With inflation at multi-decade highs, remodeling your home is going to be expensive. But if you keep track of your renovation expenses, you can keep your remodeling budget on track. Preparation and research can save you hundreds or even thousands of dollars on a home renovation. So, we’ve compiled this list of the ways to cut costs on your home remodel project. With these tips, you will be able to get the perfect house you always dreamed of without breaking the bank.
1 Create a Budget
It’s good to know how much of your entire income or savings is going toward the remodel, whether it’s a simple renovation or a major HGTV style makeover. If you’re thinking about remodeling your house, you should set a budget and stick to it before making any design decisions. Planning your renovation is essential, and luckily, there are many apps to help you in this regard. The Internet and your computer can make a huge difference in your home remodel project if you’re tech-savvy!
For example, a good idea would be to make a digital spreadsheet and enter everything you need to purchase. Things like flooring, lighting, faucets, paint, counters, cabinetry hardware, outlets, switch plate covers, tile grout, appliances, and more should all be included in your estimate. Once you have a clear picture of how much money you have to work with, it’s easy to make adjustments.
2 Reuse Whenever Possible
Renovating a home doesn’t require getting rid of every single item and replacing it with something completely different. If you are on a budget, you probably shouldn’t do this. Instead, a great way to cut costs on your home remodel project is to get creative and see what can be salvaged before calling for a pickup. You can use the old melamine wood from flat-packed furniture to construct new shelves or storage units if you’re upgrading. Reupholster furniture such as chairs, sofas, and cushions give a room a new look. Don’t throw out old goods because you don’t know how to fix them! You may be able to reuse them for one of your projects and save you money on materials.
If you are working on a big project, consider renting a storage unit to remove your belongings from the area to prepare your home for renovations. You need to get everything ready before the construction crew comes because you don’t want them to jump over your furniture and risk damaging something by accident. If they have clear space to maneuver in, works will be over much faster, which will also cut costs on your home remodeling project.
3 Always Pay Cash
Rather than taking out a loan or using your credit card to pay for your home remodel, pay for it in cash. This can save you a considerable amount of money in interest. If you’re renovating to increase your home’s value to put your house on the market, you might be able to save money by taking out a loan because it’ll be repaid soon. However, in general, cash is the preferred method of payment. Instead of spending money that you don’t have right now, consider cutting expenses around the house to help fund your project. Of course, when we say “don’t use a credit card”, that doesn’t apply if you pay the balance in full every month, since you won’t be paying any interest that way. Also some store credit cards like Lowes and Home Depot offer interest free grace periods on their cards. Just be sure to get the entire balance paid off before the deadline, since the interest charges if you are late by even a single day are fairly steep!
4 Do Small Jobs Yourself
Doing some smaller jobs yourself can be a great way to cut costs on your home remodel project, even if you don’t have much experience with tools. With a bit of help from the Internet, you may undertake the cleaning, painting, and light demolition on your own if you have the extra time. I recently received a quote for new countertops and included in the quote were charges for:
- EXISTING COUNTER TOP REMOVAL AND DISPOSAL $404.25
- PLUMBING DISCONNECT (3 sinks) $375.00
OK, removing the old countertops might be worth $400 but it isn’t skilled work and can easily be done by almost anyone. But disconnecting the old sinks??? That is a 15 minute job and unless the old cutoff valves leak, it is so simple anyone can do it. It certainly isn’t worth $375. So by doing those two jobs myself I will be able to save almost $800.
5 Be Careful About Enlisting Help
Before engaging a specialist for your job, do some research. For your makeover, of course, you’ll want to check out online evaluations or get personal recommendations from friends to find a contractor you can rely on. Additionally, exercise caution when employing family and friends to help. You don’t want to jeopardize your friendship with someone who is a good friend but a terrible builder if things don’t work out. But, if you have reliable and hardworking friends, remodeling your house might be a terrific opportunity to put them to work! Just be sure to provide lots of Pizza.
Regardless, you might want to employ a professional for more extensive renovations. If you can, schedule your project for after the holidays and before the summer to take advantage of the lower cost of experienced personnel. Many professionals are too occupied with larger projects to take on smaller ones during the summer. It might be challenging to locate a mason in the summer and even more difficult to receive a return phone call from an electrician! You may be able to negotiate a better price by waiting until the off-season instead of bidding during peak season.
6 Switch Your Materials Up
Renovating with a less expensive material is a great way to cut costs on your remodel project. Keeping costs down while maintaining the aesthetics of your makeover is a win-win situation. The kitchen and bathroom are excellent places to swap out high-end components for lower-quality alternatives. The benchtop can be engineered stone or laminate instead of granite. Rather than using ceramic tiles, think about using quarry tiles or laminate flooring instead of natural wood flooring. With all this, you can still make a statement in a smaller area by using pricey materials.
7 Take Your Time
It’s not always a terrible thing to wait for the money to renovate because time is your friend when it comes to renovation planning! The temptation to gut and remodel your home all at once can be alluring. Still, it can be challenging to make excellent and cohesive design decisions when you’re taking into account so many variables! You’ll probably regret some of your choices if you rush things.
Start with one or two rooms and finish them before going on to the next. Most people have a hard time finishing a project before moving on to the next one for several reasons. Prioritize the most time-consuming task and get it done first, or it could take years to complete! You won’t have to live in a house full of unfinished rooms if you force yourself to finish one job before starting another. For financial reasons and time management, starting with just one or two rooms means you won’t have to stop work, take out a loan, or make major concessions in other places if you run into unexpected charges.
Final words We hope our tips have helped you plan how to cut costs on your home remodel project. Remember to plan ahead and stay calm, as renovations can get pretty stressful. Good luck!
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