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10 Ways to Save Money on a Home Renovation

10 Ways to Save Money on a Home Renovation

Renovating your home can become quite expensive. The costs can really add up as you can imagine. Since many people believe renovations are too costly, they often postpone the inevitable because of financial considerations. But it doesn’t have to be this way.

Instead, you can shift your focus and decide to upgrade your home while sticking to a budget. Getting new RTA kitchen cabinets is a good example. You don’t have to buy the best or most expensive option. You can find a beautiful and affordable set of cabinets that perfectly fits within your means by buying them online.

Tips like the one above and others below will make it possible to renovate your home and save money at the same time. Use this information wisely to make the entire process as affordable as possible.

Sell Valuable Things That You No Longer Need or Use

Are valuable things currently lying around your house? Maybe you have a perfectly good and serviceable stove that you just replaced during your renovation. Or maybe you’ve upgraded your refrigerator but your old one still works fine. Consider putting these items for sale on websites like eBay, Craigslist, or the Facebook Marketplace. Let other people have the opportunity to purchase these items from you and put a couple of bucks in your pocket in the process.

Lower the Costs for Materials

Save Money on a Home Renovation

On average, your typical homeowner will pay more money for materials than they should. Unfortunately, they make this mistake often and it ends up costing them too much money and they go over budget.

Letting your contractor choose the materials is a big mistake. They may not necessarily have your budget in mind when making their choices. So they’ll end up choosing pricier materials that don’t fit within your budget. Or even worse, sometimes unscrupulous contractors tack on an additional percentage over the typical material costs.

Avoid paying top dollar altogether. Instead of buying everything brand-new, you can buy recycled material that you can reuse. Purchase it on websites like Craigslist or eBay or check to see if a local second hand store has materials on hand. Freecycle may even make it possible to get some material for free.

Avoid Hiring a Contractor and Fix Things Yourself

Every so often it’s possible to renovate your home on your own, even if you do not have the right background. Consider initiating DIY projects whenever possible. This way you can renovate your home without paying costly expenses by hiring a contractor. It’s a great way to save money and make your home renovation much more affordable.

Pay Your Contractors and Material Expenses with Cash

Save Money on a Home Renovation

Is your contractor willing to accept cash for his or her services? Believe it or not, many contractors are willing to offer their customers a discount when they receive greenbacks for their services as opposed to credit card payments. Why? Well, that’s up to the contractor. They may decide to withhold this income from the IRS in lieu of paying taxes on it like they should.

How about paying cash for materials? If you pay for your materials using a credit card, you’ll have to pay them off in a month or you’ll end up paying interest which will be even more expensive. Paying for materials using cash means avoiding potential heavy interest payments in the future.

Reuse Materials Whenever Possible

It’s crazy to leave extra material lying around doing nothing. Instead, take this material and use it however you can. This will help you save money and cut your waste expenditures down big time. Plus, your budget will remain healthy and strong because you used all of your material instead of spending frivolously and buying extra.

Create and Stick to a Budget at All Costs

Budgeting is absolutely necessary if you intend to save money during home renovations. Why? By having this plan in place, you’ll know exactly how much you can afford to spend and you will not spend extra if you are diligent.

Believe it or not, too many homeowners failed to live within their means because they do not stick to a budget. Forget about paying for more than you can actually afford. Avoid using credit cards or lines of credit to pay for your expenses when possible. Paying interest will mean your home renovation could cost a lot more than it seems on the surface, so avoid this at all costs.

Only Make Big Purchases When Things Go on Sale

Save Money on a Home Renovation

Do you have to purchase new appliances for your home renovation? Instead of buying this stuff right now, you should wait for the next big sale. Remember, stores hold major sales at least a dozen times throughout the year. If it happens to be in the middle of April when you read this, wait for the Memorial Day sale at the end of May to buy appliances if you can hold out that long. You’ll save a bundle and find it much easier to stick within your designated budget.

Spend Less Money on the Essentials

Everyone has essential pieces that they need to purchase during a home renovation. For the most part, people tend to spend big bucks buying these materials because they find them essential. Instead of going overboard, consider purchasing less expensive materials that are still just as top notch and attractive. By going this route, you’ll still have a gorgeous home renovation underway but you’ll be able to cut down on your material costs and stick within your budget too.

Avoid Moving Too Fast While Renovating Your Home

Save Money on a Home Renovation

Some of us believe that renovating our home is a race to the finish line. But it would be foolish to completely rush through the process of renovating your precious space. If you move too fast you’ll end up spending more money because you’ll make more mistakes. Take your time and focus on a slow and steady pace. Spend ample amounts of time looking for the best deals on materials, appliances, and labor. By taking your time, you’ll purchase high quality stuff for a fraction of the original cost.

Make Appointments with Multiple Contractors for Price Quotes

Meet with multiple contractors before settling on your contractor of choice. Why? By meeting with and receiving quotes from multiple contractors, you’ll determine the best company that will save you the most money. As long as you know these contractors are good at what they do, you could always hire the lowest bidder. To make matters even better, let each contractor know that multiple contractors are bidding for your job and they’ll undoubtedly lower their prices even more.

Bottom Line

It may seem difficult but it’s possible to save money on your home renovation project. Use our suggestions to make it happen. Create and stick to a budget, buy discounted appliances and materials, and follow the other steps and you’ll have no trouble lowering your expenses while saving a small fortune in the process.

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