How To Save On Renovation Costs
Do you plan on renovating your home? A home renovation can one of the most expensive projects you’ll ever take on, plus you want to try to not exceed your budget. Whether you’re planning an addition, remodeling a room, or upgrading the existing interior or exterior of your home; there are ways to keep costs down and stay out of debt.
If you’re planning on selling your home, you’ll want the spaces you create to appeal to potential buyers. This is less of a concern if you’re planning on making it your forever home. If it’s a starter home or investment property, think about keeping renovations neutral and using decor to make the spaces unique.
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How To Save On Renovation Costs
I recently bought my first home, a fixer-upper in the spring of 2020. I purchased my home during the pandemic which was an excellent time to buy a home but not to renovate it. There were NO contractors available in my are due to the restrictions, but once those were lifted it seemed as if every single contractor was booked solid. So what’s a girl to do? I tried to do as much work as I could. Talk about scary, but fun! First off, I want to explain that I did simple tasks such as painting, demolition, and drywall. I watched a ton of YouTube tutorials for the things I didn’t know how to do, but the best part is not only did I learn a lot, I saved a ton of money!
The first thing that you want to do before you start any home improvement project is plan. Plan your project, budget and materials! Then decide what you can DIY or do yourself! Next, make a list and start gathering and shopping for materials. When I started planning my kitchen reno, I started shopping up to a year in advance for materials. I scoured the clearance sections at Lowes, Home Depot, Amazon and Walmart to save big.
DIY Tips To Save Money
- Plan- the amount of time and money you want to spend
- Make lists of materials needed and use it to compare prices.
- Invest in good, long lasting tools such as a power drill, nail gun, hammer, ect.
- Use Pinterest to save ideas and visualize your project.
- Shop for materials early- check the clearance sections at your local home improvement stores and online.
- Get your friends to help you.
- Shop Habitat Restore if you have one in your area. Habitat Restore re-sells tons of home improvement items left over from construction projects and home improvement store donations.
- Shop Amazon- Amazon has tons of home improvement tools and materials at amazing prices!
- Paint- You don’t have to hire a painter as long as you have the time and patience to do it. See Everything You Need To Know About Paint
*Remember you want to leave the complicated things such as plumbing and electrical up to the professionals and unless you feel comfortable enough that can do-it-yourself. For example you don’t want to demo something that could cost you more money in the end by having to replace it. DIY is best when you have a small project to complete but if you have a large renovation project, it’s best to consider hiring a general contractor.*
How To Hire A General Contractor
A general contractor will coordinate and execute the construction of much larger home projects. Make sure you find a licensed contractor you can trust by doing phone interviews, and getting at least 3 estimates. Check out this handy checklist and tips from forbes.com on how to hire a general contractor.
Did you know that some home improvement are tax deductible? When I replaced my old front door it costed just over $2000. I was able to claim it as a tax deduction because it was considered and energy efficient home upgrade! See the new front door here. Also see this helpful article about tax deductions from www.thebalance.com.
5 Home Improvements That are Tax-Deductible
- Energy-Efficient Renovations. Type of Savings: Credit.
- Home Improvements for Medical Care. Type of Savings: Deduction.
- Home Office Improvements. Type of Savings: Deduction.
- Rental Property Renovations. Type of Savings: Deduction.
- Home Improvements for Resale Value.
I hope you find this information helpful! If so share it with your friends, also if you are starting a kitchen renovation see my blog post The Ultimate Kitchen Renovation Guide with free printable checklist! Good luck with your home improvement projects!