When you talk of home renovation, the first thing that comes to mind is the cost. Questions like “how expensive will it be or can we afford it?” could deter you from undertaking that long overdue project. Well, upgrading your home space doesn’t have to cost a lot of money. Here are eight money-saving tips that will help you!
- Plan early and take your time.
Early planning will help you organize your remodeling project and this will guide you on the appropriate selection of materials and their cost. Once you have your plan rolled out, the next step is where to find the money for said project. Waiting for the money to renovate isn’t always a bad thing, because time is your friend when it comes to planning a renovation. If you have the money, it can be tempting to gut and renovate your home all at once, but it can be overwhelming to make a lot of good and cohesive design decisions when you’re factoring in so many things. If you rush things, you’ll most likely regret some of the choices you make
- Pay in cash if possible.
Paying for your project with money you already have will save you a significant amount of money you’d end up paying in interest if you take out a loan or put things on a credit card that you can’t immediately pay off. If you’re renovating to sell your home, it might make sense financially to take out a loan when you know there will be a return on your investment and the loan will be paid off quickly. But in general, paying in cash is the best way. If you can’t afford it now, begin thinking about ways you can trim your household budget to save money for your project.
- Practice DIY.
If you have moderate DIY (Do It Yourself) skills and want to take it to another level, now’s the time. As long as you can learn a new skill and take the time to do it right, your determination is your biggest asset. If you don’t have the required tools, you can rent them and save quite a bit of money instead of hiring someone to do the work for you. However, there are things that you should not do yourself unless you’re licensed, like electrical work and moving utility lines. But even if just half of the job is done thru DIY, that’s a lot of savings already!
- Recycle materials.
It would greatly help if you recycle old materials that are still in good condition rather than purchasing new ones. You can add paint to make them more stylish and reuse well-painted cabinetry and other appliances to keep the cost down. Let’s say, you’re unhappy with your current bedroom door, you can save more money refacing rather than replacing it. If the existing materials in your space are not reusable, you can buy new ones from salvaged material collectors. This way, you are also helping save the environment as you save money.
- Stick to your budget.
Budgeting always plays a crucial role in money saving. A reasonable budget helps you plan the amount you are willing to spend. Overspending can make you spend outside the budget requirement. For you to save more cash, it is crucial to stick to your budget as this will help you prioritize what to buy. In the end, you may end up saving more than was estimated in your budget.
- Consult an expert.
Experts in building and construction work will give you the best information about your house. They can also advise you on your home renovation plans and help you improve where necessary. Experts can also help you spend the least budget on remodeling. For instance, they can help you acquire cheap and quality materials for the project. Architectural experts can also provide better construction plans as they will examine your house and come up with new techniques that fit your budget requirement.
- Consider your lighting needs.
Your lighting needs are not only limited to just simply upgrading your home’s lighting fixtures. You should also need to consider using natural light as much as possible since this will translate into sizeable savings in your electric bill in the future.
- Wait for a sale before making big purchases.
Remember that time is on your side and there are times of the year that are better for purchasing certain big-ticket items, such as Black Friday and Christmas holidays for appliances, electronics, and power tools, as well as the end of summer sale for outdoor furniture and lawn care items. Research the best time to make your purchase, and don’t let your impatience steer you away from getting a good deal. And don’t forget about buying scratch-and-dent appliances or floor models.
Make sure to consider these eight money-saving tips as you go about undertaking that home renovation project that you’ve always wanted!