Renovation tips that are focused on helping you save during your renovation can make your entire project less stressful. Renovating your home can be a very exciting time, but worries about costs can put a damper on things.
Following a few simple renovation tips can help you to get through the process, stay on budget, and fully enjoy the results. About 90% of homeowners say they plan on doing some kind of renovation work, many of them will take advantage of these renovation tips and get the project done for less.
Tip #1: Hire the Right People
No matter how committed you are to DIY you will eventually run into a part of your project that you will need to hire a contractor for. Whether you are a DIY expert or you are planning on letting the entire project be handled by contractors the rules are the same.
Finding the right contractor at the right price is vital to the success of your project. Interview at least three contractors for every job. For example, part of your project will require an insulation contractor, request at least three quotes for service from three different companies.
Choose the contractor that offers the best value, has the best reputation, and that you feel comfortable with. Ensure they have all the proper licensure and they are insured. Who you hire is a very important part of the process whether you need a new roof or you need a plumber.
Tip #2: Outline Your Budget and Stick to it
One of the most important renovation tips when it comes to saving money is to seriously stick to your budget. A well thought out budget will keep your finances in line. Add some room for unexpected expenses like finding out your subflooring needs to be replaced because of unforeseen damage that happened years ago.
Your budget should cover the entire cost of the renovation and other hidden costs like:
- Having to eat meals out during a kitchen renovation.
- Covering lodging during a major renovation that leaves the space unsafe for a few days. You may have to grab a hotel for you and the family if you are having new HVAC installation and it can’t be done in a day, especially if it is cold out.
- Bringing in additional specialists to help with the project. For example, you have space renovated that has marble tile floors, you decided you would not change the flooring, but now it looks a little worn compared to the upgrades. You may have to call in a professional for marble cleaning to restore the floor.
Smart budgeting, and sticking to it is a great way to save money on your renovation. One of the biggest mistakes homeowners make during the process is getting overly excited and overspending. You may really want to choose those top of the line materials, but you may have to settle for materials that get the job done and only look expensive.
Tip #3: Weigh Your Options Out Carefully
You may think you need a new roof but your local roofing service may have other options like re-roofing the roof that you have. Before you start calling around and asking roofing companies to provide you with roof estimates for a new roof, consider asking the experts about ways you can save and still have a like new roof.
The cost difference between a completely new roof installation and a roofing renovation can be thousands of dollars. Remember these renovation tips are all about ways to cut your costs. Asking the roofing expert for some input may be a surprising way to cut back on costs.
The same is true with other potential renovations. For example, you are thinking about having solar panels installed so you can cut back on your energy costs. That may be a great idea, but it also may be an expensive idea that does not pan out the way you think. Before you make the choice to put your precious renovation dollars into a solar project learn more about returns on your investment, what it takes to maintain solar panels, and if the project is the best place to invest right now.
Another one of the renovation tips for saving money that falls in this category is considered revitalizing what you have instead of replacing. For example, your kitchen cabinets are structurally sound, but they are a bit outdated. You can refinish them instead of replacing them and likely save a couple of thousand dollars on the kitchen renovation.
Making informed decisions about where to put your money is just as important and working hard to save on costs. In many cases, making decisions about which renovations are going to deliver the most value for the dollar is the best way to save money.
Tip #4: Become More Efficient
Plans, budgets, lists, and even how you pack your trash can all add up to savings. Becoming more efficient at how you handle the project is an easy way to find savings during the project. For example, you have to pay extra to hire one of the waste removal companies to come and get the debris from the project. You want to make sure that you are so efficient at organizing the trash that it is a one and done deal.
It is important that you move efficiently throughout the duration of the project. This is not the time to put off to tomorrow what you can get done today. Time is money, and wasting either is not an option if you are trying to reign in costs.
Tip #5: Pay in Cash
One of the most effective renovation tips to save money on your renovation is to pay in cash. While it can be hard to dole out the cash instead of financing the project, the savings can be tremendous and well worth the initial pain of watching your savings dwindle.
Paying in cash comes with unique financial benefits including:
- Not having to pay interest on a project.
- Not having to pay for the project for years to come.
- Getting discounts that you would not get if you financed the project.
Many contractors from a gutter installation service to basement waterproofing companies offer a handsome discount when you pay in cash. This is one of those little known renovation tips. Contactors may even offer a totally different price scheme if you can pay cash.
