Whether you are buying a house with the sole intention of flipping it for a profit, or if you just would like to renovate the house you have now, home renovations can be very expensive.
Everyone knows that the real estate market is still in a slump and that the government, market research analysts and everyone else keep saying that the bottom is near or has passed. If you are trying to increase the value of your home or just want to make your house more livable until the housing market bounces back, home renovations are the way to go.
Home renovations can make a house more comfortable, and can also make living in the house more exciting. Instead of buying a brand new one, you can always renovate it so that the house is the exact way that you want it.
Not all home improvements have to be extremely expensive (such as a $20,000 kitchen makeover). Some can be extremely affordable, all depending on which cost savings route that you choose.
There are many different ways to save on your home renovation.
1. Look around
Decide if doing the home renovation project yourself or hiring someone to do the project is better and cheaper. If you mess up on the project and have to redo the whole thing, will doing the project still be cheaper? Or is there the potential possibility that you will be wasting your money by trying to do it yourself?
Try and determine what home renovation projects that you can do on your own. If you have to second guess yourself, you should probably hire someone, or ask someone who knows what they’re doing to help.
You can also save money on your home renovation project by also doing small things such as removing items that may be attached to what you are renovating, such as tearing up your old carpet. You could also clear items out of the room so it doesn’t factor into the amount of labor time which is required.
Also, make sure that you are doing the projects to your local code, or you might find yourself getting a ticket, having to take it all back down and destroy it, or you might have to pay to have it redone if you plan on selling your house. Especially make sure that your project is up to code if you live in a historic building, as you can find yourself in even bigger trouble.
2. Bid on contracting services
Generally, you should not just go to the first contractor that you find in the yellow pages or online. Contact many different contracting companies, get them to come to your house and bid on the work. You will often find that the prices that they say will range widely.
Try and determine what these price differences are as well. Is it due to the quality of the work, the quality of the materials used, or something else?
When bidding on contracting services, also obtain references from the companies. Saving money is always a good thing, but you don’t want to trade in quality workmanship for something cheap that might possibly break or need to be repaired soon after.
3. If you do hire contractors or help, buy the material yourself
Buying the materials for the project yourself can save a lot of money for your home renovation. If you need residential garage doors, buying this yourself and then hiring someone else will usually save you a lot of money since you are not paying a middle man mark-up on the materials.
Some contractors might allow you to purchase the supplies, but it is of course always best to ask the contractor when you are bidding on the service.
4. Look for salvaged materials
Go to your local home improvement store or look on online forums to see if there’s anything that was returned or something that someone didn’t want for their home project. You can usually get a heavily discounted price on the items.
What other ways are there to save on a home renovation?