As much as you may love your home, there is nothing wrong with making upgrades from time to time. In some cases, these updates make the house look or function better for yourself or your family. It is also possible that making upgrades now can lead to a higher selling price for your home later. Regardless of why you want to remodel your home, how can you save money doing it?
Do the Work Yourself
Doing the work yourself may save hundreds or thousands of dollars off the final price of your remodeling project. For instance, instead of hiring someone to redo your kitchen floor, it may be easier to just do it yourself. It may also be possible to refinish your own cabinets or install appliances on your own. Other jobs that you can likely do on your own include painting and basic plumbing and electrical work.
Create the Illusion of Using Luxury Materials
You can get the look and feel of wood floors in your home without buying real wood. Engineered materials are just as durable as real wood while costing a fraction of what real oak or other hardwoods would. You can also buy tiles designed to look like stone or brick finishes to help you get the look that you want without busting through your budget. Unless your friends are interior designers, they are unlikely to notice the difference on their own.
Buy at Outlet Retailers
Just like clothing or shoe retailers send their excess inventory to outlet stores, home improvement suppliers will send excess materials to clearance centers to be liquidated as well. This can provide you with a prime opportunity to buy quality products without paying full retail price. Online retailers may also charge less than the local hardware store even when you account for the cost of shipping.
Get Multiple Quotes From Contractors
If you do decide to have some or all of your remodeling work done by a professional, make sure to shop around first. Getting multiple quotes may make it easier to get a fair price for quality work. Talking to multiple contractors is also a worthwhile idea because different contractors may have different lead times. Depending on your schedule, you may prefer to go with someone who can start right away as opposed to someone who can’t start for several weeks.
Define the Scope of Your Project
To keep costs under control, make sure to define the scope of your project from the beginning. For instance, your plan may be to upgrade the kitchen, update the bathroom and replace the roof. From there, you can decide whether to buy new appliances for the kitchen or go with a used model in favor of heated floors in the bathroom. By setting a budget before your project begins, it is less likely that you will try to do more than you can afford to at one time.
Find Affordable Financing
Another issue to consider before you begin a project is how you will pay for it. While paying with a credit card or with contractor financing may save money now, it could cost you more in the long run because of interest and other finance charges. Paying with cash is usually the best way to stick to your budget.
As a homeowner, you have a responsibility to maintain the structural integrity and the value of your property. While no one likes to spend money on home improvements, it is a necessary part of being a responsible property owner. By defining what you need to do, who will do it and how it will be paid for, it is possible to complete necessary upgrades without spending more than you can afford.