Tip #6: Raising the Cash
Since tip number five was to pay in cash, tip number six of the renovation tips has to be about where to get the cash. Save for the project before you commit to the project. For example, you really want to redo the bathroom. Get some quotes now, and find out how much finance payments would be, then every month moving forward make those finance payments to yourself. Get a feel for how it affects your budget, then add more to the payment each month. Even if it takes a year to save money, it will be worth it.
Don’t want to wait a year or more to do the project? Then sell things around the house that you no longer need or want. Aunt Annie’s couch and bedroom suite that was from the 1920s that she left you may be a gold mine. Call in furniture appraisers to see if that generous gift can pay for the new kitchen or at least a good chunk of the project.
It may feel like a sacrifice to sell that John Deere lawn tractor, but you have to ask yourself, how bad do I want that renovation. Making a sacrifice now by selling off something that will fatten up your bank account and help you pay for the project can result is tremendous savings.
Other renovation tips for raising cash include:
- Have a garage sale to sell all those unused items. You may be pleasantly surprised to find the amount of money you can raise by having a garage sale. Remember one man’s junk is another man’s treasure, and people will pay for your junk.
- Your savings will bloom with a few side gigs. Taking on a part-time job can mean fattening up your bank account pretty fast. Offer your services on a gig site online to earn extra cash right from home, that can go right into savings.
- Make it a family effort. Ask the entire family to pitch in to come up with ways to generate some extra income. Brainstorming with your loved ones can reveal ways to generate cash that you never thought of.
Finding the money you need for the project to pay in cash can be easier than you think once you put your mind to it.
Tip #7: Make Alternate Arrangements
Let’s say you are having your kitchen remodeled and the process is going to leave you without a place to cook meals. It can get really expensive eating every meal out for the family. Consider setting up a little mini kitchen somewhere else in the house. While eating microwaveable meals may not be the most appealing way to go, it can literally shave off 100s of dollars from the overall project cost.
Buy a cheap microwave and set it up somewhere in the house like the basement then if you have to make a trip to the grocery store every day for a few days and grab some frozen microwave-ready meals, do it. You can feed a family of four on microwave meals for about $20 a day which is far less expensive than grabbing take out everyday or going to a restaurant.
Load up on easy to prepare foods like canned tuna, canned pasta, and soups. No one is going to starve if they have to eat canned foods for a few days. The cost savings will be tremendous.
Tip #8: Roll Up Your Sleeves and Get to Work
Okay so your DIY skills are not exactly stellar, that’s okay, there are still renovation tips for savings that you can use that require a little sweat equity from you. Don’t know the difference between a Phillips head screwdriver and a flat head screwdriver? No worries. If you can swing a hammer and pull things apart there is still work you can do to cut costs.
Before any renovation, you will need to get rid of the old stuff in the space. For example, in a kitchen renovation, before new countertops can be installed, the old ones have to be ripped out. This is the part you can do. You do not need a specialty skill set to rip out cabinets, countertops, or rip up the flooring. All you need is the motivation and saving money is a great motivation.
Doing the demo work yourself can help you to save and it is actually quite cathartic. You can get the whole family involved in the process, to make the job go quicker. How much can you save by doing the demo work yourself? About $500, so roll up those sleeves and get to work.
Tip #9: Protecting Your Investment
Renovation tips for savings are not only about saving money during the process it is about ways to ensure you are protecting the investment you made. For example, let’s say that when you had your kitchen renovation done the plumber made you aware that your pipes were prematurely corroded. If you do not want to have a repeat of the problem you need to figure out the causes of pipe erosion and make sure it does not happen in the future.
Taking the steps that you need to protect your new investment is important. Another example is foundation problems, fixing the foundation is great, but you also have to address the cause of the problem.
Tip #10: The Final Tip
When you are considering materials, consider buying used. Yes, of course, the whole idea of renovation is to update a space, but don’t be so stuck on the idea that new is better. There are plenty of good used materials out there like light fixtures and even cabinets that will be new to you and will come in at a fraction of the cost of new.
Another option for savings is buying appliances off the floor. Floor models or scratch and dent models can come in at significant savings. In most cases, the appliances are in great condition and the few scratches are hardly noticeable.
If you follow these renovation tips you will be able to save some money, reduce the stress, and have an easier time with your renovation. Enjoy the experience of renovating without all the financial worries by following these renovation tips.