Eight Ways to Save Money on Your Home Renovation
No matter which home renovation project you have in mind, it’s going to be expensive. But it doesn’t mean it has to break the bank. Below are eight ways you can save money on your home renovation!
1. Create and stick to a budget
Before starting any project, begin with setting a dollar amount that you’re able and willing to spend on your renovations. We recommend creating a spreadsheet to organize everything you want to be completed and what you want to buy for your space. When you have your budget laid out in this way, you can move forward with pricing fixtures and materials while keeping a grasp on what you are spending.
When budgeting for your project, it’s a good idea to allow for unexpected expenses. For example, try to overestimate your budget by about 10%, just in case
2. Take your time
If you can’t afford to pay for your renovations right away, this isn’t a bad thing. Sometimes, saving money beforehand means that you can take the time to make more informed decisions. If you have the money on hand, it can be tempting to gut and renovate your home all at once. However, this can be overwhelming and more expensive in the long run.
It’s better to start with just one or two rooms and finish one project at a time before moving on to another. If you finish one project before starting another, you won’t have to live in a half-finished house, and you can make sure you keep your budget in check.
3. Do it yourself (DIY)
One of the most expensive parts about any renovation project is labour costs. However, it’s often unavoidable to hire a contractor to get the job done, and they are usually paid by the hour.
You may not be able to install a toilet, but there are definitely some things you can do to prep your space before your contractor arrives on site. These items include:
- Demo the space
- Clean up during renovation
- Prepare surfaces
- Taping and painting
This will put you more than one step ahead in the money-saving department!
Another thing you can do is to search the Internet. YouTube is your friend in any renovation project. However, if you’re planning to do many of the renovations by yourself, be aware that there are things you should not attempt to complete if you aren’t licensed. Renovations involving electrical work need to be done by a professional and often require permits. DIY at your own risk, but know that hiring a professional will keep you out of trouble.
4. Reuse materials
The biggest way you can save money while renovating is reusing materials. For instance, when renovating your kitchen, you can reuse your cabinets. Sometimes, a fresh coat of paint is all they need. Or, you can save money by refacing the doors to change the style, or even replacing the doors but leaving the cabinet body in place.
If you can’t reuse any of the elements of your space, you can buy material and fixtures from the Internet, Habitat for Humanity ReStores, and at building material auctions. You can find some real treasures if you are willing to look for them, like gently used appliances or lumber from another project.
5. Shop for sales and always check the scratch and dent section
There are specific times of the year that are better for purchasing certain big-ticket items, such as Black Friday for electronics and power tools, and the end of summer for outdoor furniture and lawn care items. Research the best time to buy the items you want.
As well, people return items to stores for all kinds of strange reasons. When you are shopping for your renovation project, always check with a store’s discount section. Even if an item has a scratch or a dent, you may be able to get brand new things for a fraction of their original price. It’s also a good idea to talk to sales representatives about purchasing floor models. You can usually get appliances, vanities, lighting, and more right off the floor for less than half of their original prices!
6. Do comparison shopping
Shop smarter and stop spending money unnecessarily.
One of the easiest ways you can save money on your home renovations is by doing comparative shopping. Either by completing a simple Internet search or by downloading a barcode scanner on your phone, you can discover where you can buy what you want at the best possible price. Don’t waste time going store to store – search online and save!
7. Balance high and low-end materials
Another way you can save money is to balance high and low-end materials. If you choose to purchase the quartz countertops you have been dreaming of, find ways you can save money in less impactful areas. It’s about finding a balance, not extremes.
8. Earn rewards for the money you’re spending
Most home renovation stores offer reward plans and credit cards to help you pay and budget for your purchases. With the money you have saved, you can even pay off the card right away.
Another money-saving hack is to purchase gift cards from stores that offer points for spending money that can later be redeemed for fuel or future grocery purchases.