“Home remodeling has gotten so expensive you’re doing rock-paper-scissors to see which kid isn’t going to college” – Anonymous.
This phrase still rings true, especially with homeowners spending an average of $15,000 on home renovation in 2018. Home renovation could mean renovating a house completely, adding an extension, or changing interiors.
Whether you live in a condo or a single-family home, the cost of renovating your home can quickly get out of your hand even without realizing it. The addition of a luxurious patio, pool, or deck undoubtedly creates new space and gives you a private sanctuary to enjoy with family members.
Every luxurious thing has a cost associated with it!
It’s not new for homeowners like you to underestimate home renovation costs and overshoot budget by a significant margin. While a simple composite deck addition may be tempting, it can cost more than $17,000, which is an overwhelming expense when on a tight budget. With these small and straightforward constructions burning a hole in your wallet, you need to prioritize which area requires a remodeling.
However, with meticulous planning, using the right tools, and proper budgeting, you can drastically cut down the renovation expenses without compromising the quality.
How to Save Money When Renovating Your Home?
From using interior designing tools to prioritizing renovation areas, we’ve listed nine ways to save money on renovating your home.
- Use interior designing tools
When renovating your home, it should not just look exceptional; it should reflect your personality and help you live life the way you want. A home where every space is utilized and speaks of perfection might sound impossible. But, using interior designing software like Foyr, you can plan and curate a space where you love to spend every second of your life.
Foyr provides 3D images of design ideas, which help accomplish home improvement goals without actually putting them into action. As it comes with a 14-day free trial, you can juggle between wall texture, colors, tiles, room layout, building material, utilization of space, and give a final blueprint to the contractor.
Investing in such a tool is not an additional expense as benefits far outweigh the cost. It helps you save money in the following ways:
- Prevents costly interior design mistake
- Beautify your home on paper before starting renovation
- Achieves a WOW factor without spending lavishly
- Increases value of your home as interiors are well-planned
- Set a budget and stick to it
Before handing over the renovation contract, make a list of all remodeling you want. If you want to repaint the house, get interiors changed, or add a patio – the final cost depends on these factors.
When budgeting, always remember that the word ‘budget’ doesn’t mean cheap. You set a budget to match it with your spending capacity. Creating an accurate budget is an uphill battle. Getting an estimate helps you understand the estimated cost of renovation.
Look for renovation catalogs, search online, and visit showrooms to ensure you’ve everything covered and there is no last-minute surprise popping up. When you list out remodeling tasks, you know which area is eating up the maximum budget. It lets you switch to cheaper alternatives. For example, a mid-range kitchen remodel could cost approximately $63,800, whereas an upscale kitchen remodel costs more than $125,700.
Based on your spending bandwidth, you alter renovations and save a lot of precious dollars.
- Reuse and repurpose spare materials
According to research, more than 70% of trash from remodeling projects is recyclable and reusable. Before you send any of the so-called trash to landfills, look at what you’re considering as waste.
For example, use spare wood pieces to create new kitchen cabinets or a small table. You can reface your bedroom door to change the style without spending too much on buying a new door. Save unused paint to give an extra coating or match wall color with the cupboard.
Interestingly, if you plan to change wiring, copper wires are easily recycled. Old copper is worth 95% of the newly ored copper. Sell copper wires at a repurpose center and save lots of money!
Suppose you don’t find any waste material worthwhile head to the salvage yards selling antique and old design pieces. Besides giving a unique touch, buying a second-hand product saves money, which you can spend on remodeling.
Repurposing, reusing, or recycling not only saves cost but also adds sustainability benefits. With recycled products requiring 50% less energy and water for manufacture, you lend a helping hand to make Earth a better place to live.
- Focus on DIY
Major constructional changes like adding a pool and changing kitchen cabinets may require the expertise of a professional. There are specific tasks like wallpapering, painting, grouting, etc., which you can do-it-yourself.
Using the right set of tools and guides, DIY lets you save an extra dollar on a strict budget.
- Don’t change the home’s layout
When you move electrical and plumbing, you significantly increase the renovation costs. The same applies to adding a luxurious feature such as a patio or a pool.
Such a high-end renovation could break the bank. For example, if adding a window and changing bathroom layout is on the renovation list, reassess your requirement. To remain on track with the budget, either get one structural change or get both changes done and do interior designing for later.
Furthermore, instead of changing the entire home’s layout, give preference to cosmetic changes.
- Get the necessary building permits
While obtaining government permits may seem a waste of time, it’s a necessary requirement. Buildings that don’t conform to structural and fire safety requirements end up paying hefty fines for non-conformance.
Though getting a permit slows down the renovation process, get it before starting improvements in your home.
A building permit helps in selling the home faster, thereby creating a win-win situation. A slight delay in the construction process shouldn’t pinch when you look at long term benefits.
You require a building permit for significant renovations like
- Renovating a kitchen or garage
- Structural changes like removing a wall, finishing a basement
- Electrical, mechanical, and plumbing work as these require a considerable amount of construction/renovation.
Never begin the construction process unless the local authority grants final approval and issues a building permit.
- Pay in cash
This may sound like a ‘not-so’ fruitful way of saving money. When paying for renovation from your existing savings, you save a significant amount of money on interest. Taking loans and paying from credit cards will unnecessarily put more financial burden in the name of interest.
Furthermore, many contractors give immediate discounts to clients who offer to pay them in cash.
The rule here is simple: if you cannot afford to pay from your savings, wait for a few months before commencing remodeling. Unlike selling a home, there is no return on your investment, and the loan or credit amount will keep on mounting.
- Buy during the SALE season
If you plan to change your kitchen appliances or bring a new wardrobe, wait until items go on sale. If you’re not in a hurry, wait for the 4th of July sale or year-end sale to make big purchases.
Buying during the sale season is a wise money-saving hack!
- Consider the government renovation grants.
To further cut-down renovation costs, check whether you’re eligible for home improvement grants. If you’re eligible, fill an application form and submit it to concerned authorities, who will scrutinize your application. If you’re a suitable match, you get monetary assistance to renovate your home.
As Warren Buffet rightly said, “Do not save what is left after spending, but spend what is left after saving.”
Starting and sticking to the original renovation game plan is something you will never regret.
The quickest way to blow your renovation costs is by straying from this game plan. While you may be tempted to add a patio or upscale your kitchen, look at your bank balance before making a renovation list.
It’s possible to save a lot of money while renovating your home. You have to think out-of-the-box and think of practical ways like the nine mentioned above to sail your renovation boat to shore. From investing in an interior designing tool to taking advantage of the sale season – follow our tips in pursuit of saving your hard-earned money.
Remember that your beautiful home is not worth the effort if you have lifelong debt.