Renovation enables you to create your dream living space from scratch, or improve the comfort of your existing space while adding to its value. Whether you have decided to renovate your entire home completely or just make slight modifications to an existing interior, the first thing you should consider is the project’s budget.
Money has always been a bone of contention when it comes to home renovation projects. However, if you plan smartly, you can end up saving thousands worth of dollars. Below are a few tips to save money on your next home renovation project:
1. Make a list
Inspect your home, take note of places that are in dire need of immediate repair and areas that will just require minor upgrading. Create a list of potential renovations and additions. Set a flexible timetable for your renovation project. Avoid revamping your home during peak seasons, when contractors are almost fully booked and tend to quote high rates. You will be amazed by the amount of money you will save by setting a flexible timetable.
2. Calculate the costs
Evaluate the overall costs of renovating your home. Few problems you might be able to fix yourself, but others will probably require the assistance of a professional. You can save a lot of money by taking on minor jobs like removing fixtures or tearing up old floors. You will have to consider the cost of both materials and labor while deciding the rough estimates. When determining the overall budget, also include the contingency costs that can further inflate the expenses.
3. Compare quotes
One tried and tested way to save exorbitant sums of money in home remodeling projects is by comparing quotes. Get estimates from multiple sources and compare quotes to find the best deals possible. Opt for a source that offers both quality work and affordability.
4. Purchase your supplies
If you have the right contacts and sources for lower-priced materials and supplies for the project, you may be able to save some money this way. It will not only allow you to control the cost of the supplies, it also give you an additional reassurance against being fleeced by some fly-by-night contractors. You need to be prepared to face some level of disagreement from your renovator though, as not all are receptive to this idea, and with good reasons.
5. Select loan carefully
Depending on the level of renovation, you are planning to undertake, consider loan options available to cover part of the costs. With the many available loan options, it can be a tad difficult to find the one that exactly meets your specific requirements. Scour through all the options and carefully weigh the pros and cons associated with each before coming to a feasible decision.
6. Long-term results
You need to focus on not only the present results but also the long-term ramification of the renovation project. By investing on superior quality materials now, you can save big on repairs in the longer run. Rather than focusing on cosmetic aspects, it pays to concentrate on pressing matters at hand. For instance, before replacing your granite counter top, it makes sense to prioritise repairing an old roof.
At Teasure Pod, we always try our best to help clients make smart budgetary decisions. Contact us for a friendly discussion and find out how we can help you best in your next renovation project.