In a perfect world, you’d have unlimited finances to use on an extensive home remodel. While we’re not living in a perfect world, there’s no reason why you can’t experience the benefits of a massive home overhaul on a shoestring budget. Here are some ideas on how to pull off a tight-budget home remodel. Tidy UpBefore you start talking to contractors and deciding what parts of your home need a touch-up, take some time to clean up your house. Put everything where it goes and declutter as much as possible. Many homeowners assume that they need a massive remodel to make their house livable when, in truth, their home was merely a bit cluttered. Once you’ve tidied up, you’ll be able to see the areas of your house that truly need a bit of TLC. Don’t spend time or money fixing areas that “ain’t broke.” This is also a perfect opportunity to get an up-close look at the flow of your home. While putting things away, think about how you’ve arranged your rooms and whether you’ve laid them out optimally. If not, you can plan to address this when you get cracking on your renovations. You may discover that, without excess clutter, some rooms actually feel pleasantly open, saving you the need for renovations in a few spaces. Create a Budget (and Stick to It)Once you have an idea of what issues you’re hoping to address, you can start coming up with a budget. Consider creating a spreadsheet to lay out how much money you’re allocating to specific rooms or tasks, and then break down these numbers into subcategories. You can list out prices for faucets, lighting, paint, and grout. This process requires you to get quotes from contractors and compare prices, so this may take some time. However, don’t skip this step! Without a solid budget, it’s easy to end up spending a lot more than you planned. Think about setting aside an extra ten percent of your budget for unexpected expenses. Home remodels can sprawl out, and you don’t want to be stuck with half a bathroom. This way, if you end up going a little over budget, the money isn’t coming out of your pocket. Don’t Ignore Cost-Saving OpportunitiesWhile a few renovations may lead to higher up-front costs, they can save you a lot of money in the long run. If you’re interested in lowering your ongoing energy bills, think about investing in efficient appliances. While they cost more, they’ll drain a lot less power, and you’ll make your money back over time. You should also remember that insulation is essential. If you’re replacing your windows or doors, spend a little extra to ensure that they retain heat well. If you don’t, you’ll notice your furnace working harder in the winter, costing you a lot. Wait for SalesWe get it. When you get the urge to complete a home remodel, waiting is one of the toughest things to do. But you can save tons of money by biding your time until Black Friday to make your appliance and electronic purchases. There’s a lot of information on the internet about the best times to buy certain items, so do a little research and save a lot. Take Advantage of Tax CreditsDepending on the remodel you’re planning, there may be some tax credits available. If you’re thinking about a kitchen upgrade, there are tax credits for switching to energy-efficient appliances. Like we mentioned earlier, these appliances may cost more in the moment, but with tax credits and reduced energy bills, they’ll pay off in no time. Try To Pay in CashTaking out loans or putting big purchases on credit cards is nothing more than a way to rack up interest costs. Pay in cash for as many products and services as you can and avoid spending more than you need. Your best bet may be to complete your remodel piecemeal, only starting a new project when you can afford to pay for it in cash. Compare Prices and QuotesGet several quotes from different contractors to understand the most affordable option available to you. As long as the contractor has solid references, there’s no real reason not to opt for the best deal. You can do the same for all your materials and appliances. Check out different stores to make sure you’re getting what you want for the best price. Keep the Footprint the SameThe most expensive renovations involve moving the big stuff: walls, windows, sinks, and bathtubs. As long as your renovation doesn’t hinge on these changes, avoid them. You’ll have to pay for several hours of labor plus the materials to support your changes, which could end up being a lot more than you’d expect. You never know which walls house piping and wiring. Take Your TimeDo your best to work on one or two projects at a time. It’s tempting to try doing everything at once, but that strategy will only burn you out. This is a massive task, so go slow and ensure you make every choice thoughtfully. Recycle Old MaterialsSometimes, you can make use of your old flooring in new ways. Look at any materials you have lying around and see if you can apply them to your current renovations. This will save you from buying new materials, and it’ll create some space in your garage or basement! Do Some YourselfIf you’re handy, you can save significant money by taking a stab at some renovations yourself. Cutting wood to size is a simple task, but it’s one that many homeowners don’t think they can do. Anything you can do yourself, big or small, is something you don’t have to pay a contractor for. Now that you understand how to pull off a tight-budget home remodel, get ready to enjoy your new home for a fraction of the usual cost. If you’re trying to remodel so you can flip a house for a profit, reach out to us! We can help sell your house fast in Arlington Heights.
1 Comment
Elaine
2/28/2022 07:00:00 am
Thank you for sharing this piece, it's a great topic.
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AuthorEric Strung and Direct Property Buyer Team Archives
January 2024
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