Ways to Easily Minimize the Cost of Home Renovations
There are many reasons why homeowners decide to renovate their homes. Maybe your family has expanded and you need more room for everyone to feel comfortable. Maybe your needs have changed and you need an adequate accommodation to meet them. Or maybe your house is just old, worn out and in dire need of a facelift. Regardless of what the reason behind your remodeling is, you need to know that this is an expensive project. However, there are ways to reduce costs during a home renovation. Here are ten of them.
Improve the Efficacy of Available Space
Whenever you think of remodeling a certain space, especially the kitchen, you think of giving it a few extra square feet by probably knocking down the walls. Why not just utilize the available space to maximum instead? You could opt for a cabinet with drawers instead of large shelves that hog up all the space in the kitchen. Invest in the cabinets that are tall, and have wide pull-out drawers. You could also spend some money on the racks and dividers that lets you store all the kitchen supplies without taking up a lot of space.
Consult Multiple Contractors
It is always good to send out requests for multiple contractors, before zeroing in on one of them. You can contact the firms or individuals that provide renovation services in your neighborhood. You could even take suggestions from your friends and family that have recently undergone remodeling of their houses. Once you get some promising leads, reach out to them with the further information and plan about the renovation and ask for quotes. Remember, don’t be in a hurry, and be sure to go with the one that provides best and quality service at a good price.
Create and Stick To a Budget
Before we get started, I wanted to talk about what a “budget renovation” means. The word “budget” isn’t synonymous with cheap. Whenever you spend money, it’s a good idea to know how much of your total income or savings is allotted for the purchase, whether it’s simply a meal out, or something big like a new stove. If you’re planning to do work on your home, I recommend starting with a dollar amount that you’re able to spend before you begin making design choices. Then you can price fixtures and materials and begin to get a grasp on what will work with your budget and what won’t.
It might sound simple, but paying for your project with money you already have will save you a significant amount of money you’d end up paying in interest if you take out a loan or put things on a credit card that you can’t immediately pay off. If you’re renovating in order to sell your home, it might make sense financially to take out a loan when you know there will be a return on your investment and the loan will be paid off quickly. But in general, paying in cash is the best way. If you can’t afford it now, begin thinking about ways you can trim your household budget to save money for your project.
Consider Long-Term Costs, Not Just Short-Term Gains
If your addition calls for clapboard siding, for instance, you can save more in the long run by ponying up now for the preprimed and prepainted variety. It costs an extra 10 to 20 cents per foot, but you’ll wind up paying for half as many paint jobs down the road.
The reason? Factory finishes are applied on dry wood under controlled conditions—no rain, no harsh sun. I used prefinished claps on my house about ten years ago and the only flaw in the finish is the occasional mildew spot, easily washed off. The paint looks as if it’ll be good for another ten years, easily.”
Consult an Architect
Depending on the scale of your project, you might not need a full-on architectural commission, which involves extensive meetings, multiple job-site visits, and several sets of construction drawings, to the tune of about 8 percent of a project’s construction budget. You might be able to tap an architect’s design savvy by having him undertake a one-time design consultation.
Do Your Own Schlepping
If you’re doing your own project, slash your materials-delivery fees by picking up goods yourself. No pickup truck? For about $400, you can purchase a nearly new single-axle utility trailer online, which you can tow behind your SUV. Get one just big enough to carry 4-by-8 sheet goods flat. Use it for a half-dozen trips, and it’s paid for itself. Find trailers for sale near you via eBay Motors, or try your local classifieds.
Save on electricity
During a remodeling, it is almost inevitable for the utility bills to jump up to the skies because of all of the plugged in equipment, but you can do your best to minimize the damage. For example, you can ask your contractor to use energy-efficient equipment and plug out the equipment when it is not in use. Keep in mind that such an extensive electricity use can lead to malfunctions. Tampering with electricity on your own is not only dangerous, but in some countries, it is also illegal, so it would be best to have a professional emergency electrician on your speed dial.
Stick to your original plumbing points
Bathroom reno is among the most expensive projects, and you don’t have to make it even more expensive than it has to be by moving the plumbing. Instead, talk with a professional plumber about how to use the most of your current layout. The same goes for the kitchen and the laundry plumbing points.
Pick decent, midgrade materials
Picking premium options or materials can raise the cost of your remodeling project substantially. One area where you’ll find a major price difference? Carpeting.
While basic olefin and polyester carpeting costs around $1 to $2 per square foot, wool can cost upward of $9 to $11 per square foot, according to Angie’s List. Those costs add up if you’re recarpeting a large room or an entire floor.
Don’t do a complete remodel
Unless the room needs to be completely gutted, you can cut costs by refurbishing existing fixtures. When renovating the kitchen, staining the current cabinetry, replacing old drawer handles and knobs, and refacing moldings can save you thousands of dollars.
In fact, refinishing existing cabinets can save you up to 50% compared with the cost of buying new cabinetry, according to Angie’s List. You can also cut costs by purchasing materials (e.g., granite, flooring, or lighting) yourself