6 Savings Tips for Your Major Home Renovation
Making minor changes to your home to spruce up the decor is one thing. But when you start looking at major renovations (creating an additional room or redoing your landscaping), it may require more than anticipated. These significant renovations can become quite costly if you’re not careful. Here are six tips to help you save money for your next major home renovation project.
1. Create Your Renovation Budget
What’s on your renovation list will largely determine your budget. For example, kitchens and bathrooms will be much more expensive than bedrooms or home offices.
There might be plumbing involved or the need for larger, more expensive items, like refrigerators and ovens.
When you figure out the specifics for your renovation, plan for what you intend to spend on each area of the renovation.
You should also put aside extra money for any unexpected repairs that need to be made.
2. Find the Right Contractor
Working with a local contractor might sound like a lot of money upfront. But if you try to do all the work by yourself, you could be doing more damage, which will cost you more in the long run.
Building great contractor relationships, however, can save you money. They often carry their network of contractors they’ve worked with on other jobs. This can help you get quotes faster for different areas of your home renovation.
For example, an excavator regarding your land may recommend you to a tree remover that they often work with and get you a lower quote for the same work.
3. Opt For Faux Flooring
Elegant hardwood flooring can spruce up a room and replace the old carpet. Unfortunately, natural wood comes at a high price. Instead, opt-in for vinyl or laminate flooring.
Not only are these much less expensive, but this flooring is something you can easily install yourself.
4. You Don’t Have to Buy Brand New
When people look at remodeling a room, they often search for something that’s brand new. But you’d be pleasantly surprised at what you can find at thrift stores or liquidation warehouses.
Liquidation warehouses will buy excess inventory from larger companies. Then, they sell them at a fraction of the cost. Items might include furniture and home appliances – but you can also find things like bathroom sinks and kitchen cabinets.
Several other options can help save you money when renovating your house, such as purchasing display items. The store typically uses these for display or demonstration purchases, which means they can’t sell them at the total price. But, while slightly used, they can save you a pretty penny on more expensive items.
5. Know The Neighborhood Permits
Specific neighborhoods have different restrictions on what types of renovations you can do.
If you live in a community with an HOA (homeowners association), they could limit you to what aesthetics you can have on the outside of your house. So such things as types of mailboxes or even how big of a tree you can have in your front yard could change what you intend to do with your renovation.
It would help if you were very clear on where your lot begins and ends. For example, you wouldn’t want to add an outdoor pool area beyond your property lines.
Breaking any of these permits or regulations could end up costing you, as well as burning bridges with your neighbors.
6. Make It About Efficiency
Sometimes, a home renovation project isn’t always about adding more space but rather making do with your room.
For instance, expanding your kitchen by 200 square feet can cost you $20,000 to $40,000. Instead, you could focus on creating more efficient storage with your space.
Instead of cutting large holes in the walls and installing double-pane windows in the bathroom, install a cheaper alternative like a light tube to create the same amount of natural light. Remember, it’s all about efficiency when looking to cut down renovation costs.
When planning a significant home renovation project, you need to think about how you can cut down on your costs without sacrificing quality.
Always work with a qualified contractor who can help you focus on efficiency. Get creative with your shopping by looking at more affordable alternatives instead of buying new ones.
No one said a home renovation would be easy, but it’ll be worth it when you finally have the home you want.