Home renovation is both rewarding and exciting. It can be a frustrating experience if renovation costs run out of control. Property remodelling should enhance its look and add value to the house. However, proper know-how and careful planning can help avoid unnecessary overspending in home renovation projects.
It’s crucial to prepare a realistic budget, whether you are looking forward to completing a makeover of your home, updating your property’s exterior, or adding an extension. You can learn about it in detail here.
Let’s go over some of the best ways to save money and cut costs without compromising on the project’s quality.
List down your renovation priorities and needs
Generally, home renovation is thought of when homeowners aren’t satisfied with their current living standards. For example, they may need more space for their bedroom or an updated drawing-room. Listing always helps determine the remodelling goals and priorities. .
Determine the essential aspects of the renovation projects that need your urgent attention and those that can be postponed for later. Resultantly, it will reduce the renovation cost. You may apply for home renovation credit accordingly. To save further costs, make sure to learn about credit tax.
Go for salvaged materials to save costs
This is one of the most significant ways of reducing home renovation costs. You can reuse kitchen cabinetry, dining or drawing room furniture, home décor, and many other things in good condition.
Besides, you may buy salvaged materials and fixtures from Habitat stores, donation centers, and home improvement stores selling gently used and new furniture, building materials, home goods, and more. Alternatively, you may check the products available for sale at buy-sell websites.
You can also find some good products with people moving to a new place and selling their stuff. Or check if there is an ongoing/completed home renovation or construction project. Using salvaged materials will save money while contributing your bit to building a cleaner and greener planet.
Figure out your best home renovation financing options
Figure out how exactly you’ll finance your home renovation.
- First, check your finances and calculate how much cash you have for the project.
- If you have insufficient money, you may look for potential financing options such as a cash loan, home equity credit line, or home equity loan.
- Using credit cards is also an excellent option to finance the renovation project.
- Individuals with a strong credit score may apply for a loan through one of the reliable finance companies providing mortgages to eligible candidates.
Arrange home renovation projects in the off-season
Arranging the project off-season (after the holiday or festival season) will help you save a considerable amount of money. Planning to have your work performed in off-season months is an intelligent way to reduce the cost of renovation since professionals are available at cheaper rates in the off-season.
Do your research when looking for expert help for your home renovation project. Instead of using skilled workers for different works, hire a general contractor for renovating your home.
Get an accurate quote from the contractor for materials needed in the renovation
An accurate cost estimate includes significant cosmetic changes in the home’s structure. It will give you a better idea of how much you can spend on a particular part of the renovation. Also, it helps in determining the course of the project.
Suppose you are undertaking a kitchen renovation project where new kitchen cabinets are installed. In that case, get the quotes for both pre-designed and custom-made cabinets. It will help you decide which option best fits your requirements and budget.
Collect bids from at least four contractors
Hiring a general contractor for renovation is beneficial in terms of cost and work quality. But it’s not wise to settle for the first contractor you come across. Instead, obtain quotes from two to four different contractors. Then, compare the prices and their quality of work. Generally, the contractor’s commission ranges from 10 to 20 percent of the total project cost.
A renovation project includes the expense of supplies, materials, permits, labour, and others. The contractors should give you a fair estimate – neither too high nor too low. Let’s say you get bids from 3 contractors with an average costing between $40K and $50K. However, one of the contractors places a bid for $20K. Inexperienced or faulty contractors generally offer to do the project at unexpected prices. A good selection of deals will help you find the best options at the lowest possible prices.
Invest time in researching for the materials and their sources
When creating a budget for home renovation, it’s crucial to conduct proper research to learn about all major and minor costs involved in the project. Collect all the necessary details about your specific requirements.
It is not a good idea to trust the contractor blindly. You should have good knowledge about the cost of kitchen countertops, the cost of bathroom flooring and vanities, and other related elements that’ll undergo renovation. In addition to researching costs online, visit the local Home Improvement store to get an idea of the cost of different things.
8. Connect with individuals who have renovated their homes recently
Discuss the renovation project with individuals who have renovated their homes recently. They’ll give you first-hand experience of the entire process and the various costs involved in it. Additionally, you will obtain tips and knowledge on completing a home renovation project while learning the best ways to reduce costs. Plus, you’ll also learn about the dos and don’ts of renovations which will help you save a considerable amount of money.
Think long-term when planning for home renovation. Ensure the use of high-quality materials. They need less maintenance and last longer in comparison to cheap materials. This would result in a more secure, sustainable, and long-lasting renovation. In other words, your home won’t require frequent renovations, which will be cost-effective in the long run. So before starting your renovation project, invest adequate time in researching and finding quality materials fitting your budget.