According to Rocket Mortgage, Americans spend between $15,000 and $200,000 on home renovations. Another Forbes article states that the same will likely cost between $40,000 and $300,000.
Despite the difference in pricing, one thing is for sure: home renovations cost an arm and a leg. However, this should not scare anyone looking to spruce up their space, as it’s possible to save money while giving your home a fresh look.
This article focuses on the various remodeling strategies you can implement to prevent costs from going through the roof.
1. Create a Budget and Stick to It
If we were to receive a dollar every time we saw a fantastic home decor piece that we would love to have, we would have quite the stash of cash. Now, that’s why you need a budget!
Having a budget does not necessarily mean spreading yourself too thin or purchasing cheap items. It’s a guide that disciplines you only to spend the money you allocated for the remodeling project. Nothing more.
As much as top-of-the-line upgrades are luxurious, not everyone can afford them. A budget will help curb temptations for that contemporary silver faucet that oozes sophistication if it stretches your pockets too deep. Instead, you will be confined to fixtures you are comfortable buying.
Furthermore, a budget enables you to adjust your remodeling plan before lifting the hammer. If it’s overstretched, you can cut out some items or pick cheaper alternatives to ensure you don’t tap into your emergency or children’s college fund.
2. DIY Whenever Possible
Repainting kitchen cabinets, putting up wallpaper, and tiling a backsplash are small projects that most adults can do by themselves. Apart from learning new skills, these are easy fixes and upgrades that eliminate the need for a professional, saving some bucks.
However, be keen on what you choose to DIY. Fails are part of the process, especially when you bite more than you can chew. While installing a backsplash might be easy, tiling your entire home and bringing down your walls needs a professional.
So, assess the complexity of the task before you get the ball rolling. If you have the slightest doubt about your ability to undertake the project, hire an expert. The last thing you want is to accidentally cause costly damages to your home or, worse, suffer an injury.
3. Get Several Quotes
Many people window shop before making a big purchase, and the same strategy should apply when you’re searching for a suitable contractor. Contact several contractors (at least 3) and ask for quotes. Compare their prices and enquire about the services they offer. Ask questions and seek additional information in case you need any clarifications.
Note that a higher quote doesn’t always mean better services. A contractor might be more expensive just because their hands are full and they want to maximize their job opportunities. On the other hand, don’t go running toward a lower quote because this could mean subpar services. So, you must research your city’s average rates and use them as a baseline to find a contractor who gives you value for your money.
And once you find one that you think will deliver, confirm their legitimacy. Use PhoneHistory to find information such as their company’s name, address, and additional contacts. It’s an excellent way to prove their credibility, minimizing the risk of hiring unqualified contractors that end up costing you even more.
4. Consider Thrift Shops
If you thought you could only find cheap outdated furniture in thrift shops, think again! Thrift shopping is a great way to get your hands on timeless pieces at a fraction of the price. Considering that these pieces are primarily unique, your home will have the elegance it deserves.
And while you are at it, also consider yard sales. You might get your hands on a statement decor piece that complements your space just because your neighbor wants to lighten their load as they move to another town.
5. Reuse Materials
Don’t just throw away the broken tiles pulled out from your bathroom. Use them to create beautiful outdoor pathways. If you can’t wait to get rid of your old stone countertops, why not break them down into tiles and use them on the floor or backsplash?
These are not the only ways you can reuse materials. Repurpose your doors, cabinetry, and roof shingles that are still in good shape. It’s a surefire way to give your space a new look at minimal or no cost.
6. Watch Out for Sales
Check out upcoming sales if you plan to renovate the entire house or want to make a big purchase for your home remodeling projects. To take advantage of such opportunities, you should also plan ahead. Every year, manufacturers are eager to move the previous year’s inventory. As such, they will often offer their products at discounted rates, a money-saving opportunity any person planning to revamp their space cannot afford to miss.
So, research months ahead of your planned project and know when businesses will be rolling out new products. Be on the lookout for appliances, furniture, carpets, cookware, flooring, and other products you may need for renovations.
That’s not all. Holiday seasons, Black Friday, and end-of-seasons like summer are other sales opportunities to get good deals that keep money in your pockets.
7. Manage Your Time
When working with contractors, you should talk about how long the project might take. Whole house renovations might force you to find a temporary residence for your household, which doesn’t come cheap. As such, you must create an elaborate plan and make sure all the materials arrive on time. Extensive renovations will need you to set project milestones that help you quickly assess whether everything is going according to plan. Also, remember that the longer the renovations take, the higher the contractor fees.
At some point, you will need to do a renovation project for a new home, office, or an upgrade on your current property. Whatever the goal, you can save money on a home renovation. Try out these seven tips for starters.