How to Save On Home Renovation Costs
Renovating your home is a great way to improve its comfort, functionality, and value. However, renovation costs can easily add up, leaving homeowners financially stretched and overwhelmed. Unsurprisingly, 34% of homeowners found themselves going over their renovation budget, primarily because of costlier parts and products. Fortunately, planning carefully can save homeowners thousands of dollars. Below are a few tips to help you save on renovation costs.
1. Have a Budget
Creating a renovation budget should be the first step for any successful home renovation. Your budget should highlight the allocated amounts for each specific project. However, having a budget doesn’t necessarily mean going cheap. It simply means knowing how much you will likely spend on home additions, roof replacement, a fresh coat of paint, or new flooring.
However, before making specific allocations, you should decide on the ballpark figure you can afford for the entire renovation project. This will guide you on what to prioritize and projects that can wait. Interestingly, creating a budget isn’t an issue for most people. Most homeowners struggle with sticking to their budget. Having a spreadsheet to track all expenses is prudent. Remember to include some amount for miscellaneous expenditures.
2. Know Where to Splurge and Where to Save
Knowing where to splurge and save helps keep your renovation budget from ballooning beyond the budget. However, the biggest challenge is knowing where to splurge and where to save. While every homeowner has their preferences, below are a few places to invest more and a few projects to save money during renovation.
- Bathroom floors: Your bathroom flooring tiles shouldn’t cost an arm and leg. You shouldn’t go for high-end flooring tiles, provided they are slip-resistant.
- Bathroom fixtures: While there are good-looking faucets and showerheads below $50, these options compromise function. Some are made of plastics, easily wear off, or don’t assure good water flow. Invest in high-quality and durable bathroom fixtures.
- Kitchen cabinets: You should splurge on kitchen cabinetry. Like bathroom fixtures, skimping on cabinets is a recipe for everyday wear and tear. Choose quality cabinets made from hard-wearing materials.
- Doors and windows: Quality doors and windows help improve the curb appeal, security, and energy efficiency of your home. Don’t go for low-quality options.
3. Schedule your Renovation
Most homeowners don’t know this, but the prevailing season affects renovation costs. Generally, most people prefer renovating their homes during summer. The warm weather allows them to complete most projects, such as installing a new deck or windows. However, if your renovations focus on your home’s interior, doing it during winter is cost-saving.
The large number of renovation projects during summer increases the demand for contractors, driving up the renovation costs. Renovating during spring is also costly because of the decent weather and short days. The harsh fall and winter weather makes it difficult to schedule outdoor projects but reduces renovation costs. Winter is the most budget-friendly season to schedule home renovation as there’s no competition with outdoor projects.
Endnote
Saving costs on your scheduled home renovation doesn’t mean skimping on quality products or hiring cheap labor. It essentially means achieving your renovation goals while saving on the amount spent. Other ways to save on costs include reusing materials, completing DIY tasks yourself, and choosing affordable substitute materials.
