How to Save Money During a Home Remodel
April 24, 2018
Whether you’re sprucing up one room or remodeling the whole house, these six tips will help you make it through your home remodel.
#1: Plan out Your Entire Home Remodel Before You Begin
It’s tempting to rush into a home remodel. When you have your heart set on one idea, you want to begin now! It can be quite tricky to take a step back and look at the bigger picture. However, it is so crucial to do so!
Plan out everything, including the smaller things like your baseboards and color palate. Separate you plan into three parts: renovations you must do, renovations you want to do and smaller additions if you have budget left over. Doing this will help you estimate costs and budget with more accuracy. It will also help you see that bigger picture better so you don’t make any design decisions that you regret later. There are free tools to help you plan like the IKEA Home Planner, Floor Planner and the Benjamin Moore Personal Color Viewer.
#2: Refurbish, Don’t Buy New
Reduce, reuse and recycle, right? Not only does it save the environment, it can save you cash, too. Often times the “bones” of our furniture are totally fine. What they might need is a new paint job, more stuffing in a cushion or new upholstery in that spot that’s wearing off. Spending a couple hundred dollars on fixing up a cushion is way cheaper than spending two thousand dollars on a new couch. Do your research and don’t buy a new one just because you’re remodeling.
#3: Pitch a Tent to Make Up For Unusable Space
Rather than staying at a hotel during a remodel, pitch a tent in your house. Unless you’re doing a full remodel, only parts of your house will be unusable. So why not use the parts that still are? You won’t get a full house in a hotel room, anyways. If your kitchen isn’t usable, bring your essentials into the living room and buy a cheap, portable burner to cook on. If your bedroom is off-limits, use your living room. You can even drag in your bed if you don’t want to sleep on the couch.
#4: Ask Yourself: Will it Increase My Home Value?
Don’t spend money on renovations that are not necessary and will not improve the value of your home. Kitchen Islands with sinks in them seem great, but adding additional plumbing can really add up. Try upgrading your current sink to a nice stainless steel one instead. Similarly, built in desks are classy and traditional. Yet, it’s an unnecessary cost for something that will not increase you home value and that you will probably never use. Check out this post for tips on increasing your home’s value.
#5: Set a Contingency Budget
We already talked about how planning and budgeting is essential. However, you can’t plan what will break or go wrong. You can plan for something to go wrong, though. This is where a contingency budget comes into play. A home renovation contingency budget is your cushion for when something unexpectedly breaks, leaks, doesn’t fit, etc. It’s important to keep your contingency budget separate from your project budget so you don’t end up spending it and not having it later when you need it most. Plus, if you end up not using your contingency budget, you’ll have some extra money to spend on smaller additions or to put back in the bank.
#6: Get the Right Warranty
Many home remodels involve new electronics and appliances. Did you know that the average broken appliance costs $170 to repair? It’s safe to say that you’ll want a warranty to protect those big purchases. If you choose a warranty plan from Upsie versus from a retailer, you can save up to 46% for the same plan! Upsie is so much more affordable because they do not over-inflate warranty margins like the retailers do. They also cover smaller devices like smartphones, speakers and power tools. Use code May10 for 10% off your purchases during the month of May!
A home remodel can be a big undertaking. Hopefully these six money-saving tips will help your home remodel be a successful one!