Summary: Home renovation can be a costly affair if not done right. It’s so easy to run over budget if you do not stay on top of your costs. But there are ways to save, which we’ll get into in this article.
With proper planning and preparation, chances of you blowing through your budget when renovating your home are very low. But the absence of adequate planning can do the opposite.
To prevent you from ending up with a final bill that you are not ready or willing to settle, here are a few tips on how to save money from your home renovation.
Plan And Stick To Your Budget
Have a list of everything you want to buy and their cost. You can do this on a spreadsheet. Add the cost of materials, labor, tax and unexpected expenses. You can then go through your list and find out what items are not necessary or are eating into your budget and eliminate those.
Your budget should also be flexible enough to accommodate unforeseen expenses. There’s always an item or two that you will require and will not have budgeted for. Ensure to take care of those by putting extra cash.
Get Different Quotes
After having a list of what you will require for your home renovation project, you can go ahead and get quotes. It is advisable to get more than one quote for your renovation project. Quotations can sometimes vary a lot. Go through several quotes and pick one that allows you to stick to your budget or perhaps even save a few coins.
The cheapest quote is sometimes not the best. Sometimes cheap is expensive. You can pick the cheapest quote only to have shoddy work done and this will end up costing you even more in the end. Go for what you want and come up with ways to save on it.
Oversee The Project Yourself
If you are hiring professionals to carry out the project for you, then it is advisable that you oversee the project yourself. Hiring a project manager can be quite costly compared to you overseeing the project yourself and saving up to 10 or 20 percent of the overall project.
Another great way of saving money is by doing the project yourself and avoid hiring anyone at all. If it is a simple home renovation project that you can do by yourself, why not go ahead and do it? It will go a long way in helping you save money.
There are other things that you can do yourself before bringing in professionals to complete the project. Simple tasks like cleaning up, preparing surfaces and painting that you can do on your own can help reduce the time professionals take to carry out the project.
Since you are paying them per hour, you can reduce the number of hours they take on carrying out the project by doing some things yourself. All you need is basic DIY skills and you are good to go.
Reuse Some Materials
Not every item in your home renovation project should be freshly bought from stores. Some items can be reused to minimize costs. If you have materials that are still in perfect condition, reuse those. Do not throw them away to get new ones when they can still serve the purpose very well.
If you do not want to reuse, another alternative is buying materials from salvage yards, trade websites and building material auctions. People sell their leftover materials from projects and others are moving so they need to dispose of some items. You can purchase those and use them for your project.
You can also watch out for sales like Black Friday, American holidays for appliances and power tools to purchase items for your project at a cheaper price. If you are looking for good deals and discounts you can check online websites which provide home goods of a different kind at very affordable prices.
Balance Between Low And High-End Materials
You can mix both high and low-end materials in your project. You do not have to use only high end or low-end materials. This is a great way of saving costs while still maintaining good quality. Mixing inexpensive and DIY friendly materials or blending new and old together can help you save a lot of money. You can purchase high-end stoves and countertops and get other low-end items and your project will look just fine. Avoid extremes.
There are a tone in other ways you can use to save money on your home renovation project. You can be as creative as you want. You can find so much information online from other peoples’ experiences and tailor them to yours. Find out what you want and go for it. Home renovations are not just important, they can be quite fun as well. Enjoy every bit of it. For discounts and deals on items that will help you save a few bucks, you can check online.
Need a Home Loan to Finance a Home Purchase?
If you’re in need of a mortgage, we can help. Sammamish Mortgage is a local mortgage company serving the Pacific Northwest region including Washington, Idaho, Colorado, and Oregon. We have been providing several mortgage programs with flexible qualification criteria to borrowers since 1992. Please contact us if you have any questions or are ready to apply for a mortgage.