How to reduce home renovation costs

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Do you still own a green kitchen with avocado? Is your living room damp and dark? Maybe there is only one bathroom for a family of six? Answering yes to any of these questions can act as a catalyst for a home renovation project.

Home improvement projects come in all shapes and sizes – some with huge budgets, others more cost-conscious. No matter what homeowners hope to achieve with their renovations, the common goal across any price point is the desire to save as much money as possible. Home renovations can be expensive, but there are ways to cut costs.

  • Project merit assessment. Remodeling magazine publishes annually a “Cost-For-Value Report” that lists the average cost and return on investment that homeowners can expect from different types of projects. If you plan to sell your home soon, it may be best to focus on the repairs and renovations that will bring the greatest return on your investment.
  • Hire a contractor. Even people eager to do so can sometimes benefit from a contractor’s expertise, especially on complex tasks. Don’t waste money by trying challenging jobs yourself; Rely on an experienced contractor who can get supplies for less money and will do the job right the first time. Compare bids from several different contractors and discover the best value.
  • Renew existing features. Instead of a full gut and rebuilding, find out where you can activate existing combinations and more. For example, refurbishing existing cabinets can save you up to 50 percent over the cost of new cabinets, according to Angi (formerly Angie’s List), a cost comparison and business review resource.
  • Choose medium materials. Some items may be prevalent, but they come at a higher price. Angie reports that granite counters can range from $60 to $100 per square foot. However, composite or laminate that looks like granite and wears well may be $10-40 per square foot. Find out where you can choose midstream materials to get the most value.
  • Avoid peak seasons. You’ll pay more to install a deck or pool just before the outdoor recreation season. There may also be a bonus for getting work done right before the main holiday. So, check the calendar to find a break time to renew, book it and then save.
  • Do some prep work. You may be able to save by doing some demolition and preparation yourself. For example, you can tear up old carpeting before installing new tile floors. Perhaps you can repair and restore the walls before painting.
  • Buy a display item. Showroom kitchens and former bathrooms are often acquired at a fraction of recommended retail prices, according to Real Homes, a guide to home remodeling based in the UK. Retailers often update their displays and you can register existing showroom items at a discount.

Renovations can be expensive, but there are many different ways to cut costs. SH222675

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