Winter is a great time to work on those home remodeling projects you’ve been planning. But as with all things, you don’t want to go broke. Home remodeling can be a very expensive undertaking. The only way to save money on your home remodel is to create a plan and budget and stick to it.
WAIT: Is Your Home Remodel Project Worth It?
Before you start, there is an important question to ask: is this home remodel worth it? Even if you have the money, you should still assess whether the remodel will add value to your home that you can recoup later. This is especially important if you plan to sell your home in the short-term.
One way to do this is to ask real estate agents that you know or an agent who would be willing to talk to you even though you are not on the market now. Ask them what kinds of things buyers are looking for in a home.
If you want to remodel and don’t have any plans to sell your home in the short-term but want to make your home more accommodating to your needs, then your main point of focus is going to be on how to save money.
Here are 6 tips to help you save money on your home remodel. Later we’ll talk about how to finance your home remodel project if your savings fall short.
The primary way to save money on your home remodel is to budget.
And this is where things can fall apart. To establish an air-tight budget, you need to have a remodeling plan.
Map out your project.
- How much space?
- What is involved?
- New walls?
- A new Foundation?
- New electricity and plumbing?
- Lighting and other fixtures?
What kind of materials do you want to use, if you are renovating your kitchen for instance?
- Do you want marble?
- Stainless steel sinks?
Put everything down on paper.
Next step, how much is everything going to cost? Shop around at your favorite home renovation centers, such as Home Depot. Go online and check out prices on products that can be ordered online.
Compare prices, which is really easy to do today with smartphone technology. Scan the barcode on the items you need and compare to other retailers. Get the best deal you can.
Budget for every item, down to the last nail.
Now, compare the expected cost with what you have saved up for your home remodel. What can you afford? If the expected costs exceed your savings, then redo your project.
Once you reach a place where your savings matches the projected remodel costs, stop. This is your budget.
The most important part of this process: once you have your budget, stick to it!
Most people go broke from their home remodels because they forget about the budget. Visiting showrooms can give you lots of inspiration, but they display the most expensive materials. It is easy to get lured into the beauty. You can forget that your goal is to save money on your home remodel, not go into debt.
2. Do as Much of the Work as Possible Yourself
Labor is going to be one of the most expensive segments in your home remodeling budget. Unless your home remodel involves complex adjustments or installations that require an expert, skip contractors and do the job yourself. Or at the least, become your own project manager and hire out those jobs you cannot do. It makes the remodel more fun, plus your sweat-equity will be invested in the remodel.
3. Look for Bargains
A kitchen remodel, for example, can cost thousands of dollars for cabinetry alone. But, since your goal is to save money on your home remodel, you need to look for ways around the hefty price tag. Consider refurbishing the cabinets you have. Open shelving is cheaper. Look for discount retailers for more affordable options. Ikea is a good choice.
Be sure to check out the like-new section. You can save a lot of money on floor models or returned items. Visit Amazon Warehouse. You’ll find some good bargains there on refurbished items from third-party sellers. You can’t see the items in person, so that’s a bit of a risk, but the money you will save makes it worth it.
4. Reuse as Much as You Can
It may be tempting to go with everything new, but this approach will not save you money. Figure out what a bit of refinishing and paint might do before you decide to throw out the old and purchase all new.
5. Be Ready to Adjust Your Budget
Some items may end up costing you more than you expected. Fixtures, for instance, can easily fluctuate in price. If one item costs more than you planned, go back to your budget and rework the itemized items. Subtract the increased expenditure from another project item, so that your overall spending budget remains steady.
6. Don’t Put Your Home Remodel on Your Credit Card
The best thing to do is to plan your home remodel and then save for it. But, if your savings fall short, the worse thing you can do is to cover the gap with your credit card. This will not help you to save money on your home remodel. The best way is to apply online for a personal home renovation loan from a peer-to-peer lender, like Peerform.