How to Save on Your Home Renovations
Renovating a home is a huge undertaking, and it can be easy to get carried away and spend too much. But, with careful forward planning and know-how, you can ensure your budget stays within reach.
If you plan to take on any type of home renovation project, make sure you consider the tips below to help you save money.
Top 8 Ways to Save Money on Your Home Renovation Projects
1. Keep your costs realistic
One of the biggest mistakes homeowners make is going in with a rosy view of how much something will cost, only to find out later that it’s more expensive than they originally thought. To avoid this, try to be honest with yourself and shop around. Get a few quotes to compare before you take on the project.
It’s also smart, before you start renovating, it’s important to set a budget and stick to it. If you need to, a good rule of thumb is to add 10% to your original estimate for unexpected costs. This will help you account for any additional expenses, such as a hotel stay or dining out during a renovation period.
2. Restore instead of replace
While you may want to renovate your kitchen and bathroom, it’s not always necessary to completely remodel those areas. You can upgrade some parts and save yourself time and money by rehabbing old cabinets or refinishing hardwood floors.
3. Buy your own supplies
It’s often cheaper and less stressful to purchase all of the materials yourself rather than hiring a contractor for each step. If you’re unsure of where to start, ask your contractor for tips on finding deals at different stores.
4. Use a savings account for your home renovations
Many homeowners designate a percentage of their home’s value to create a home-repair or renovation savings account. Then, they can save up for a big project or small repairs and upgrades over time.
5. Save for the future with an emergency fund
Having an emergency fund is essential to any homeowner. It can be used to pay for unexpected emergencies such as a major car repair or a house fire, and it can also be a great tool for saving up for a large renovation project. This can help you protect your savings for your home renovations.
6. Don’t hire contractors who don’t meet your needs
When it comes to your home, you should only work with contractors whom you can trust and who will do the job right. If you do decide to hire a contractor, make sure you have a solid contract in place and that you communicate with them regularly about the progress of your project.
7. Go resale shopping
Resale shops can offer tons of low-cost, lightly used decor and furniture items. Whether you’re looking for a dresser or an antique mirror, these items can give your home a fresh and new feel without breaking the bank. Some resale shops might even have materials you need for a specific type of renovation.
8. Hire friends and family
As long as you have a few extra hands on deck, it can be a lot cheaper to hire family and friends to help with your home renovation. This can help reduce the cost of labor and materials, and it can also be a nice way to spend quality time with loved ones during a stressful period.
Whether you’re taking on a home renovation project yourself or hiring a contractor, there are plenty of ways to save money.