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Maximizing Your Budget: Cost Saving Tips for Home Renovation

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Maximizing Your Budget: Cost Saving Tips for Home Renovation

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Beginning the process of a home renovation project is extremely exciting, albeit daunting. Going into a home renovation with no real action plan beyond simple ideas is a quick way to allow disaster to strike. It’s important to create a plan for your home renovation so that you can set a budget for yourself that doesn’t drive down your overall finances. To that end, it’s beneficial for anybody undergoing such a project to learn how much the average home renovation costs along with ways to cut prices. 

How Much Does the Average Home Renovation Cost?

The cost to renovate a home can vary drastically, with most experts finding that a range of $15,000-$200,000 for home reconstruction is appropriate depending on what you are renovating. The primary reason this cost can vary so much is due to the fact that certain parts of a home are more intricate and complex than others. 

For example, the piping for your sewage system is far more complex than the simple drywall that separates a room. Therefore, building your budget requires looking at what you want to have done with your home renovation so that you can estimate a total cost within the above range. 

What Are the Most Expensive Parts of Home Renovation?

To determine what the estimated total cost will be for your home renovation, it’s important to look at what the most expensive repairs in a home renovation project are. In almost all situations, renovating the kitchen is the most expensive job you will undertake due to the number of appliances and piping. This may make up 20-25% of the total cost of a home renovation on average. To remodel an entire kitchen, you should expect to pay around $20,000-$30,000. 

In general, any room that has intricate piping in the walls or electrical systems will come at a higher price. Fixing the flooring in your home or the walls themselves is actually not that expensive in comparison to these larger jobs. 

7 Tips for Cutting Costs When Renovating Your Home

With such a hefty price associated with renovating rooms in a home, it’s important to learn ways to cut down on costs for your home renovation project. Whether you are hiring experts for instrumentation and electrical services or are simply cutting back on the number of rooms you remodel, there is no shortage of ways in which to save money:  

Create and stick to your budget

First and foremost, if you really want to save money on your home renovation project you will need to create a budget. On top of this, creating a budget is one thing but creating a realistic budget is another. Think about your current financial standpoint and what you can realistically afford in your home renovation. Break your budget into different sections, such as your maximum spend per room, in order to have a more manageable guideline for your project. 

Hire a professional contractor

Oftentimes, people tend to want to get their own hands dirty with a home renovation in order to save on costs. For simple matters such as demolition or even installing certain appliances, this can be alright. However, for major jobs such as replacing your walls, roof, or repiping within walls, it’s best to outsource the job to an accredited contractor. While you may pay more in the moment, you aren’t likely to have to spend money on repairs for a long time. 

Avoid going into debt for your project

When people tackle a home renovation project, they often get caught up in the excitement of everything new. Rather than focusing on spending your money on the latest and greatest items, be realistic. Don’t force yourself into debt over your renovation project by taking on a number of loans you’ll never be able to repay. 

Set “must have” items for your home renovation

All home renovation budgets should have “must have” items set aside. These are typically the more expensive splurge items that will make up the bulk of your budget. For some people, this could look like investing in top-of-the-line counters whereas others may want to invest in stronger plumbing. Set these items aside in your budget so that you know where the majority of your funds will go. 

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Get quotes before construction occurs

You can’t properly build a budget if you have no idea how much something is going to cost. To that end, get quotes for different services and supplies from contractors prior to starting your home renovation

Consider refinishing certain units instead of replacing

Sometimes the biggest expenses involved in home renovation come from replacing old items entirely. If you have the option to simply refurbish something in your home so that it is as good as new, you could save thousands of dollars that would have been spent on replacing it entirely. Consider this for the appliances in your home or consider repainting your walls instead of ripping them out. 

Do your own demolition 

Finally, consider being your own demolition crew rather than outsourcing the work. Do the proper research necessary so that you don’t damage your home or hire someone to oversee you but taking demolition into your own hands can save you money. When you get to the point of demolition where professional assistance is needed, you will have already saved enough time and money to make doing the job yourself worth it. 

Construct your dream home today

No matter how you look at it, any major home renovation project will not be cheap. In fact, you should be ready to spend thousands of dollars revamping your home. With that said, the fact that home renovation is expensive in and of itself doesn’t mean you can’t find ways to reduce the associated costs. Use the above tips to drive down the overall cost of your project to fit the budget you have set for yourself in order to construct your dream home.

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