There are lots of things that homeowners need to consider before a home renovation. But if there’s one thing many homeowners would like to achieve, that is to renovate their home as they envisioned while still staying within the budget. But while renovating your home can breathe new life into your living space, it can also be a great way to blow your budget.
According to reports, 55% of homeowners renovated their homes in 2021. There is also an 18% increase in home renovation spending, which proves that more people spend more money renovating their homes each year. But know that there are ways that you can remodel your home without breaking the bank.
The following are five examples of how you can get the most savings on your next home renovation.
1. Do Your Research
Before you start any renovation project, do your research. This includes understanding the scope of work you need to do, familiarizing yourself with the materials and products you will use, and deciding whether to DIY the project or not. You can avoid making costly mistakes by having a clear understanding of what you want to achieve.
For example, your goal is to renovate your old garage. But as you start to do your research, you realize that much more work is involved than you initially thought. You also found out that while hiring contractors could mean increasing costs, you will find better peace of mind and assurance that the job will be done correctly. In this case, it would be worth spending more money and hiring a contractor.
2. Get Multiple Quotes
If you plan on hiring a contractor, you could save some cash by getting multiple quotes. This way, you can compare rates and find the best deal.
When requesting quotes, ensure you’re as specific as possible about the work you want them to do. This will help the contractors provide you with more accurate estimates. Also, don’t forget to ask about any additional costs that may not be included in the quote.
After reviewing the quotes, check which contractor will best suit your needs. Remember that just because one contractor can offer their services for a lower rate does not necessarily mean they are already the best choice. Aside from their rates, you should also consider their work and experience quality. Choose a reputable contractor you are comfortable with, as they will work in your home for an extended period.
3. Shop Around for the Best Deals on Materials
When it comes to renovation, homeowners would usually buy everything from the big box stores. Know that there are plenty of places where you can find discounts on building supplies, including online retailers and smaller, local stores. The trick is to shop around and compare prices before making a purchase.
For instance, you require angle iron, steel tubes, and metal pipes to renovate your home. Consider buying metal supply online, as many metal suppliers have their online store up and running. You can check their reviews, see their wide range of metal products, and find out what customers say about their service. It would be better if you could find one that also offers metal services like laser cutting and metal fabrication so you won’t have to look for another supplier.
Remember that when it comes to materials, you’ll save more money in the long by choosing quality over quantity. Choose materials that will last longer and won’t need replacement anytime soon. This way, you won’t have to spend money on repairs and replacements in the future.
4. Don’t Forget To Negotiate
One thing many homeowners are afraid to do is negotiate prices. When buying supplies or talking to contractors about the service they need, they tend to simply accept the price or walk away in search of a new supplier or service provider. But by doing so, you are already missing out on the chance to save money.
Don’t be afraid to negotiate, especially when dealing with contractors. Try asking for a discount if you think their rates are too high. In most cases, they will be open to negotiation, especially if they want your business.
You can also ask for discounts when buying materials in bulk. If the store doesn’t offer a deal, you can try to haggle and see if they are willing to lower the price. The worst they can say is no, so it’s always worth a shot.
Some suppliers and service providers are willing to price match. If you find a lower price from their competitors, they will be ready to match it. You can get the best deal without switching suppliers or service providers.
5. Set Aside a Contingency Fund
No matter how well you plan, there’s always a chance that something will go wrong during the renovation process. This can mean buying new materials or making changes to the original plan. To avoid going over your budget, set aside a contingency fund that you can use for unexpected expenses.
When budgeting a home renovation, your contingency fund should be around 20-30% of your total renovation budget. This will give you enough wiggle room in case of any unforeseen circumstances. If, for example, your total budget for the renovation is $10,000, your contingency fund should be at least $2,000.
Renovating your home without breaking the bank can be possible. One only needs to be creative when shopping for supplies and looking for service providers. By following the tips above, you can save money on your home renovation without sacrificing quality and enjoy a newly renovated home without going over your budget.