5 Ways to Save Money on a Home Renovation
The home renovation market is massive and only expected to continue to grow. In fact, the market is estimated to be at around $450 billion. That is a staggering amount and is a testament to how many people are renovating their homes.
Making renovations can be a great way to improve your home or living experience, without having to go out and buy a whole new house. Unfortunately, these renovations can be incredibly expensive. While it varies depending on the type of renovation, they can often cost tens of thousands of dollars or more.
However, they don’t have to be this expensive. With that in mind, this article is going to look at a few helpful ways to save money on a home renovation.
Focus on One Thing at a Time
If you want to change a lot in your home, it can be quite tempting to simply do it all at once. Unfortunately, this isn’t often the right call. It will be time consuming, and also incredibly expensive. Instead, consider focusing on one thing or one room at a time.
Simply opting for adding new bathroom vanity cabinets or something else relatively small can change the look of a room, without having to spend an arm and a leg. Doing smaller renovations will also allow you to continue using your space. It can also let you take time to think about what really needs to get done and what can wait.
Handle Some of the Prep Work Yourself
The less you need contractors during the renovation, the less expensive it will be. As a result, you should try and handle certain things yourself if possible. Certain types of prep work like light demolition or removing carpets can greatly reduce how much you need to spend on the renovation as a whole.
Of course, know your limits and skills. Don’t try to do too much as it could end up hurting you in the long run. If you’re unsure if you should handle something DIY-style, it is generally a good idea to consult a contractor. It’s better to be safe than sorry.
Have a Budget and Stick to it
If you want to save money during a renovation, having a budget is important. You need to know how much you want to spend, and be sure to stick to that amount. If there is no plan or budget in place, it can be much easier to get out of control with your spending. Everything you spend or plan to spend should be monitored and mapped out to make sure you stay within your limits.
Overspending on a renovation can leave you in a bad financial situation, that isn’t always easy to recover from. While things might not always go as predicted, and it is important to be a little flexible, sticking to your budget should always be in the back of your mind.
Find the Right Contractor
There are likely dozens of different contractors in your city that will be willing to help with your home renovation. However, not all of the contractors in your area are created equally. They will have different prices, different experience, different knowledge and may specialise in different areas.
While you of course want to go with an affordable option, money isn’t the only thing to consider. If you go with the cheapest option, and they mess something up or get it wrong, it can end up costing you more in the long run. It is best to find a good mix of affordability, skills and reliability to achieve the prime results.
Replace Your Old, Inefficient Boiler
Although replacing your boiler may seem like an expensive and troublesome task, planning ahead and factoring in the cost of a new boiler installation now may save you a fortune if your old, inefficient boiler breaks down at an inconvenient time. There are plenty of benefits to changing an outdated boiler including:
- Improved Efficiency – If your boiler has been installed for 15 years or more, it could be down to as low as 60% efficiency meaning that 40% of the energy you use to heat your home and hot water is wasted.
- Increased Cost Effectiveness – Parts may have become obsolete, or too expensive for your old boiler to be repaired. If your boiler decides to stop working during cold weather (which is usually the case), a fast replacement will cost you more than usual.
- More Space – Many older boilers are either floor standing or mounted to the wall, which takes up a lot of room within your property. Upgrading to a more modern and compact boiler, allows them to be installed in a small utility room cupboard or kitchen.
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Hopefully this blog post has been able to help you learn some ways to save money during your next home renovation. I’d love to hear the ways you’ve managed to save money on your home renovation below.