as a part of your renovation, sell those items for some cold hard cash. It can add money to your renovation fund and keep those items out of the landfill.
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Itemize your budget and stay organized
Make sure you carefully keep track of what each item costs and the cost of labor per hour. If your contractor starts to creep outside of your budget, you can let them know that you’d like to scale back or ask them where costs can be cut.
Track estimated cost against actual cost for all items and labor to keep a handle on total cost.
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Don’t change your mind
Changing your mind once a renovation has already begun can cost you. Backtracking over completed work and returning materials can add up quickly‚ especially when it comes to labor costs.
Once you’ve decided on your project, stick to it and avoid inspiration sites like Pinterest, which can provide great ideas, but also make you second-guess your original choices.
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Renovate during winter
For many contractors, the off-season is the slow season, so you may be able to score a discount if you renovate during winter.
Some big-box stores and manufacturers will also offer discounts on appliances and fixtures at the end of the year and around the holidays, so if you’re renovating your kitchen or bathroom, the holidays can save you lots of money.
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Matilda Davies lives in Raleigh, North Carolina, where she writes about great homes, health, and wellness. In her free time, she enjoys yoga, hiking, and walking her dogs.
