If you are getting ready to renovate any part of your home you must learn how to save money on a home renovation. US homeowners plan on spending about $10,000 on their home renovations this year. What if you could make those dollars stretch a little further?
There are a few tips that you can follow to learn how to save money on a home renovation that can help you to get more bang for your buck. There is potential out there to save a boatload of cash so you can get more renovations done for less.
The First Key Step In How To Save Money On a Home Renovation
Before you make any buying decisions when it comes to home renovation, no matter whether you will be doing a large part of the renovation yourself or not, is to do your homework. Americans largely overspend on their home renovations because they make impulsive buying decisions.
Comparing prices for materials and labor can pay off. In all cases, it is not only the price comparison that you should be considering but what you are comparing. For example, if you are considering doing a driveway redo, call at least three contractors that specialize in asphalt paving and compare the following:
- Overall price.
- Warranty that is offered.
- Added value that the contractor has to offer.
Of course, the price point is a huge consideration, but when you are looking for contractors, value is how to save money on a home renovation. You find value in the pricing, the guarantee of the services, and the added value that the contractor brings to the table.
It is important that when you are considering how to save money on a home renovation that you do not sacrifice pricing for quality. The asphalt pave and patching project is a good example of not cheating yourself out of great results. Let’s say you choose the lowest price possible, you may feel like that is how to save money on a home renovation, but in some cases the lowest price can mean not the best value. The lowest price contractor is inexperienced, uses cheap materials that will not last as long, and a couple of years down the road your driveway looks like a mess again.
Sometimes how to save on a home renovation project is choosing the better value even if you have to pay a little more out of pocket. Shop for value, pricing, and choose a contractor that stands by the job and offers a warranty on the work.
Hybrid Solutions for How to Save Money On a Home Renovation
How much money can a DIY home renovation save you? A lot of homeowners are DIY fans. They toil and labor for the love of their home, and believe DIY is the best how to save money on a home renovation step they can take.
The question is “is DIY always the best way to save money on a home renovation?”. The answer is yes and no. Let’s say you are mechanically inclined and you need some HVAC repair before you start remodeling your kitchen, and you feel confident that you can manage them yourself.
If you feel confident because you have some knowledge of how your HVAC system works or you have a buddy that is in the industry and can talk you through it, then go for it. You can save money on the repairs so you don’t drain your home renovation budget for your kitchen. What if you don’t have any knowledge, and you plan on YouTubing it? Step back for a minute, and consider what the cost will be should you have to call in emergency plumbers because you make things worse. Is it worth the risk?
No one knows your skillset level when it comes to air conditioners or heating systems like you do. No one knows your level of experience, or your ability to learn new things. You are the best judge of how DIY’ish you are.
Going the DIY route is one of the best options when it comes to how to save money on a home renovation, but not in every case. For some DIY’ers sticking with the simple stuff is the best option for how to save money on a home renovation and here are a few whys:
- If you don’t do it right, it can cost you more in the end.
- In many cases of home renovation the job is dangerous and requires specialized skills.
- The amount of time it takes for a DIY renovation can be very consuming.
There are some projects that there is very little wiggle room for error. If you take on a home renovation project as a DIY project and do not have the skillset, it will cost you more when you have to call in the contractor to fix what went wrong.
Other DIY home renovation projects should be left to the pros because of the danger involved or the expertise needed. Roofing is a good example. Hauling materials up to the roof, and ensuring that the roofing system is installed right, takes special skill sets and knowledge.
Time is money. How much time can you dedicate to a home renovation project? You certainly do not want the project to drag on for months, and have to dedicate every spare moment to it. DIY can get expensive in the time department.
Hybrid solutions are often the best solution for how to save money on a home renovation project. Let’s say your project is to have some roof work done. You may be better off leaving the actual roofing to the experts, but you can do some gutter repair on your own. This will save you money, without putting you in any danger.
Having the experts on hand to do part of the project while you do the parts you can manage can be an excellent step in how to save money on a home renovation. The bonuses are that you can ensure the job is done right, save time, and save money when you have a hybrid home renovation solution.
Another hybrid way that is often talked about in how to save money on a home renovation topic, is to buy materials yourself. Of course, this can work out to your advantage, but you do want to check with the contractor for a couple of things before you make the decision:
- Can the contractor get the materials for less than you can?
