What’s the best way to save money on a home renovation? Here are guidelines to help you remodel your home on a budget.
Discover the best way to minimize waste and finish your project while sticking to your budget.
How to Save Money on House Renovations
Regardless of the home renovation project, you have in mind, you know it will be expensive. Many people spend a lot on the home renovation while handling several projects at once. This increases their credit card usage as they have to pay for it all.
There are different ways of minimizing the cost, including acquiring tools, such as the best soldering iron. You can still do a home renovation on a budget. Find renovation ideas that help you to transform your home without spending extravagantly.
Here’s a guideline showing what renovation costs can be capitalized to stay on budget.
Refurbish and Re-Use
On your renovation to-do list, you should highlight items that you can refurbish and reuse. Use items you already have to complete the transformative project. The kitchen can be one of the most expensive areas of your home to renovate. But, you can find cost savings by reusing already functional parts. Don’t rip out a functional kitchen when the problem is a dated color scheme.
If the doors and carcasses still have life left in them, pick a modern tint to transform their look. Also, update the handles and knobs. Upcycle any old furniture that is still structurally sound. Just a coat of paint could be enough to give your old furniture a new personality.
Affordable Cosmetic Fixes
If your renovation budget doesn’t extend to structural changes, you can do simple cosmetic changes such as changing the window furnishings or installing new lighting. These can instantly make the home feel new. Old kitchens have a central light in the ceiling, which is not effective or pretty most of the time.
Considering your budget, you can find LED downlights that can serve as a suitable replacement. Also, you can install over-bench lighting and cool pendant lights over the breakfast bar. Mixing feature lights, general lighting, and ambient lighting will give the kitchen a brilliant atmosphere on a budget.
For homes with an open kitchen layout, one could make an affordable update. You can paint the kitchen and living spaces a matching color to ensure the rooms flow seamlessly.
Be Your Contractor
Home renovation is essential if you want to keep your home in good shape for many years. One of the costs you can avoid while renovating your home is labor. Hiring a contractor may be necessary for big projects, but if you just need to do a few updates, you can become your own contractor.
Doing the projects yourself saves money, and if you want the project to move quickly, you can hire a subcontractor, which still leaves you with impressive cost savings. So, review the project’s size and the expertise required to decide if you are eligible to perform renovations by yourself.
Draft a Realistic Budget
If you understand why renovation is important, you want everything to be done correctly. However, this does not mean spending too much on the project. Budgeting is an effective way to manage and save money. Many people have a budget for renovation but end up spending more or even taking unnecessary debts. Therefore, you need a realistic budget that will ensure you only spend within your renovation plan’s scope.
This forms the first step in creating a spending plan for your renovation needs. For example, if you understand you would spend around $30000 and have savings of $25,000, you should stick to decisions that keep you within the available money. Once you begin the project, keep an eye on what you spend and look out for unnecessary expenses.
Invest Time in Research
When you get to the renovation zone, you want to implement your project following an evidence-based approach. Research helps you to borrow ideas from people who have successfully worked on similar projects. For example, if you need an interior designer, you can check out recommendations and go through their portfolio.
Many professional designers are more skilled in specific types of homes and would also give you an attractive rate for the work. Get several quotations for the project and compare them before you make the final decision.
Plan Your Purchases
If you understand renovation meaning, it’s the act of restoring or renewing something. For this, you will need a few purchases. Search for warehouse sales for furniture as this helps you maximize savings. You can also explore home fairs that sell a range of products that could help in your project. Also, check out discounts and search for coupons when shopping at big retailers.
Improve the Layout
Another way how renovation costs can be minimized is by making structural changes that don’t blow the budget. The idea is to avoid load-bearing walls. If you have a non-load-bearing wall in your lounge, you can remove it to open up your living spaces. This could help you create an open-plan living space, which adds value. You also need to consider renovation insurance, so once done, ensure you update details with your insurer. This saves money in the long term as the insurer will have information about the structural changes you made.
Such small cosmetic updates could make a big difference to your home layout. It could be a matter of installing overhead shelves or cupboards, which help extend the kitchen with new floor cabinets. If the idea works in the space available, you can add a breakfast bar. Also, the power of mirrors is underrated. Mirrors are an inexpensive way to create the feeling of space. Place a mirror behind the shelf or sofa in the living room. In dark hallways, mirrors add space and open up your walkway.
Look Beyond “Now”
Every update you do in your home, like renovation, should also have a long-term view. Don’t forget that you save in the long run when you invest in lasting or power-efficient products. Add solar heaters, a system to harvest rainwater, and buy efficient electrical products that will save you a good amount of money.
Look for products that don’t require a lot of maintenance to run. It may cost slightly more to buy such products, but the long-term savings will be impressive and could help you make it cheaper to maintain your home. If the budget allows, don’t hesitate to add some quality for those long-lasting benefits.
Utilize Free Online Resources
In renovation finance, you should search for free resources to help you understand how to approach your project. There is a lot of free information on the internet that could help you work on your project smoothly. Learn about the different aspects of home remodeling before you get started with your project.
Learning and doing things yourself could take longer, but it’s worth it because you save a lot of money. You can find YouTube videos with all you need, from general renovation advice to instructional videos showing the procedure of installing or repairing certain items in your home.
Check the Scratch and Dent Sections
People will reject items for crazy reasons. Even tiny scratches could be enough to get items tossed aside as most buyers want to buy things without blemish. Items that have small dents or scratches, even in hidden places, are sold cheaper.
Check stores in the discount section, which might have like-new items sold for a fraction of the price. In this section, you can find things like vanities, appliances, lighting, and more. This is an opportunity to save money on your renovation project.
Use Cheaper Materials
While you may want to achieve a high-end finish, you can still use cheaper materials and get an excellent result. Swap to more affordable materials to save money without affecting the aesthetic of your renovation. This is possible by selecting products like vinyl floor planks or water-resistant laminate floorboards.
The products give the look of real timber but are less expensive, easier to install, and easier to maintain. They will modernize your home on a budget. If you cannot afford granite or marble, engineered stone or laminate can offer an equally good finish. All this you can do for a fraction of the price.
Don’t stick to one brand when shopping for materials. You might have your favorites, but alternatives exist, and most of them offer better prices for similar quality. If a brand does not fit your budget, find an alternative. Lower prices don’t mean less quality. Look for new companies as they offer competitive prices on their best products.
Renovating your home should not leave you in heavy debt or eat a massive chunk of your savings. You can explore different ideas that help you to find solutions to your challenges. Re-use materials if possible, and look for discount sales. Also, if you can perform most of the tasks, don’t hire a contractor.
Do you have more ideas to save money on home renovations? Share in the comments below.