Property renovations are expensive and can quickly get out of control if you aren’t careful. However, there’s always something you do to ensure quality, affordable remodels. Below are 10 ways to save money on property renovations.
1. Hire experienced, reliable contractors
While DIYs are an excellent option when trying to save on your renovations, there are projects you can’t DIY, requiring professional contractors. When hiring professional help for renovations, shopping around and comparing contractor quotes is the best way to land affordable professionals. However, note that cheap isn’t always good, so look at their portfolio and read reviews and testimonials. Failure to hire professional help for complex or delicate projects may result in costly repairs, replacements, and renovation headaches.
Consider hiring a specialized skilled expert for every renovation project you have. For instance, engage roofers from trusted roofing companies like Landmark Roofing & Siding when renovating your roof. Experience, skill level, and certification are significant considerations when hiring professional contractors. Consider hiring skilled professionals during off-peak seasons when they aren’t busy with many projects. This ensures your renovation work isn’t rejected and gives you the power to negotiate for cheaper rates, reducing renovation costs.
2. Consider DIYs
When done well, DIY projects can help save renovation expenses. These projects are ideal for small and less complex renovations, mainly if you’re starting. However, DIY costing shouldn’t be based solely on labor and material costs. Time investment should also count. Unless you’re well experienced, the DIY project will take more time to complete than when a pro is doing it.
Choosing projects you can DIY on a budget, including repainting the front door, applying removable wallpaper, adding a new kitchen backsplash, refreshing but not retiling the bathroom floors, repainting cabinets, adding new cabinets, and more can significantly reduce your renovation budget.
3. Set a renovation budget and stick to it
Renovations aren’t always cheap, and costs can be fairly high depending on what you want to achieve. Setting a renovation budget lets you determine the maximum amount you’re willing to spend on your projects. However, the budget should be as realistic as possible, as this will influence the kind of services you can get and the type of products you can use for your renovations.
When preparing a property renovation budget, consider location as it significantly impacts your investment’s value and plans, be realistic about the property’s value and the kind of contractor you want, and compare several contractor bids. A precise budget enables you to communicate clearly with your contractors. Sticking to your budget will help keep costs in control, ensuring you don’t spend more than you should.
4. Make a renovation plan
Planning your renovations helps ensure high-quality outcomes. The planning stage lets you compare products, contractors, materials, products, and designs to eliminate any unnecessary costs. It also enables you to foresee risks that could occur and find ways to counter them effectively, saving time and costs. Renovation planning helps you get suitable materials to avoid wastage and conform with codes and standards to ensure your invested time and money isn’t wasted.
It also enables you to find the right contractor, saving time and money on compromised projects by quacks. Proper renovation planning eliminates room for frustrations when remodeling. Learn how to do renovation planning to ease the process and save money.
5. Reuse materials
You can reuse materials for their initial purpose or new, creative role. This reduces disposal costs and material donor tax liabilities and offers access to free or low-cost renovation materials. You can reuse some cabinetry and appliances to minimize kitchen renovation costs. You can replace damaged window panes and keep the frames when installing windows. This significantly reduces your renovation expenses, helping you save more.
6. Balance low and high-end materials
Using high-end materials on all your renovation projects can be costly. Balancing low and high-end materials is an excellent way to save money. You can spend more on statement areas and items like countertops but reserve money on less impactful products and spaces. The balancing criteria differs from one person to another based on style inclinations and the renovation project. Striking a balance is vital, so avoid going extreme with your material purchases.
7. Leverage sales for big purchases
Sales allow you to save a lot of money on your purchases. Consider waiting for specific times of the year when you take advantage of sales. Research can help you determine the best time of the year to make your purchases. For instance, Black Fridays are fantastic for power tools and electronics, and the end of summer offers you lawn care products and outdoor equipment at favorable prices.
8. Avoid walls and significant renovations
Major renovation projects such as moving walls, plumbing, gas, and electrical lines come with extra costs for specialized labor and permits. While these projects, including moving sinks, windows, bathtubs, and stoves, can transform your property, they’re more expensive and require a lot of coordination. Unless your home’s functionality is at stake, undertake simpler renovation projects which don’t need a heavy investment or specialized labor.
9. Avoid taking loans for your renovation projects
Loans come with high-interest rates, and using them for renovations means your projects will cost more in the long run. Putting things on your credit card that you can’t pay immediately also compromises your credit history. However, if you’re renovating to sell your property, you can consider a loan because you’re assured of a return on investment, and you’ll repay the loan quicker. If you’re renovating for aesthetics, paying cash is a wise decision. Where you can afford the money immediately, find ways to trim your budget and save for renovations.
10. Oversee the renovations yourself
Hiring a project manager increases your project’s overall costs. Consider overseeing the renovations yourself. You can start by hiring certified and experienced local tradespeople and ensure they have everything needed for the job, including the necessary tools, materials, and information. You’ll need good logistical and management skills plus basic renovation knowledge for better control and foresee issues before they occur. This will ensure that the project carries on without glitches, saving time and money.
Property remodels can be quite expensive. However, before starting your home renovation, you can always find a way to save. Use these tips to save money on property renovations.