Buying a Home – Top 9 Ways to Lower Renovation Costs

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Owning a home is a dream come true for many. However, the process is tedious and hiring the right professional is critical. An experienced realtor and a licensed brokerage firm like movoto will come in handy. They will guide you in your search, equip you with the latest information, and help you locate your home of choice.

The next thing would be to fix a few things in your new home. We all have personal preferences, and no property is perfect. How about renewing your new home to suit your needs? It’s an excellent opportunity to increase its value and lower power and heating costs. Such improvements can be costly, and this hinders many homeowners from repairing their homes. Luckily, there are various ways to renew your home on a budget.

Check out tips for cost-effective home renovations:

1. Examine the worth of the repairs

Source: AllHouseDecor.com

Renovating a home raises the value of the property. But, you need to ascertain whether the improvements are worth it. Some upgrades can make your home more valuable and are very beneficial. However, not all render worth returns. Think about this and only go for what will offer better returns in the long run. For instance, bathroom renovations are more valuable than flooring.

2. Work with a budget

Source: Xconomy

A budget is critical in any home renovation project. It helps you to know the key areas to focus on and what to forgo. It will help you in analyzing the cost estimates, including labour, permits and cost of materials. However, your project cost may be slightly higher than the projected budget, so allocate an extra 15% to the cost estimates. You’ll save more working within a budget than without any financial plan.

3. Consider DIY sessions

Source: The Motley Fool

Inspect your new home, and you’ll discover that there are some things that you can do by yourself—carrying out some of the tasks by yourself with save you a lot of money. However, be sure of your skills before undertaking any renovation tasks.

For instance, if you have no prior experience in plumbing repairs, you’re better off leaving this to a professional. Nonetheless, you can accomplish some of the tasks, like painting and updating lighting fixtures.

4. Shop in bulk/ Check for discounts

Source: Dagens Byggeri

Write a list of all the materials and equipment required to undertake the repairs. Shop in bulk, and this will save you some cash. Also, check out special offers and discounts. Most companies offer discounted prices on some of their building materials, and you’ll save much by taking advantage of this.

Don’t be moved by such offers; only acquire what you need and avoid impulsive purchases. Also, talk to friends and neighbours, and check if they have any renovation materials lying around. Many will sell them at a lower price or donate them for free.

5. Switch materials

Source: DIY International

Opting for less costly materials is a win when it comes to home renovations. It will help you save you a lot of money, and might not affect the aesthetic value of your home. Places like the kitchen and bathroom are great spots for such materials. Opt for laminate or an engineered stone top for the kitchen countertops. For the floor, go for quarry tiles or laminate instead of hardwood. Use expensive materials for the areas where you wish to make a statement.

6. Don’t alter the plumbing

Source: Eyman Plumbing

If you plan to renovate tour bathroom, stick to your former plumbing points to save on costs. Changing your plumbing system is time-consuming and will also cost you a lot. Upgrade all that you want but maintain the facilities in the same spot. For the kitchen, work with the existing laundry joints and hire a professional plumber. They will guide you on the best way to maximize your current layout.

Try to use existing soil pipes where possible. When you add a new one, ensure you locate it where you can join it to the primary sewer connection as making a new one is expensive. It will also allow for flexibility in your new layout without breaking the bank.

7. Refurbish or re-use

Source: Blogging Junction

Don’t do away with all the old items in the home. Use them in your renovations to cut on costs. For instance, if updating the furniture, use the old timber to make shelves and other storage units, and apply a fresh coat of paint for a new look. Moreover, save the rest of the materials and use them to make DIY items in your home.

8. Consider cosmetic fixes

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You won’t save much by attempting all the renovations. Instead, focus on cosmetic repairs, they will save you a lot of money and are quick and easy. They also make a huge impact, since they draw the attention of many.

For instance, giving your kitchen a facelift instead of re-doing the entire kitchen can save you lots of money. If you are okay with the layout and storage space, you can change the faucets and lighting, repaint the kitchen shelves, replace the doors, handles, worktops for a fresh new look. For an extension, consider the cheaper option of straight off walls that angles or curves.

A lot of labour-intensive details is more likely to make the builder mark up their quote because he will need to learn how to fit them.

9. Oversee the renovation project yourself

Source: Mate

Hiring a contractor to oversee the renovation project is a cost you can reduce by doing the work yourself.  It involves finding and hiring local tradesmen such as electricians, roofing specialists, bricklayers, etc. You should ensure you hire them at the right time to avoid inconveniences and also ensure they have the right tools to facilitate the renovations.

As long as you have good managerial skills, it will be a walk in the park. If you live away from the site, you can visit the site in the morning and evening to make the necessary plans to avoid inconveniencing the workers.

Bottom line

Home renovation projects are quite costly. But, you can lower the costs by employing simple tricks. Consider home improvements that will enhance the value of your popery. Moreover, engage a professional and don’t compromise on quality to save on the costs. A home is a long-term investment, and a shoddy job will negatively impact on your investment.

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