Ways to Cut Costs on Your House Remodel

Ways to Cut Costs on Your House Remodel
  • Opening Intro -

    Home remodeling is a project that any homeowner will embark on sometime during their lifetime.

    As our lifestyles change, we need a house that accompanies those changes.

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Whether it involves expanding the space to fit more people or making aesthetic renovations, the costs can climb at a rapid pace.

If you don’t have much experience with home remodeling, then you may not know about all the ways you can cut costs to keep your project within the range of your budget.

Here are a few ways to better handle the budget for your next home remodeling project.

Do What You Can

It’s often easier said than done, but if you’re a healthy individual, then chances are you can execute a few tasks in your remodeling project that would otherwise cost you money.

$50 to pull out the carpets, $200 to tear down a wall, and another $100 to sand something will quickly add up at the end of the day. These are tasks that you can often handle yourself or with a friend and just a little professional input.

For example, you certainly don’t want to tear down a wall that may reveal plumbing or electrical wires behind it. Make sure you get the green light from a licensed contractor before you start any demolition.

As long as your actions are safe and calculated, then you can certainly save money by picking up tasks around the house that are within your capability to handle.

Tasks like cleaning, demolishing, sanding, and painting are a few that just about anyone can take on.

Think About Home Value

Certain projects can go towards increasing the equity in your home. The kitchen and bathroom, for example, are quite valuable rooms of the house, and when they’re well-renovated and updated, the value of the house can considerably increase.

Also, think about renovations that are costly up front but can save money down the line. Improving things like ventilation, draining, and insulation can save you hundreds of dollars in heating and cooling later.

Jot down all the renovations that will add real value to your home and are a necessity, and start with those. Paying thousands of dollars for customized furniture and layout changes may not be as valuable as you think down the line.

Perhaps you can go without splurging on some renovation projects right now.

Choose Materials Thoughtfully

Expanding on the previous point, it’s important that you pay attention to the quality and price of materials or products that you purchase.

A marble countertop for the kitchen may run upwards of $200 per square foot. Do you really want to pay that much for a countertop? Is it essential?

Perhaps a material like soapstone (at an average price of $60-180 per square foot) can offer you a similar look and feel.

The best part about materials, whether it’s wood, stone, or metal, is that there are dozens of options at staggeringly different price points. You will certainly find something that falls within the range of logic and your budget.

Always give alternatives a chance — you never know what deal you’ll get if you don’t consider other options in the market.

 

 

Shop Around for Quotes

Whether you’re hiring a contractor, interior designer, demo team, or project manager, take the time to ask for quotes from different individuals and businesses. Get at least three quotes before you make a decision.

Some service providers will simply have a higher asking price due to the high demand, and you’ll be able to get the exact same level of service from another provider.

Ask for recommendations from family and friends as well, so that you are able to consider verified professionals to undertake your home remodeling project. You can save hundreds to thousands of dollars, depending on who you entrust with the job.

other related articles of interest:

How to Finance a Remodeling Project

Also, are you wondering about how you can cover your home improvement expenses? Here are a few of the most notable approaches:

  1. A mortgage for home renovation (improvement)
    refinancing your current mortgage or getting a mortgage that finances home remodeling expenses is a common option for homeowners who want to carry out vital projects.
  2. Cash savings
    saving up and paying for your remodeling costs with your cash savings is an ideal option because, most importantly, you don’t have to pay interest on the costs! However, it’s not the easiest one if you want to take on a home remodeling project that costs several tens of thousands of dollars. Not everyone has that type of cash laying around in time for remodeling season.
  3. A credit line
    using your credit card or applying for a Home Equity Line of Credit (HELOC) are both viable approaches for financing your home remodeling if you don’t have enough cash on hand.

Hopefully, this guide will help you stay at the lower end of your home remodeling budget!

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