Renovating your home can be an exciting project, but it can also get very expensive. With some planning and DIY work, you can complete renovations on a budget. Here are a few tips for saving money on your home renovation project.
Research Costs and Create a Realistic Budget
Before beginning any renovations, do your research on approximate costs for materials and labor. Get multiple quotes for any work you plan to hire out so you can compare prices. Create a detailed budget that includes a 10-20% buffer for unexpected expenses. Being realistic about the costs from the start will prevent you from going over budget down the road.
Prioritize and Tackle One Project at a Time
It’s tempting to renovate everything at once, but completing many projects simultaneously will make renovations more expensive overall. Prioritize the renovations that will make the biggest impact or address urgent issues first. Then move through your list tackling one renovation at a time. Focusing on a single project reduces the chance of having to redo work.
Do the Demolition and Prep Work Yourself
Labor costs add up quickly. For simple renovations like knocking down walls, ripping up flooring, removing old fixtures or painting, consider doing the prep work yourself. This will save on labor fees and allow you to stretch your renovation dollars further. Just ensure you comply with any permit requirements.
Buy Materials Second-hand
Check second-hand stores, salvage yards and online listings for discounted building materials and fixtures. Buying used materials can save a chunk of money, plus things like salvaged fireplaces look great.
Rent Tools and Equipment
Specialty tools and equipment needed for renovations can be very expensive to buy. Consider renting these items instead. Renting tools like demolition hammers, carpet cleaners, pressure washers and more can save substantially compared to purchasing. Just ensure you return rentals on time to avoid additional fees.
Know When to Hire a Pro
Certain renovations are best left to the professionals with specialized tools and skills. Attempting extensive drywall or plaster work without a commercial texture sprayer could result in a subpar finish requiring repairs. Refinishing cabinets is difficult without specialist equipment like a Graco spray gun. Paying the pros to do this work right the first time avoids spending more later to fix issues. Though their labor costs more, you’ll get quality results.
Repurpose Existing Materials
Get creative with ways to reuse materials you already have rather than purchasing new. For example, repaint built-in bookshelves or cupboards to refresh the look instead of replacing them. Use existing floorboards for an accent wall rather than buying new wood. Flip an old door on its side to make a desk. Reuse stone to build a retainer wall or have old bricks split and use them to line a fireplace. Repurposing what you have reduces renovation waste and saves money.
Barter Services with Friends
If you have a skill or talent to exchange, consider bartering services with family members or friends working in trades. Maybe you create a website for your electrician friend in exchange for help rewiring. Or you provide free accounting work for a month to a contractor friend who then does your bathroom tiling labor for free. Bartering saves cash on labor. If you help a friend in need and they help you, everyone’s a winner.
Watch for End-of-Season and Overstock Sales
Time your purchases of big-ticket renovation items like appliances and lighting fixtures for end-of-season or holiday sales. Retailers will discount these goods to make room for new inventory, often around Christmas and Black Friday. Sign up for store emails and pay attention to sales calendars. If you have a store card, you may receive emails about sales and promotions in advance, so keep an eye out for these. Overstock specials can also yield great deals on flooring, sinks, lighting and more. Timing it right saves a bundle.
Avoid Moving Plumbing and Electrical
Plumbing and electrical work during renovations can blow budgets quickly. Avoid taking on projects that require moving drain lines, water lines or rewiring unless absolutely necessary. Adding a new bathroom where plumbing doesn’t exist or relocating the kitchen or a boiler will escalate costs. Focus DIY on cosmetic changes rather than major system relocations when possible.
Stick to Your Style for Future Savings
Make decorating choices that reflect your style but aren’t too bold or trendy. Opting for timeless flooring, cabinetry, counters and paint colors makes your renovation feel current longer. You’ll avoid frequent expensive redecoration to stay on trend. Make renovations with the intent to enjoy them long-term.
By realistically budgeting, prioritizing projects, buying smart and sweating some of the labor yourself, you can complete renovations affordably. Pay attention to areas where professional expertise is warranted to avoid extensive repairs later. With some diligence and cost-conscious decisions, you can renovate your home beautifully on a budget.
