Home renovation can add to the curb appeal of your home and create a warm space that your family will enjoy. Whether you are looking to renovate your home in order to create additional space or to increase its present value, you need to be careful with your spending. Here are smart strategies and financial advice to help you save on your home renovation project.
Plan Your Budget
The first and most important thing is to plan out a budget of what you can realistically spend on the project. Renovation is all about adding value to your home. Nonetheless, you want to be able to save as much as you can. Therefore, ensure that you create and commit to a strict budget so that you can complete the project within what you can afford.
Even so, you need to overestimate your budget since it is almost inevitable to spend more than what you had planned for.
Do The Project Yourself
Labor is, without doubt, one of the costly expenses incurred during a remodeling project. You can further reduce the costs by undertaking some projects yourself instead of hiring contractors. Hiring contractors can be expensive since most of them charge the fees on an hourly basis.
If you have hired a general contractor to oversee the project, opt to do prep work such as cleaning the floor, removing furniture and painting. Besides, you can hone your DIY skills through online platforms like YouTube. However, you should involve a contractor to tackle jobs that require high expertise.
Additionally, you can be your own project manager and hire subcontractors to do the work.
Request Estimates from Multiple Contractor
If you have decided to hire a contractor for the project, you need to ensure that they can work within your budget. Do extensive research and read the reviews of different contractors or ask for a personal recommendation from someone who has just completed a similar project.
Once you have narrowed down your choices, set up an interview and clearly define your project and the planned renovation budget. Then, ask them to create a bid and accurately compare the costs before making a final hiring decision.
Reusing materials can help you save a bunch of money and reduce costs when doing a home renovation project. Instead of buying everything new, just use refurbished items like appliances for your project. You can get them from salvage yards, building material auction or websites that connect buyers and sellers.
Stick to Your Home’s Layout
It is important to note that changing your home’s layout like moving plumbing fixtures and cabinets can significantly increase your renovation cost. For this reason, you need to consult with the contractor and let them know that you desire to retain the current layout of the home so as to keep renovation costs lower. They can also help you decide what to carefully move if skimping would compromise the result of the project.
Pay in Cash
Another smart financial advice is to pay for the project in cash instead of using credit cards or loans which come with interest. Loans are a good option if you are planning to sell the house and get a return on your investment.
When it is time to remodel your house, you have to make decisions that make financial sense. Doing this will save you a lot of money in the long run.