Published On: Thu, Mar 14th, 2019

Practical Ways of Saving Money When Renovating Your Home

Renovating your home is always exciting because it is an opportunity to give your home the looks and the functionality that you may have always wanted. Further, for those living in old houses, it is a good opportunity to modernize the facilities and enhance its market value. However, as exciting as it is, the problem with home renovation is that it can very quickly get out of hand with one thing leading from the other and the cost spirals out of control. Some practical tips on keeping a check on the cost of your home renovation and get more bang for your buck:

Make a Plan and Allocate a Budget

When you are planning to renovate your home, you need a proper plan so that you know exactly what you are going to renovate. Having a plan not only enables you to decide how to sequence the work but also lets you estimate the time and the costs involved. When you have a long list of things that you want to get done, it may not be feasible to afford everything. This makes it imperative that you fix a dollar amount that you have at your disposal for home renovation and then allocate the money to various renovation works you have in mind. Make sure you have at least 10% of the overall budget allocated to unexpected expenses, which are bound to occur.

Phase Out the Renovation

Most people think that home renovation is best done and completed within the shortest possible time so that you can enjoy the results sooner. However, most experts suggest that taking on too many things at the same time can mean that you end up overtaxing yourself and your resources. When this happens, very often the quality of the work gets compromised as you run out of patient and energy. You can get the best results by prioritizing the activities and doing them one by one. This way, you can also plan your finances better and even deal with unexpected expenses without letting them derail the rest of the work.

Take the DIY Route

Doing it yourself is obviously the most economical way of home renovation; however, even if you are handy with tools, you do not have to despair. You can save on the number of hours the crew spends on the site by prepping the space; cleaning up the room and even preparing the surfaces for painting, etc. can save valuable person-hours that you would have to, otherwise pay for. You will discover that you are able to do many jobs easily by viewing demos on YouTube. Instead of buying the required tools, you can rent them out to save a packet. You need to keep in mind that certain jobs can be done only after acquiring permits and only be undertaken by licensed personnel; violations can be costly in terms of both penalties and hazards in the future.

Reuse Materials

Home renovation does not have to mean that you have to necessarily throw away all your existing stuff and buy everything new. When you are on a limited budget, you can save a lot of money by reusing existing furniture and appliances. Even when your cabinets have become unsightly due to wear and tear, you can make them look new by surface treatment and a paint job. You can even change the style of the doors or even replace the doors while retaining the rest of the cabinet. For stuff that you need to replace, you do not have to buy new; often the salvage yards can be a treasure trove of materials and fixtures all available at a throwaway price. There are also a number of websites where you can find great used stuff that can make your renovation cheaper while adding character to your home.

Pay Cash to Save the Most

It may sound elementary but paying for materials and labor from your savings in cash is usually the cheapest method of renovation. You can, of course, use a credit card but then you need to make sure that you pay it off fully by the statement due date because, otherwise, revolving the balance attracts a very high rate of interest that can make your renovation cost zoom. Similarly, taking a loan for kitchen remodeling Long Island is not recommended unless you are making the improvements to put the property on the market in which case, you can pay back the loan with the sale proceeds within a short time frame. An https://www.forbes.comreport also confirms that 91% of homeowners used cash to renovate.

Take Advantage of Sales to Save Big

When you need to buy items like furniture or appliances, it can be a very wise decision to wait for a seasonal sale to take advantage of deep discounts. Typically, end of summer sales for lawn care and outdoor furniture and Black Friday sales are wonderful opportunities for some really big savings. Additionally, keep a watch on the websites of online marketplaces like Amazon for great deals. Never be in a hurry to buy a big-ticket item as by waiting it out you can usually save substantially.

Avoid Making Structural Changes

Making structural changes to your home can turn out to be very expensive, however, when you are buying and installing large items like a bathtub, kitchen oven, windows, etc. it cannot be often avoided. Check whether a wall is load bearing before deciding to move it because then you are going to have to spend a lot to compensate for it by installing beams. On the other hand, sometimes, demolishing a wall may just be more convenient and cheaper compared to the trouble relocating the stove ventilation or the gas line. Unless the functionality of the space is being severely compromised, it is always better not to tamper with the footprint of your home.

Conclusion

Home renovation projects have a curious way of keeping on increasing. If you live in a really old home, you should carry out a thorough home inspection to certify the condition of the plumbing, electrical wiring, wall materials, damp or even mold infestation or wood rot. A bug inspection may prevent nasty surprises down the line.

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