O M to the G! This renovation is taking forever and is so expensive.
Well, those are some of the words you hear from people who are in television and are going through renovation.
Renovating your home should not be as expensive and stressful as portrayed by what you see in mainstream media.
In fact, upgrading your home should be one of the most interesting projects in your life.
Home renovation affords you the chance to redesign and redecorate your space in keeping up with current decor trends. However, you need to be extra careful with your spending.
Smart Strategies to Save on Your Home Renovation
Home renovation should be fun. It should be a fun time where you can customize your house the way you like it without people telling you what to do.
But reality check kicks in. Ouch!
The renovation could or will cost a lot of money. Yes, or it doesn't have to.
Yes, because there are too many ideas and options you can choose from where differences are just crazy outrageous.
No, it doesn't have to because there are always alternatives to those expensive ones you are eyeing.
This article outlines strategies you can implement to save time and money on your home renovation project.
1. Commit to a strict budget.
Renovating your home is a project meant to add value to you and liven up your house.
As such, you want to spend ample time researching and creating a renovation plan that will enable you to save as much as you can.
You may consider inexpensive finance options such as a 203k loan or even your home equity that gives you enough wiggle room without stretching your finances.
Creating a budget and strictly sticking to it allows you to stay within your affordability range.
It also opens up your mind to possibilities that you would not have otherwise considered.
A budget shows you the value of picking decent materials that work just as fine as the expensive materials. You can easily substitute Formica for granite and save more than 50% off the total cost.
2. Subdivide your renovation project.
Whether you choose to renovate your entire home or sections such as the kitchen or deck, you should subdivide the project.
It is easier to stick to a budget if you concentrate on tiny bits at a time.
Subdividing also saves you time and money in that you are able to channel all your finances on one section without compromising on the quality before moving on.
Such a strategy allows you time to save up for the next part of our project. It also offers you the chance to hire different contractors that are experienced for their skills in a specific area.
3. Go DIY on the prep work.
A lot of contractors charge fees based on the hours they spend working on a project.
For example, renovating your living space may involve removing the carpet, knocking out a structural wall, polishing or cleaning the floors, and carpeting.
Removing the carpet and cleaning the floors yourself saves you some service costs and time.
Another way to save on your renovation is to shop for the essentials yourself unless you require plumbing, conduits or new wiring, shop for your materials.
This gives you a chance to compare different options and settle for your preferred ones, according to Consumer Reports.
While at it, reuse materials such as the kitchen cabinetry; however, know what is within your DIY ability range.
4. Compare contractors.
The most expensive part of a renovation normally involves a contractor.
Even if you can do most of the work yourself in an attempt to save money, you will have to call a professional at some point.
A wise decision would be to interview a few contractors before making a final pick. In your evaluation, be sure they give you a quote on the total valuation of the project.
You should also read the subcontracting fine print, especially if it involves a different company.
Such clauses may spiral your budget into thousands or compromise the quality of your home renovation.
Take this time to get to know the contractor and build a functional working relationship which will come in handy during the project.
When it is time to renovate your house, you definitely have to do it whether to increase the present value of your home or to create additional space.
Regardless of the size of the project, you have to make wise money decisions that will save you both in the present and future. The trick is to find a balance in your compromises.
Are you considering renovating your house or parts of it? What are you going to do to make sure your renovation efforts fall within a workable budget?