Home renovation is one of the most expensive home projects you are going to undertake. While renovating, many people get out of control and easily run over their budgets. Whether completely renovating your house, adding some extensions or just changing your home’s exterior, it is crucial to be realistic while budgeting. Check out our list for lowering renovation problems and save some money.
Estimate the advantages and disadvantages of your project
Before you start with the home renovation project, it would be smart if you assess the pros and cons of your project. It would be better if the renovation you are going to take adds value to your property. This is particularly important if, at some point in your life, you decide to relocate, you will make a profit and be well prepared for a move. Speak to our real estate agents about what buyers are looking for in your area, and see whether you can achieve that.
Create a budget and stick to it
Doing a renovation project in your home is as difficult as managing a home being built. You need to have a plan of what you want to change in your home, but you must also create a budget for your renovations. It is a good idea to know how exactly you are willing to spend on the project even before you begin making any design choices. To lower your renovation expenses, it would be smart if you keep 10% of your renovation budget for unexpected expenses. There are some tricky things that can add to your budget, and you must be aware of them and plan your budget accordingly:
- If you have an old house, you will probably need new plumbing, electrics, or wall material. This is hard to know until you begin opening up walls, so you may want to add padding in your budget.
- The top three nightmares when the renovation budget is concerned are moisture, foundation concerns, and bug infestation. Have your home inspector check these thoroughly. You don’t want to find out halfway through a renovation that your wall has moisture and your floors have termites.
- Make sure to consider other fees involved in a renovation. You may need a building permit or permission from a homeowner’s association.
Do some of the work yourself for lowering renovation expenses
No doubt doing the job yourself is one of the most effective ways to lower renovation expenses and save money. If you think that you are not handy and that this tip is not for you, then think again. You may not be able to lay tiles, but there may things that you can do to prepare your space before the professionals come. Remember that you are paying the professionals by the hour, and if you do some work yourself you will save a significant amount of money. Regardless of how skilled or unskilled you are, you can certainly clean up space, scrape off mastic on the floor or paint the walls. Also, if you have moderate DIY skills, you can take advantage of YouTube and learn a new skill, and you will save quite a bit of money. However, you must keep in mind that there are things that you should not do yourself. If you are not licensed, you should not do electrical work or move utility lines.
The biggest way to lower your renovation expenses is by reusing cabinetry. You don’t have to get rid of the old cabinet. All you need is a coat of paint on them, and you will save some big bucks. You need more than paint to be happy with your cabinets. Be aware that you can still save a lot of money if you only replace the doors and handles, but leave the cabinet body in place.
Before you buy anything, wait for sales
Before you make any big purchase you should be patient and buy smart. For example, if you want to buy a house, you should choose Sterling Homes to help you find the best house for you at a favorable price. The same goes if you want to make big purchases of the appliances and furniture, be patient, and buy smart. There are times of the year that are better for purchasing some items. On Black Friday you should buy electronics and power tools. On holidays, shop for appliances, and at the end of summer, you can buy outdoor furniture and lawn care items. Do your research and find the best time to make your purchase – don’t let your impatience steer you away from getting a good deal.
Be smart about hiring professionals
When you move, you want to hire a moving company that will make the move hassle-free to any part of the state. When you want your renovation project to go smoothly, hire a reliable and responsible and contractor. Therefore, before you hire professionals to help you with your project, shop around a bit. Do not hire the first contractor you run into. Pick up a few and check their references. Ask your friends for recommendations. Also, try to arrange your project for the off-season, which is usually after the holidays and before summer. Professionals are busier during summer and many aren’t available. Another advantage of hiring professionals off-season is that you may be able to get a better price.
Home renovation can be very exciting, but very tiring at the same time. It requires a lot of planning and budgeting. If you want to make your home beautiful, but want to save some money, follow these useful tips for lowering renovation expenses. Hopefully, you will have some extra money on the side after the renovation project.