Home renovations can be expensive, with project costs adding up very quickly. According to a 2022 study by the National Association of Home Builders, new homeowners spend, on average, $12,000 for renovations. However, a 2023 HomeAdvisor estimate gives a much higher figure, with renovations averaging around $48,000. Therefore, if you’re looking to revamp your home soon, costs will be one of your primary considerations.
The good news is you don’t have to invest all your savings or even get a loan to renovate your home. With a few savers resources, you can remodel – even on a budget – and save money. Below are some tips to help you cut costs on your next renovation project.
Create a Detailed Plan
A proper plan is a top savers resource when you’re planning a home renovation. First, unplanned renovations, especially in areas such as the bathroom and kitchen, can bloat your budget, causing you to spend more than expected. Secondly, a plan helps to guide your entire project, making it easy to track your expenses and cash can help prevent you from going over the budget.
When creating a plan for your renovation, the first thing to do is to note your remodeling needs – or the “why” and set the goals you want to achieve. This will help ensure that your remodeling is driven by a specific need or desire, not an impulse decision. Setting goals for your project will also give you a clear roadmap that you can follow for the duration of the renovation.
After identifying your home improvement needs, you should list your renovations in order of priority. Then, you should choose the most important and beneficial projects instead of doing everything all together, which can help you save money. For example, septic tank installs are much more valuable than luxury upgrades such as a swimming pool or a garden water feature.
Set a Budget and Stick to It
Budget is another vital savers resource during home improvement projects. Having a budget for your renovation helps you establish clear guidelines regarding materials to use, labor costs, and the cost of each aspect of the project. With these guidelines, you can avoid overspending on particular areas of your renovation, thus saving you money.
To create a budget for your renovation project, start by deciding how much money you’re willing to spend. This will ensure that you don’t embark on more expensive revamps than your available finances, which can leave you in debt. Then, you should list down all the renovations you’re looking to carry out and, once again, prioritize them based on their importance.
Another vital part of the budgeting process is to break down your renovations into small items and create a cost outline for each aspect. This way, you will have an easier time tracking your expenses during the project. A cost outline can also help you identify areas you can eliminate or cut costs on, which can help you save money.
Lastly, when creating a budget, you should factor in unexpected expenses such as electrical work, pest, and rodent removal, mold remediation, plumbing work, etc. Putting an allowance for these sudden expenses in your budget helps prevent overspending or the stalling of your project, which can be very expensive.
Don’t Rush Your Renovations
Home renovations are not only expensive, but they can be time-consuming. Furthermore, they can be inconvenient as you might have to move out or lose the use of various spaces in your home when revamping. As a result, it can be tempting to do everything in one swoop to minimize the hassles involved.
However, rushing your renovations can easily lead to overspending. For example, when on a tight deadline, you’re likely to make rush decisions that can see you spend beyond what you had envisioned. However, when you have time to think and decide, you can find many ways to reduce your costs, thus saving money.
Another benefit of taking time during renovations is that it gives you time to find deals on materials, saving you money. Additionally, you can plan your renovations to coincide with off-seasons, at which time you will likely get better deals from contractors. Therefore, time is another vital savers resource when you’re renovating, which can help you save a lot of money.
Always Use a Contractor
When renovating your home, you might be tempted to go the DIY way to save on labor costs. However, this can be counterproductive, and you may incur more expenses. This is because DIY renovations have many hidden costs, which homeowners don’t usually account for.
One of the top hidden costs of DIY renovation is the mistakes made during remodeling. For example, if you’re doing plumbing work, you can easily make a mistake that can cause extensive water damage to your home. Therefore, in the end, you will spend a lot of money, which you could have saved by hiring a professional plumber.
Another hidden cost of DIY is the work quality. Unless you’re an expert, your work quality will likely be lower than that of a contractor. Therefore, even if you don’t make mistakes, you might still run into problems later, which will require money to fix.
Therefore, instead of renovating yourself, you should hire contractors who can guarantee quality results. A contractor is also more likely to stick to your budget, thus preventing overspending. Additionally, you can leverage their connections, allowing you to get materials at a discounted price, saving you more money.
Ask for Estimates and Shop Around
Estimates are another savers resource that you should utilize when doing home renovations. First, estimates will help you come up with more accurate costs for your project. As a result, you can plan your budget better, which will help to prevent overspending.
Another way you can save money with estimates is by shopping around from different contractors. For example, if you plan on repairing your HVAC system, asking for estimates from many HVAC companies can help you select an affordable contractor for your renovations. Additionally, you can ask for quotes from different material suppliers, which will help you save money.
However, when comparing estimates from different contractors and suppliers, you should be cautious about low offers. Low offers can signify hidden costs or poor-quality work, which can be more expensive.
Therefore, before accepting an offer, you should ask the contractor to itemize their quote, giving you a clear picture of your charges. It’s also a good idea to consider other factors such as reputation, types of materials used, experience, skills, licensing, and contractor insurance.
