When you decide to do a home renovation project often one of the first questions that comes up is how much it will cost. Home improvement projects have the reputation of being quite expensive, and in many cases that is true. However, there are several things homeowners can do to help minimize expenses, and keep the total cost low. Here are 7 ways to save money on your next home renovation project:
1. Create A Budget
The best way to save money during a home renovation project is to create and stick to a budget. While this probably isn’t the first thing you feel like doing when you decide to renovate your space, it is an important part of keeping your renovation costs at a minimum.
When creating a budget, the first thing you’ll need to do is decide what your biggest goals are for the project. These goals will guide your decision-making process and help you assess what you value and where you want to allocate your money. Then, decide on the specifics. What type of materials will you need? Will you choose black or stainless steel appliances? Factor these answers as you determine the total cost of your project. Once you have that number, add some extra, in case something unexpected happens.
2. Take Your Time
When you decide that a home renovation is in your future, don’t rush to make it happen immediately. Instead, take your time to plan, dream, and decide exactly what you want your renovated space to look like. Taking the extra time to reflect before making quick decisions and impulse purchases will help you determine exactly what you value in the outcome of the project, and make decisions that you will be happy with for years to come.
3. Watch For Sales
While home improvement materials don’t necessarily follow the typical sale schedule of retail stores, there are times when they go on sale – and the savings add up quickly! It’s worth finding out if large purchases, such as new appliances or paint ever go on sale and if so, when that typically happens.
4. Schedule Your Project In The Off Season
If you’re flexible with your schedule, one way to save money on projects is to schedule them in the off season. Summer and early fall are popular times for home renovations, but if you wait until contractors are less busy, you may be able to take advantage of discounts, sales and special pricing promotions, as they try to keep themselves busy.
5. Do It Yourself
A simple way to save money on your next home improvement project is to do some of the work yourself. Many smaller projects that are minimally invasive to the structure of your home – like painting, or changing light fixtures – are relatively inexpensive if you do them yourself. While it may require a few hours of research, and some helpful Youtube videos, if you’re up for the challenge, it may end up saving you a significant amount of money. Open up an account with banks like Bravera and see that money grow as you do more DIYs.
6. Hire A Professional When Needed
There are times when an avid DIY’er can get a bit too ambitious, though, and end up way over their head. This is why we recommend assessing your skill level and the difficulty of the job accurately, and hiring a professional contractor when needed. Many times specialized contractors that complete projects like window or roof replacements offer free estimate appointments – like this harrisonburg roofing company. These appointments serve two purposes – to give you a custom quote, and a change to meet the company and see if they’re a good fit for your project.
7. Consider Long Term Savings In Addition To Short-Term Costs
Most home renovation projects are long-term decisions that will affect your life and budget for years to come. This is why it’s important to consider the long-term cost benefit analysis of the decisions you make. For example, if you’re renovating your kitchen and choosing new appliances, energy-efficient appliances may cost more upfront, but over time, the energy savings are likely to pay for themselves. The same goes with higher quality paint, lighting fixtures, and many other home improvement materials.
You don’t always have to choose the highest quality to achieve long-term savings, but researching the lifespan and any projected energy savings is a good way to make a wise investment.
Home renovations can be expensive, but if you budget well, choose your materials wisely, look for sales, and are realistic about what work you can complete on your own, you may be able to bring down the cost significantly. Hopefully, these tips will help you cut the costs of your next home improvement project!