5 Ways to Keep Costs Down During Renovation

Renovations can make your home more functional, comfortable, and attractive to buyers. These changes, if done well, can add to the value of your home, so keeping costs down is a priority. The more you save on updates, the more significant equity you can have in your home. 

1. Shop Around

High-end materials can look beautiful in your home, but they come with high price tags. However, there are ways to get high-end materials even when you’re renovating on a budget. If you find something you like, look around at several places both locally and online. You may be able to find it for a better price.

You can look for good materials that are being discontinued. You can often get these items at deep discounts and still retain your high-end style. 

2. Focus on Storage

If you have a small house that you want to make larger, renovations can get expensive. One way to make your spaces feel larger is to focus on creating storage space. Sometimes by rearranging and creating more space for organization, you can make a space feel bigger. 

If you can store more of your stuff, your spaces will feel bigger without needing as much major construction. The kitchen and bathrooms are great places to focus on storage. These areas tend to get cluttered, and you can save space by redoing your cabinets.

3. Prevent Damage

You’re already paying for renovations – the last thing you want to do is spend extra because something is damaged in the process. Start by talking to your contractor and ensure they’re taking every precaution to prevent damage. 

You should be detailed about what will be done to protect both your current structure and the land. For example, they may put down access mats to keep your grass from getting torn up by trucks and equipment.

4. Pay Cash as Often as You Can

While you may need to take out a loan or refinance your mortgage to do some necessary renovations, try to pay cash for as much as you can. Anything you finance will cost you more in the long run. If the renovation can wait, save money and pay cash instead of spending on a loan with interest.

5. Don’t Do It All at Once – But Be Strategic

You don’t have to renovate your entire house at once. You may want to go room by room, but sometimes it makes sense to group your projects. For example, if you need to redo the flooring in several rooms, it usually makes sense to do it all at once while you have the installation crew in your home.

Before you begin, develop a budget for what you can spend and when. Then create a list of everything that needs to be done. You can then figure out an itinerary for getting everything done that’ll minimize your costs.

Final Thoughts

Renovations don’t have to break the bank. You can get a lot done and see some significant changes in your home without overspending. And when the time comes to sell, you may make more money.

Photos by Collov Home Design on Unsplash

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