Let’s be honest. While renovating a home is exciting, it can be very expensive. Even if you finance your project with a home improvement loan, you should look for ways to reduce costs and save money. Here are some tips to help renovate a home on a budget.
1. Do it yourself
If you consider yourself handy and have the time, it may make sense to do some of your home renovations yourself. Tasks such as tiling, painting, sheet rocking and spackling can be great DIY projects However, it should be noted that certain projects such as electrical wiring and gas line work typically require certified professionals and permits, so it’s best to check local and state protocols to make sure everything is up to code.
2. Take your time
In a perfect world, it would be ideal if all home improvement projects could be completed at once. However, since doing so is likely to be costly, you might want to space them out and focus on one part of your home at a time. For example, renovate the kitchen this year and wait before moving on to the bathroom and basement.
3. Wait for sales
Certain times of the year are better than others for making big-ticket purchases. For example, if you need appliances for a kitchen remodel, you might want to wait for holiday or post-holiday specials. Being patient and shopping around for the best deal can save a lot of money.
4. Keep your floor plan the same
Knocking down walls and changing the floor plan of a home is expensive as it often requires hiring a contractor as well as plumbing and electrical work. If your budget is limited, it’s wise to keep your floor plan the same and update the space with less drastic but pleasing cosmetic changes.
5. Barter for services
Think about your skills and how a contractor or supplier may benefit from them. For example, if you’re a marketer, offer to help them with their website or create brochures to promote their business in exchange for a discount or free services. The worst that can happen is they say no.
6. Shop around
Whether you decide to engage a general contractor or individual tradespeople like a plumber, electrician or painter, avoid choosing the first professional you find. Shop around and get estimates from at least three different providers. Don’t forget to read reviews to ensure you choose someone reputable.
7. Buy used
Some used materials and finishes are advertised for sale on sites like Craigslist and Facebook Marketplace. If they’re in great condition and locally available, you might find unique resources and save money, too.
8. Find less expensive alternatives
Chances are there’s a more budget-friendly way to achieve the look and feel you’re going for. If you want hardwood floors in your kitchen, for example, flooring. It can give you that hardwood vibe at a fraction of the cost.
The Bottom Line
You don’t have to settle for an outdated home just because you’re on a budget. These tips, paired with creativity and patience may help you save money on your renovation project.
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