5 Ways to Save Money on Home Renovations
Embarking on a major home renovation project can be both exciting and frustrating. Exciting because you get to redesign your home and that’s always something to look forward to.
On the other hand, the headache and stress of having to deal with contractors, architects, not to mention the cost of the project, is enough to discourage anyone from doing it. But overhauling your home doesn’t mean you have to break the bank open to afford it. There are tips for you to save on home renovation projects.
1.Create a budget and stick to it
A budget renovation doesn’t necessarily mean cheap. Generally speaking, it’s always a great idea to have a budget no matter what that expense may be, whether it’s buying a meal or buying a new audio recording device.
In planning to renovate your home, it is always recommended to start with a dollar amount that you’re comfortable spending before making any major decisions. Creating a spreadsheet of the possible cost that might come up is a great way to stick to your budget. Include allowances for unexpected expenses, which is always going to happen.
2.Pay in cash
It might be a little nuisance, but paying in cash helps you keep track of your expenses. Paying in cash also means saving on having to pay for interests when you take out loans.
Paying through credit card or taking out a loan for a renovation only makes sense if you plan to sell your home and there will be a return on investment for you to pay off the loan quickly. If you can’t afford to pay for the renovation with cash, then maybe that’s a sign you should wait for a better time to undertake such a project.
3.Do it yourself
The most effective way for you to save money on a home renovation is undertaking some of the work yourself. If you think that you don’t have the necessary skills or the equipment to do some of the work, you can always take over the prep work that happens before a renovation can take place.
These jobs are usually relegated to day laborers and one you can certainly do yourself. Tasks such as clean up, scraping off surfaces, and clearing the space are something anyone can do skilled or unskilled.
4.High end as well as low-end materials
Just because you’re on a budget doesn’t mean that you have to select all cheap materials, but you can certainly balance cheap ones with the high-end materials. You can go for a quartz countertop or a beautiful stove and get low-end materials for other less visible parts of the house. Finding the right balance might be a little tricky, but a good rule of thumb is to splurge on hardware and less on cabinets and doors.
5.Wait for sales before making a purchase
During certain times of the year hardware usually, hold major sales. These take place during major holidays such as Black Friday or end of summer. Timing your significant purchases during these times can really help save you a pretty penny on materials as well on appliances.
Saving money on a home renovation project boils down to one general rule: Be conscious of your expense. The single most significant mistake you can do is to make major decisions and purchases without consulting your budget or thinking hard about its necessity.