Every homeowner dreams of not having to spend money on renovation. But, no matter how well the current work has been done, it can’t last forever. Experts believe that each home has to be redone every 15-20 years. When the time comes, the prospect of hiring contractors can overwhelm them.
Before you know it, you may pay half or twice as much for work and materials. Inexperienced homeowners often end up in this situation. They pay too much upfront, buy expensive materials, and refuse to do some of the things themselves. But, there are a few things that can help decrease the price of refurbishing the home.
Try Doing Things Yourself
Nobody can be a DIY master, but there are several things at their capacity. This saves money on paying contractors. Contractors demand from $18 to $25 per hour. That’s why learning some of the basics skills can cut costs on the renovation budget. But, stay realistic about your skill set.
Not everybody is up to the task, so be honest with yourself. Otherwise, contractors will have to repair your mistakes. For example, many people can’t install toilets properly. Mistakes with plumbing are one of the hardest to fix. Improperly installed pipes can cause water damage that will cost you extra funds to repair.
Think of it as the days you were at college. You probably did small renovations in the dorm room. There’s a strong chance you were able to paint the walls or do some minor repairs. In truth, almost all students had some experience of renovation work during their college years.
If your skillset hasn't developed since then, it's best to contact professionals. It’s the same rule as when you lacked the time and knowledge to take on an essay. There’s a chance you turned to homework help sites like EssayPro or other platforms in that niche. Sure you could spend the entire day tackling the assignment, but this approach was more effective.
Study The Project Carefully
Go over the renovation project provided by professionals before any work begins. Sometimes their imagination runs wild and they add unnecessary things. Take a close look. Maybe you have the skills to do simple parts of the renovation. If some of the work can wait, postpone it until you have the budget to pull it off.
When contractors come over with the budget, take the time to go over each section. Ask questions if you don’t understand what the fees are for. For example, contractors can sign you up for unnecessary procedures. Getting rid of them can save homeowners hundreds of dollars on renovation costs.
At this stage homeowners have to decide which parts of the renovation they will do. Taking on a part of responsibilities will bring additional obligations. Homeowners will have to:
- Do part of the work on site
- Buy and transport materials themselves
Of course, it requires time on your part. Homeowners will have more budget to pull off the project instead of having to abandon some of the work. Before things are set in motion, make sure to divide responsibilities between you and the contractors. The work will be postponed if you don’t uphold your part of the deal.
Balance Price and Quality
Homeowners often don’t know when to spend and when to save on expenses. Many look for contractors with the lowest price per square foot. While this may seem reasonable at first, it puts them at risk of hiring poor-quality workers. Their work can be so bad, you’ll have to hire another team of workers a year later.
That’s why homeowners should look for moderately priced contractors. Browse through professional contractor listings from your local area. Then select the best based on user reviews. This will save you from paying twice for the same work.
The same logic applies to looking for replacement appliances. Don’t go for the lowest quality products when buying them for laundry rooms and kitchens. Take the time to read reviews and find quality appliances. They should be energy efficient to not increase the water and energy bills. Buying pricey things may seem like a mistake, but it will save money later on.
Of course, nobody should go crazy with renovations, but you should think about the future. When homeowners try to cut corners, they forget how it will affect their resale value. For example, opting for tile and hardwood floors will make the place better for potential buyers.
Buy Materials Yourself
There’s a strong chance you’ll find pieces of furniture that are cheaper than the ones offered by contractors. These can include fixtures, door knobs, and cabinets. Before any work starts, agree that you will purchase some of the materials.
For example, there’s a strong chance that you’ll find cheaper countertops yourself. So visit a couple of home renovation stores before buying materials. Don’t delay deciding who will be responsible for which materials until the project starts.
Contractors should provide you with:
- Precise measurements
- Deadlines for delivering materials
- What the labor costs cover
Some of the items can be not worth buying when taking the installation cost into account.
Don’t Go For The First Option
The general rule for any home renovation project is never going for the first available option. This concerns all aspects of the procedure. For example, many homeowners hire the first company they find online. Experts recommended to look at least three quotes. But, finding a few more will give a better idea about the price range.
Never jumping on the first option doesn’t apply solely to searching for workers. If you don’t have enough funds to pull off the renovations, it's wise to consider taking out a renovation loan. There are a number of quotes that can be compared to get the best deal. Owners can refinance their existing mortgage or get a home equity line of credit.
Keep Things Organized
Before and during renovation, homeowners have to make sure that everything stays organized. Start by removing all of the furniture from the home before contractors arrive. If you don’t, workers will have to wait until you clear the rooms. For example, it will make it hard to replace the floor with furniture still present.
When planning on a large renovation, it's better to find a place for your family to stay at. Find a good hotel where you will live during the work. It’s better to book a room in advance, to save a little money. It’s also important to keep track of requests. Always check if the contractors buy the listed materials. Don’t let the money go to waste.
This also involves staying on track with the contractor paperwork. If the contractor agreed to acquire permits, know which of them are next in line. Don’t work without making sure that there are documents for each part of the renovation. Not doing this can postpone the project deadline for days or weeks.
Conclusion
There are many things to consider during a home renovation. But, staying organized and controlling each part of the process will save thousands of dollars in the long run. So, be sure to stick to these tips the next time you approach these kinds of projects.
Aidan has been writing about personal finance for over 6 years. Prior to this, he worked as a Corporate Finance Analyst where he specialized in Due Diligence, Company Valuations and more. He is a CFA charterholder.
