The cost for a home renovation ranges from $40,000 to $60,000, according to the 2019 Remodeling Costs Guide, something you should know if you’re thinking about taking on this endeavor. If you’re planning to renovate in order to maximize profits when putting your house on the market, you’re probably looking for ways to save to reduce that whopping figure as much as possible.
Make a Budget
Before you start any renovation projects, you need to create a budget. If you know that you aren’t able to go over a certain amount, it’s important to know that it’s possible to do everything you need while staying in budget. Making a budget is important even if you’re not worried about the cost of your renovations, as it at least gives you some guidelines to stick to. Even if you take all the steps to save money during your home renovation, there will always be the chance you’ll end up over spending if you don’t have your budget planned out.
Don’t Take Out a Loan or Use Credit Cards
If you take out a loan or rack up credit card debt to pay for home renovation costs, you’re automatically going to be paying a whole lot more because of the interest. While you might think it makes sense financially to get a loan if you’re renovating in order to put your home on the market, paying it off when you get the return on your investment, paying cash is always the best bet. If you can’t afford it, consider looking for ways to cut back on spending to save the cash you need to pay for it.
Anything you can do yourself is obviously going to save you money during your home renovation. Even if you don’t think you have the skills, there may be some aspects you can take care of, like prepping a space before a crew arrives. If you can clean up, prepare surfaces and paint, you’ll be saving the amount you’d pay the crew for every hour you work. For projects you think you can tackle, YouTube can help walk you through it. Even if you have to rent tools, you’ll be saving potentially quite a lot in the long run. Do be aware that there are some projects you should never do yourself if you don’t have the training and license, like moving utility lines and electrical work.
Shop Around for Reputable Contractors
Whether you’re looking at sprucing up your current home or are looking for houses for sale, you’ll need to find reliable contractors. Even if you do a lot of the work yourself, you’ll still need a contractor at some point for jobs that are too complex or too big to take on yourself. The key to getting the best bang for your buck is to ensure that you hire someone who is reputable. Ideally, get a recommendation from a family member, friend or co-worker. Either way be sure to verify that the contractor has been in business for at least a few years and has both worker’s compensation and liability insurance. You’ll also want to feel comfortable working with them, so you’ll need to gauge the personality fit when you meet.
Ask Friends and Family to Lend a Hand
If you have any friends or family members with special skills, perhaps an electrician or someone who’s laid flooring and has the experience and equipment, maybe they can lend a hand. If you’re lucky they might even do it for free, provide discounted services or perhaps some type of trade that can be a win-win for you both. Of course, there might be some work that can be done that doesn’t require the help of a professional, which is a great time to enlist your friends and family.
Watch for Sales on Big-Ticket Items
At some point, most things will likely go on sale. It may be better to wait before purchasing some big-ticket items so that you can save during sales. Research the best time to buy, for example, power tools, appliances, and electronics are often discounted heavily for Black Friday, while the end of summer is a good time to purchase lawn care items and outdoor furnishings. Although it might require you to take more time to renovate if you plan on shopping sales, it’s worth it for your wallet if you’re able to wait.