Home Remodel Tips: Practical Ways You Can Keep Your Costs Down
Deciding to remodel your house or some parts of it is easy. What’s difficult is trying to find a way to balance all the expenses that come with a remodeling project. If you have a tight budget, you’ll want to know how to keep costs to the minimum, and there are several ways to do this.
First off, however, you’ll have to determine the reason - or reasons - you want to remodel. Do you have plans to sell your house? Do you want to increase your property’s market value? Or maybe you found out that annual roof maintenance is not enough to keep your home in safe and good condition? Whatever your reason is for remodeling, there are things you can do to keep your expenses to the minimum.
Tips for Keeping Remodeling Costs Down
Make a plan for your remodeling project.
Before finalizing things with your contractor, make sure that you have already laid out your remodeling plans. For example, how many rooms in the house are you remodeling? If you are planning to change the flooring in one room, you should also consider changing the floors of the other rooms instead of waiting for several more years to do it.
Scheduling remodeling work at the same time is more cost-efficient compared to doing it on time installments (i.e., one room this year, the other room next year). Also, try to come up with a sequencing chart - or a schedule of tasks contractors will work on. For example, for the first week, the main tasks should involve cleaning all the areas that will be remodeled. A task sequence tracker helps minimize rework - the cleaners come in once only, in the first week. It saves time and money.
Decide on a budget and stick to it.
Working with a budget does not mean “working cheap.” It means knowing how much you can spend or what percentage of your savings or income may be used for the remodeling project. It also means finding a way to purchase all the necessary items without worrying about not having enough money for them.
Create a spreadsheet or list of all the things you need and want to buy. Get quotes from at least two suppliers and then add the projected labor fees. If you’re going to be more thorough, input the tax payments as well. Use the list to determine which items take up most of your budget.
Compare the quotes and choose the more practical ones (but do not choose a cheap price tag over quality!). You can also use the spreadsheet to determine which items are not needed for the remodeling project.
Unexpected expenses are real.
In making your budget, do not forget to allot a specific amount for unexpected expenses. Some homeowners add a little to the total budget amount and then leave 20% of it for the unplanned, emergency expenses. You’ll never know what you might need while in the middle of finishing the project. Also, it’s always good to have a contingency plan.
Stick to your budget by reusing some materials.
Some homeowners complain that sticking to their budget is often challenging because the materials they need are expensive. The best way to deal with this problem is to reuse some of your materials. For example, you have extra plywood lying around from a previous remodeling project; use that instead of buying a new one. Or, if you have old furniture that are no longer in use (such as wooden chairs or a wooden toddler crib), reuse their materials for your current project. You can also find refurbished materials from recycling centers and flea markets. Attending and buying from auctions is also an effective way of bringing down your expenses.
Other options you have are buying from salvage yards and selling or trading old but functional furniture. If you have your eye on a particular item, do not buy it right away. Wait for the item to go on sale. Buying materials and other essential items using vouchers or discount coupons will also help.
Avoid paying in credit.
Do not use your credit card to pay for materials and your contractor. Paying in cash will help you save more because you’ll be spending money that you already have. You do not have to pay for credit card interest, something that you might not be able to pay off right away in the future. Sometimes, credit cards make people think they have more money than they actually have. In the end, you’ll be spending too much cash that you still do not have, and you’ll suffer for it in the future. Most contractors also offer significant discounts to clients who pay in cash. Do not forget to ask for receipts every time you pay for something. Ask for a hard copy and a soft copy sent via email. You’ll also need the receipts when tax season comes in.
Document every step of the remodeling process.
Take photos and videos every step of the way. Some people may think that photos and videos are just there for “showing off,” but they serve an important purpose. Remodeling project documentation can:
- Provide evidence of the work done
- Act as proof in case you have a complaint or question about the work done
- Help increase opportunities of finding buyers or new tenants
- Serve as a walk-through of the property
If you have intentions of replacing some appliances, sell them.
If the appliances you plan on replacing are still in good working condition, do not throw them away and do not allow them to rot in the storage room. Sell them. You can join online selling platforms such as Facebook Marketplace or Craigslist. You may also want to post them on your FB page, where all your friends and relatives can see the items. Selling off still-useful appliances will help lower your remodeling costs. Also, the money you collect from buyers may help you recover a portion of your expenses.
Get suggestions from your contractor.
Do not hesitate to ask for suggestions from your contractor. Contractors have a long list of contacts who can help provide what you need at a lower cost. For example, if you need new flooring materials, your contractor can hook you up with someone who can offer a cost-efficient alternative to your original option.
Follow the tips above and talk to your contractor if you want to get the best out of your remodeling project.
Author Bio:
Rachel Porter is the content specialist for Custom Contractors Insurance, LLC, an Arizona roofing and contractors insurance company. When not writing, she enjoys reading and mountain biking with her friends.
