How To Save On Major Home Renovations

Man using spirit level to see if the walling is straight while his dog watches

Renovations do more than improve the appearance of a property. They help improve a residence’s functionality, comfortability, value, health, safety, and aesthetic appeal. Renovations help enhance the physical and emotional well-being of homeowners, tenants, and their families and improve investors’ profitability and sales/rental success. Be that as it may, renovating your home or investment property is expensive, costing consumers thousands of dollars to complete.

So how do you complete renovations without breaking the bank? Continue reading for money-saving tips.

 

Get Rid Of Junk

Home improvement contractors and construction workers need a clear space to work. If your property contains a lot of junk or unused items, they must be removed. Instead of allowing a team of contractors to remove it for you, consider clearing the space yourself by removing any junk. Discard things that aren’t useful and donate or sell anything you no longer need. Anything you wish to keep should be relocated to an area in the property that isn’t being renovated or placed in storage.

 

DIY Demolition

One of the first things contractors do when completing a renovation is demolition. They must remove old appliances, shelving units, equipment, and materials. Demolition can take hours (or days) and increase your out-of-pocket expenses. You can reduce the costs by doing the demolition yourself.

A hammer, sledgehammer, safety goggles, and good upper strength is all you need to complete the task. Contact a waste management services company to rent a dumpster and get to work disposing of anything that needs to be removed before renovating. A word of caution, be careful when knocking down walls or beams as they can provide support for your property or contain electrical wires.

 

Hire A Qualified Contractor

You’d be surprised how many people hire someone to complete a renovation, only to waste money on poor-quality work. You can avoid this headache by doing your due diligence when hiring contractors. You want to ensure they have proper education, certifications, licenses, and experience in their field. They should also have a positive rapport with existing and previous clients.

 

Obtain Multiple Quotes

Accepting the first estimate for a renovation is never a good idea. Although the service provider may have a solid reputation and quality services, you could miss out on savings. Consult at least three to five qualified contractors for quotes to ensure you get the best deal.

 

Apply For Government Grants

Did you know that the local and federal governments will give you money to renovate your home? Your property’s condition is essential to a community’s health and success. If your residence needs new roofing, plumbing, or electrical systems, you can receive cash for the improvements. Typically, the only requirement is to reside in the home for at least five years. Since they’re grants, you don’t have to worry about paying them back.

 

Choose Materials Wisely

Materials are often the second-largest expense of a renovation project. While you want to select materials that are high-quality, safe, and aesthetically appealing, you don’t have to break the bank. Opt for materials that are practical, functional, attractive, and affordable. For instance, you may want marble floors, but granite is equally appealing and less expensive. Consult your contractor or an interior designer if you’re unsure of the most suitable building materials.

 

Avoid Or Reduce Using Credit or Financing

While you may not have the cash to pay for a renovation outright, you don’t want to rely too much on credit or financing. Using these funding sources means you’re paying more for the renovation. You’ll be required to pay interest on the balance until it’s paid in full. Depending on the amount of interest and length of the loan, you could be watching money go down the drain. Pay for what you can in cash. If you need to use credit or finance your renovation, opt for sources with the lowest interest rate and few fees.

 

Renovations aren’t luxuries for the rich. They’re important projects to improve the quality of a residence. If the high price tag of renovating has caused you to put off home improvements, consider the above solutions to help you save.