How to Save Money on Your Next Renovation Project
Saturday, December 30, 2017, 6:00 PM | Leave Comment
Home renovation projects can add greatly to the value of your property. Even a fairly simple update to existing cabinetry or fixtures can add thousands of dollars into the resale value of your home.
Unfortunately, planning mistakes and unexpected expenses related to these projects can become very costly.
To avoid these renovation pitfalls and keep your home improvement budget on track, here are a few ideas that are easy to implement and extremely effective.
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Start with a Plan and a Budget in Mind
It’s easy to walk through the nearest home improvement center and find hundreds of great home renovation ideas. Sadly, many homeowners have a list of half-finished projects or unfinished rooms because they skipped the planning stage of their projects. Don’t let this happen to you!
Before starting any home renovation project, have a clear plan in mind, including a professional design and a maximum budget, so you can track your progress and your financial involvement.
Poor planning leads to costly mistakes and delays that can turn your dream home into a nightmare.
Get educated in the secrets house flippers use to avoid these issues by enrolling in programs, such as Success Path from Huffington Post, and then use this information to your advantage.
A Few Things to Take Into Account When Planning a Renovation Project Include:
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The Current Condition of the Property
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Material Purchases and Shipping Costs
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Financing Costs
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Comparison Shopping Is Good
Planning out material purchases is vital to a successful project but, even after the planning stage, a keen eye for a good deal is needed.
Everything from new wood trim to the installer’s labor can often be found at a lower price by comparing the options of different suppliers.
In many cases, the exact same project could vary by hundreds or, even, thousands of dollars.
The cost of materials is a significant factor to any renovation project. To trim some of these costs, think about the products that you can acquire locally, at a discount or used.
Try to find suppliers that offer low cost or free shipping, where applicable. Consider suitable alternative materials that may lower the overall investment.
For example, a marble countertop shipped from Italy might be a beautiful addition to your home but a granite countertop from a local dealer could offer the same utility while saving you hundreds of dollars in shipping alone.
In addition, the current condition of your property will affect the final project investment. For example, a newer home that requires minor modifications may be less labor intensive and less costly than an older home that requires extensive repairs or upgrades to make the planned renovations possible.
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Cash Is King
There are a lot of different ways to pay for renovation projects. Some homeowners choose to use their personal savings while others opt for bank loans or credit cards to foot the bill.
No matter which group you fall into, understanding the extra costs involved, such as interest rates on loans and late payment fees, is vital to successfully planning your renovation project.
If you want to avoid the interest trap entirely and, quite possibly, receive substantial discounts on materials and labor, consider saving up and paying cash for your purchases.
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Get Your Hands Dirty
While not every homeowner can design and build a beautiful spiral staircase, almost anyone can be taught how to scrape off old paint, pull up old carpet or perform other small preparation tasks that can greatly reduce the workload on your contractors.
This reduced workload translates to increased profitability which is often transferred to the customer as lowered prices.
Ask ahead and find out if the contractor you are working with offers a discount for homeowners who are willing to do the prep work.
Finally, remember to keep things legal by knowing what local construction permits and inspections are required.
Starting a home improvement project only to discover a city zoning ordinance is standing in the way can be frustrating, expensive and time consuming.
Take the time to research the necessary permits, building codes and fees before you start your project. Add these expenses into your budget to avoid extra stress and expenditures down the road.
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