A homeowner has many reasons to upgrade their home. For example, they can schedule renovations to increase property value, repair damages, or install current fixtures. Unfortunately, home renovation is a very expensive project. The costs can quickly add up, and it’s easy to go over budget. Fortunately, there’s always a way to reduce costs and save money on these projects.
For example, you can choose to handle the renovations if you have what it takes or invest in easy-to-use materials that aren’t time-consuming to install. If you’re handling wall renovations, for example, consider settling for tongue and groove walls since they’re easy to fit and fix. Such materials help you save money by reducing the renovation timeline.
If you’re planning a home renovation project and looking forward to spending less, this guide provides you with practical tips. Read along to learn!
Determine Needs From Wants
The first step towards developing a budget-friendly home renovation plan is understanding what you want. When planning renovations, you might be clouded by the need to have a perfect home; hence scheduling renovations for areas that can wait. In such a case, you’ll likely spend more money and surpass your budget.
The easiest way to differentiate between needs and wants is by listing everything the renovation should entail. Then begin separating what’s to be done immediately and which areas can wait. Doing this helps prevent you from handling changes that will interfere with other renovations in the future. For example, changing your kitchen counter might not be ideal if you’re planning a major kitchen renovation soon.
Once you’re done determining your needs and wants, concentrate on the needs first and shelve wants for later. This way, you’ll save money and time.
Research Current Cost Of Materials
At this point, it’s advisable to research the cost of the material to have a precise estimate. You should also include permit fees and labor costs to come up with a more accurate estimate. Once you have the figures, determine whether or not the cost surpasses your budget.
If the cost is higher than your initial budget, consider reviewing the materials and renovation plan to see if you can adjust or remove some aspects. However, if every renovation detail is necessary, you might need to adjust your budget and find ways to finance the total cost.
Put Your Finances In Order
Before interviewing contractors, it’s vital to have your finances in order. You don’t want the renovations to kick off only to not have enough funds for the downpayment. Suppose you can’t afford to pay the entire labor fee at the beginning of the renovations. Agree on a payment method that should include manageable payment terms and conditions.
Get Estimates From Different Contractors
At this point, you already know your priorities regarding the renovations. If you can’t handle the changes, talk to several contractors and get their estimations. This will ensure you find a contractor charging fairly for the renovations, saving you some extra dollars.
However, you shouldn’t sacrifice good services with costs. While an underqualified contractor might be affordable, they might prove to be costly in the long run since the renovations are unlikely to last long. It’s, therefore, vital to do thorough homework until you find an affordable contractor providing better services.
Once you find a potential contractor, check their reviews online or ask around about their work. It’s also a great idea to ask for recommendations from local realtors. The recommendations will help you assess if the contractor is indeed the real deal.
Handle Uncomplicated Tasks
Depending on the nature of your home renovations, there might be some changes you can handle yourself. Tasks like hanging wallpapers, retiling, and painting aren’t complicated, and you can easily complete them with the help of online videos.
Handling such tasks will improve your experience and ensure you take a scoop out of the contractor’s plate, lowering the amount you could have paid if they did the entire renovations. Besides the renovations, you can also consider shopping for the materials or looking for suppliers yourself and preventing your contractor from charging you for these activities.
Whether minor or significant, home renovations can quickly add up to a considerable amount. Labor costs and construction materials frequently increase their costs, and contractors aren’t cheap either.
With that in mind, it’s essential to do everything possible to lower your home’s renovation costs. To achieve this, create and stick to your budget by following the order of things. If you’re skilled, you can DIY some tasks or source materials from pocket-friendly hardware.