Come Up With Creative Ways to Create Space
According to a survey conducted by Realtor.com, larger space is one of the top desires for many homeowners. Therefore, when most people revamp their homes, they will most likely create more space. Unfortunately, some space-adding renovations, such as changing floor layouts, breaking down walls, or adding rooms, can be expensive.
However, you don’t have to invest thousands of dollars in your home to create more space. Instead, you can find several creative ways to add extra space at a fraction of the cost – another vital savers resource you should utilize.
One of the top ways to create more space and save money during renovations is by utilizing storage solutions. For example, installing drawers, cabinets, shelves, and closets in your home will allow you to create extra storage space, declutter your home, and make it more spacious. Other creative and affordable ideas to add space to your home include laundry room organization systems, under-the-stairs storage space, dual-purpose furniture, etc.
Avoid Big and Expensive Changes
As a homeowner, you’re spoilt for choices regarding renovations and improvements you can undertake. For example, some popular home renovations include kitchen and bathroom remodeling, flooring replacement, room expansions, swimming pool additions, etc.
Unfortunately, many home remodeling projects are expensive and not a very good idea when trying to save money. In addition, some renovations can lower your home’s value, making them a waste of money. Therefore, when planning to renovate your home, you’re better off focusing on small, inexpensive changes that will spruce up your home instead of big luxury remodels.
For example, you can spruce up and transform your home with a fresh coat of paint, a simple and affordable renovation project. Likewise, hiring a lawn treatment service for your outdoors can be an inexpensive way to improve your home’s curb appeal and save you money.
Repair and Restore Instead of Replacing
Shiny new upgrades can make your home look and feel amazing, but they can be expensive too. So, instead of splurging on replacements, you can make your home feel new by repairing and restoring it. Therefore, when planning for home renovations, repairs, and restorations are another top savers resource you should use to cut down on costs.
Some top areas to consider for repairs and restorations during home improvements include the roof, floors, windows, plumbing, and electrical systems. If you’re doing a complete overhaul, these areas can drive up your home improvements by thousands of dollars. Therefore, unless something is badly damaged beyond fixing, you should always consider repairing or restoring it first.
The outdoors is another area where you can save money with repairs and restorations. For example, a new asphalt driveway, while excellent at improving your home’s curb appeal, can cost, on average, $4,700. However, you can save a lot of that money by restoring your old driveway through asphalt sealcoating and you’ll still make your outdoors look awesome.
Don’t Put Off Vital Repairs and Renovations
Home renovations can be expensive if you’re fixing extensive damage to your home. Therefore, another top savers resource that can help you save money is to conduct repairs and renovations on time. This will prevent the problem you’re fixing from deteriorating, which can cost you much more.
Some of the top areas where timely renovations are vital to include the roof, floors, walls, and foundations. Fixing extensive damages in these areas can cost thousands of dollars. However, you can keep the costs low and save money through timely repairs. For example, according to Angi, minor roof leak repairs can cost as little as $380. However, you can pay up to $6,000 for extensive water damage repairs.
Mold, pests, and water damage are other critical repairs and renovations that you should not ignore. Water damage can cause extensive foundation issues, while mold infestation can grow larger and spread through the home. Likewise, pests can damage your floors, walls, and electrical system, which can be expensive to repair. Therefore, hiring contractors such as mold removal specialists and a pest exterminator early on can help you save money on repairs.
Lastly, appliances are another area where you should not put off repairs, especially for critical items such as your air conditioner. Failing to service or repair your appliances can lead to breakdowns, thus requiring expensive repair or replacement. Additionally, faulty appliances can increase your energy bills. Therefore, timely repairs are another excellent way to save money.
Hire a Cleanup Crew After Renovations
Renovation projects can produce a lot of dirt, dust, and debris that can be unsightly. Therefore, after completing your project, you’ll need to clean up to give your home a polished appearance.
Unfortunately, DIY cleanup after a renovation can be expensive. First, it takes time to clean up by yourself. Additionally, you can incur many expenses in items such as cleaning products and equipment and garbage dumping costs. Furthermore, you might not have the specialized tools required for the cleanup, for example, protective gear, forklifts, and construction waste bins. Buying or hiring these tools will add more costs to your cleanup efforts.
Therefore, professional cleanup specialists are a vial savers resource that can help you save money after renovating. For example, hiring a home cleaning company offering a vacuum service can help eliminate all dirt, dust, and debris accumulated in your home. A junk removal service can also help you safely remove any construction waste on your property, keeping your outdoors looking neat and clean.
Home renovation is a significant undertaking, which can get expensive very quickly. However, with the above savers resource tips, you can keep the costs of your revamping project down, saving money in the process. The best part is that you don’t have to sacrifice results to save money – you can still make your home look excellent even with these money-saving renovations.