- Will the contractor do the work if you provide the materials?
- Exactly what type of materials will the contractor need to complete the job?
Before you jump the gun and buy all the materials, you may want to check with the contractor you are going to hire for the project to see if they can get those materials cheaper. Many home renovation suppliers offer bigger discounts to contractors than they do to homeowners.
You also want to ask the contractor if they will install the materials that you buy. Some contractors will and some will not. Some contractors are very particular about the materials that they use because it can affect the results of the project, and the warranty period that they can offer.
A good example of how this scenario can play out, either way, is you purchase hollow metal door frames for your entryway door that you find on sale online. You start calling around to door companies to find someone to install them. Company A says they cannot do it because they only use a specific brand, Company B says they can do it but they will not offer warranty services because they are your door frames, finally, Company C says, of course, they will install it and you can enjoy their long-standing warranty policy.
The moral of the story is before you think about how to save money on a home renovation project by buying your materials, check with your chosen contractor. It can save you a lot of frustration and keep your garage from filling up with materials you cannot use.
Things You Can Do Before the Project Gets Started To Save Money
Sometimes how to save money on a home renovation means doing things that do not seem to have a lot to do with the intended project. For example, if a landscaping renovation is on the calendar, go ahead and get that septic tank pumping out of the way.
Your septic tank should be cleaned every 3-5 years, getting it done before you start your landscaping project can mean no worries about unwanted leaching. It is a simple step that can help to preserve the investment you make into your landscape. The alternative is that you pour lots of money into your landscape only to find that you should have had your septic tank cleaned out that is now leaching all over the yard you just invested in.
Making sure that the maintenance on your home is done before you start the renovation will ensure that you do not wind up damaging the renovation because maintenance was not done. Address any maintenance then you can move ahead with your renovation project, and feel confident your home is ready for it.
Return On Your Investment
One of the ways on how to save money on a home renovation is not a savings but instead a return. Deciding where you are going to put your renovation dollars for the best return on your investment is a way to save not on out of pocket expenses but generate more value.
If you ask any real estate agent what is the best way to boost the value in your home through renovations, they will likely tell you the kitchen, the bathroom, and your curb appeal. Investing in renovations that will pay you back when it comes time to sell may not save you money right now, but in the long run, it can help your investment to grow.
Estimates vary widely when it comes to the amount of the ROI you can gain from a kitchen renovation, bathroom renovation, and a landscaping renovation. Most experts agree that for a full-blown kitchen renovation, with complete updates, you can see about a 35% return on your investment. The bathroom can deliver a 22% return and landscaping can up the value of your home by about 28%.
Another top area to increase potential return value is your garage door. Selling a home is all about curb appeal. Installing a new, refinishing, or repairing your garage door is a great way to attract potential buyers and is considered one of the top home improvements you can do to increase return value for your property. Though it is not as glamourous as a kitchen remodel, it may provide you with just as much, if not more benefit in the long run. Keep curb appeal in mind when you consider any potential landscaping, as well.
When you put your money in the right places in your home you improve the quality of your life while you live there, and you can up the value of your home. How to save money on a home renovation ideas should include considering how much return you will get out of the renovation.
How to Save Money On a Home Renovation With Financing
Not everyone has the money to pour into a home renovation project without dabbling in some financing options. As a matter of fact, most homeowners do finance their home renovation projects. How to save money on a home renovation project can mean choosing the right way to finance that project.
Some financing options are inherently better than others when it comes to how to save money on a home renovation project. Before you swipe your card or sign that financing agreement, consider the following:
- How much will that financing cost? What is the interest rate?
- How long exactly will you be paying for those new kitchen countertops?
- Is this the best financing option for my budget?
Ideally, you will have options like a home equity line of credit, low-interest rate credit cards, or low-interest financing directly from the contractor. Comparing exactly how much financing is going to cost you is critical.
Interest rates can vary widely from one financing option to another. Make sure you know exactly how much each credit option will cost, then compare your options. The savings can be significant.
It is not just the interest that you should be looking at. You should also consider the terms. How long will you be paying for that new kitchen? 3 years? 5 years? 7 years? How long you pay matters.
Be honest with yourself about your budget limitations. It can be easy to get caught up and make decisions that require you to tighten your belt for a long time to come. Learn how to save money on a home renovation, then follow a path that is affordable for you.