If you've watched any of the dozens of home renovation shows, you've likely been bitten by the renovation bug. We don't blame you; renovating a home can be an exciting experience! However, one thing the TV shows fail to mention is the numerous hurdles you'll jump over during each stage of the renovation process, not to mention the time, patience, and financial investment required to complete a renovation project.
However, these certainly shouldn't deter you from taking on a renovation project, but you should be properly prepared. One of the most challenging things you take on when renovating a home is sticking to a budget. It can certainly be difficult, and as the demand to renovate a home increases, the cost does as well. To help you complete the job and do so on budget, here are seven tips on how to save BIG on your next home renovation project.
1. Schedule your projects during a contractor's off season
Generally, contractors are the busiest during the summer and fall months. If you wait until winter or early spring, you may be able to negotiate a discounted price.
2. Evaluate maintenance and long-term costs before making a plan
Renovating a home on a budget can be tricky. While you might see options that will save you money now, they could cost you repairs and maintenance in the future. For example, if the home needs exterior paint, you may consider siding instead. While it's a larger investment now, siding will save you the time and expense of future paint jobs.
3. Use existing plumbing/electrical locations when possible
Moving pipes for sinks and toilets can cost you a pretty penny with plumbers and electricians. So, when you are building your master remodel plan, try your best to make things work within the home's current layout; it'll save you unnecessary costs, time, and hassle.
4. Leverage standard size materials
While you may dream of floor-to-ceiling windows, oddly sized materials cost more and could require structural changes to the home, which could have a major impact on your budget. With that in mind, consider making compromises that will save your pocketbook.
5. Get creative with used and discounted items
- Material costs can add up quickly. Here are a few tips on how to keep costs at bay:
- Connect with your contractors and ask if there are any extra supplies from previous jobs that they're willing to part with for a discounted price.
- Shop for salvaged materials on local buy/sell websites.
- Check with your local building supply and hardware stores for overstocked items on sale.
You can also recoup some funds by selling unneeded supplies from your own remodel. Selling unneeded appliances or fixtures is a great way to get rid of old items and make money.
6. Put on your DIY hat
There are several tasks around a job site to be completed. If you know your way around a hammer and you're up for completing some tasks yourself, you could help cut costs on your final bill. Painting, removing appliances, doors, and even bathroom fixtures are easy things you can do yourself, or with the help of a friend or family member.
When you look at the many ways you can cut costs, completing a home renovation could turn out to be a smart option. In fact, you might be able to cut costs enough to stash your savings in an investment account or splurge on new furniture for your freshly renovated home.