July 21, 2020

save money on home renovations

Many of us will live in our homes for well over a decade or two, and a lot can change during that time. Our tastes change, trends change and we may want our home to look a different way. While some people might simply move, buying a new home can be quite expensive.

Instead of this, many people will opt to complete some renovations. Everything from the bathroom to the living room, to the yard, can be renovated and fixed up. However, these renovations often aren’t cheap either. They can often cost tens of thousands of dollars, if you’re not careful. Thankfully, there are some great ways to save money on home renovations. This article will go over a few of your best options.

Related: 10 Unexpected Costs of Home Ownership

1. Do it Yourself

One of the best ways to save money when renovating your home is to do some of the work yourself. This could be the demolition, laying tile, building cabinets, cleaning up the mess or anything else you can take care of. The more you can handle, build or put together on your own, the less you will have to pay for someone else to do.

Of course, be aware of your limits in this department. While you will likely be able to install your own home security system, be careful when trying to handle something larger. If you take on a project that is out of your wheelhouse, you might just end up doing more harm than good.

2. Have a Budget and Stick to It

Next, you need to make sure you have a budget. Before you spend a single dollar or hire anyone, you need to know how much you can afford or want to spend. This involves taking a close look at your finances, as well as the types of changes or renovations you want to make. Once you have a budget, it can help you get a better idea of what sorts of materials or fixtures you should be looking at.

Of course, be sure to stick to this budget if at all possible. Don’t consider options or features outside of your budget, no matter how tempting. Trying to complete a renovation or remodel without a budget can be a recipe for disaster. This can often lead you to overspend on certain things, and could destroy your finances.

Related: These Are The Best Budgeting Apps For College Students

3. Shop Around for the Right Professionals

Another way to save is to shop around for the right professionals to help. Most renovations will require at least some assistance from a contractor. If you simply choose the first contractor you visit with and contact, there is a good chance you’re missing out on a better deal elsewhere.

You want to shop around and find the best deal, to make sure you aren’t stuck spending a ton of money. However, don’t simply hire the cheapest contractor you can find without performing some other types of research, as well. The contractor you go with should have a good reputation, be experienced, and be reliable. They should also be someone you are comfortable working with and having in and around your home.

4. Take Your Time With Renovations

Another way to save money on home renovations is to take your time. When renovating your home, it can be very tempting to do it all in a couple of weeks to get it done. However, that is not only expensive, but it can be quite stressful and overwhelming. Also, if you rush it, you will most likely experience some regret about at least a couple of the choices you may have made.

If you start slow and take your time, it also allows you some flexibility if some costs end up being more than you expect. You can’t exactly stop a renovation once it already begins, so don’t try and do too much, too quickly. Start with a single room or area, and once that is done, consider moving to the next.

5. Find Good Deals on Materials

Many renovations require the use of a variety of different materials. These are generally building materials like wood, concrete, metal, and drywall. If you want to save a lot on your renovation, try to find good deals on these materials. Also, if you need to buy new appliances, be on the lookout for sales that can dramatically cut down the price of the item.

In a similar vein, you should also look to reuse materials when you can. For example, just because you are redoing your kitchen doesn’t mean it needs brand new counter tops or cabinets. Some items can be reused and painted to fit the new space, at a fraction of the price.

Conclusion

By applying the tips in this article, you will be able to save money on home renovations. And by cutting costs on home improvements, you’ll have more space in your budget for paying down debt, building your emergency fund, or investing for retirement. Plus, you’ll be increasing the value of your home. It’s a major win-win!

Related: These Are The Best Micro-Investing Apps of 2020

About The Author

Ashley Lipman is an award-winning writer who discovered her passion for providing knowledge to readers worldwide on topics closest to her heart – all things digital. Since her first high school award in Creative Writing, she continues to deliver awesome content through various niches touching the digital sphere.

About the author 

Clint Proctor

Hi, I'm Clint! I love writing about everything personal finance. In addition to this site, my work has been featured on several major publications including Business Insider, Forbes, Credit Karma, and U.S. News and World Report. My hope is that you'll be able to find plenty of helpful information and inspiration on this site to help you reach your financial goals. Thanks for visiting!

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