If you’re trying to plan a renovation, you’ll have noticed just how expensive everything is. There is a long line of reasons for this. First, the pandemic caused supply-chain disruptions. Then, as things were getting better, inflation pushed prices up. When Russia invaded Ukraine, not only did inflation get worse, but the still unresolved supply chain issues got worse yet again.
This has led to a situation in which many people have had to cancel their renovation plans because they could not afford it. If there is absolutely no wiggle room on your budget, you may have to postpone your project. However, if you can spend a little bit more, there are ways to cut down on the cost of material to get your remodel over the line.
It is important to secure your financial situation before you start your remodel for the same reason. Materials are more expensive and your insurer may need to pay more than expected if something happens to your house. Make sure your homeowners insurance policy covers the increased costs of building materials, paying for a rebuild rather than a fixed amount. Otherwise, the pay-out after a disaster might not be enough.
Here are tips to save money on materials when renovating.
Tweak Your Design
When money for a renovation is tight, proper planning is crucial. You cannot afford to use a trial-and-error approach for any part of your project. As such, you should have impeccable designs that demonstrate exactly what needs to be done.
Often, in tweaking your design, you can save money without cutting important corners. You may find that switching to a more open-plan design can save a lot of money on building materials.
Certain luxuries may also not be as necessary as they once seemed. You can cut a luxury out and use some of the money to improve the design of something you really need. This way, you make significant improvements while still saving cash.
Materials are extremely expensive right now… if you buy them new. Often, building centres will be selling materials that have been used in since-demolished buildings. In this case, you may have to compromise on some of your design choices. You will be making do with what you can get, rather than getting exactly what you want.
Habitat for Humanity ReStores actually provide used building materials that can go a long way towards completing your project. Check if there is a ReStore near you before paying the inflated prices for new materials.
Go For Efficiency Over Size
If you’re trying to increase the size of a room – such as your kitchen – to improve its usability, you are going to have to spend a lot of money on materials. Expanding a space is an incredibly expensive project, and now may not be the best time to do so. Instead, you can try finding ways to increase the efficiency of the space you already have.
This may be as simple as knocking down a wall to create more counter space, or a complex project like efficient cabinet designs for more storage. Either way, you are saving money while still getting the benefit of a more usable room.
Since you’re doing a renovation, there are probably things that you no longer need or want. Instead of simply discarding them (or keeping them in a storeroom for the rest of your life) host a yard sale. You can also sell things on Facebook Marketplace if you want to find a wider target market.
If you don’t end up selling your old stuff, why not donate it to an organization like Habitat for Humanity? Either way, it becomes more useful than it will ever be to you again
Costs are extremely high right now, and you may be best served by postponing your home improvement project. However, if you are frugal and willing to compromise, you can cut costs and find a way forward.