Saving Smarts: Affording Your Next Remodel and Repair

Tuesday, September 23, 2014, 1:00 AM | Leave Comment

Remodeling your home is an exciting prospect, but it is also a time consuming and expensive ordeal. To pay for the costs of the renovation, you want to save money, so you can afford to spruce up your home. When you are ready to start the project, there are several ways to save money while also cutting costs.

Saving Smarts Affording Your Next Remodel and Repair

  • Aim for an Energy Efficient Renovation

    By making your home more energy efficient, you save money on your monthly energy bills for heating and air conditioning. You also get tax credits that save you money.

    Energy efficient renovations include installing energy efficient windows and appliances, and low flow toilets and shower heads.

  • Create a Budget

    One of the best ways to save money on a renovation is to establish a budget. You know how much money you have to spend on this project, so it is important to stay within those constraints.

    At the same time, you don’t want to hire the cheapest contractor you can find. You want to hire the best contractor you can afford.

    Keep in mind that a contractor’s bid is just an estimate, so you want the bid to be less than your budget.

    In most cases, contractors go over budget a bit, so factor that into your costs.

  • Buy the Building Materials You Need

    One way to cut down on costs is to buy the materials your contractor needs to do the job. Contractors usually mark-up material costs to increase their profits.

    However, by shopping online, and at national home improvement chains, you can often get the same materials at a lower cost. Mike’s Country Kitchens & Woodworking suggest looking at the bids you get from local contractors since they will list all the building materials needed for the renovation, this way you know what you need to buy.

  • Consider Financing the Project

    Some home improvement chains offer interest-free financing for six months if you are approved for a charge card. You can take advantage of this service if you know you can pay off the bill in less than six months, to avoid the interest charges.

  • Do the Work Yourself

    There may be some parts of the renovation you can yourself such as replacing Halifax kitchen cabinets, retiling the bathroom, painting the walls, or cleaning up the work site.

    However, if you want to upgrade the electrical or plumbing system, you need to hire a licensed professional.

    The more work you can do yourself, the more money you will save.

Renovations don’t have to empty your bank account. With some initiative, you can get the remodeling work you want at a lower cost, and without sacrificing quality.

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