Home Improvement Money Saving Tips
In today’s world of design, there is a lot of home remodeling to achieve the best look your home can have. But if you were to research the average cost of home remodels, you would be surprised at how quickly these fixes can add up.
If you want to start some home renovation plans but don’t know where to start, we’re here to help! Instead of digging into your savings to fix some home repairs, we’re giving you everything we know about home improvement money-saving tips. You can bring those dream plans to life (without breaking the bank)!
How To Save Money For House Renovations
It’s no secret that home improvements are not cheap, but there are ways around paying the total price for necessary repairs. For instance, some people take out a home equity loan to help make needed home improvements.
Here are some of the best ways to make home improvements while also saving money:
- Home Equity Loans
- DIY equipment
- Renovate during off-seasons
- Sales and promotions
Home Equity Loans
If you are looking to sell your home in the future and want to come to a beautiful place every day, consider how a home equity loan can be right for you. Instead of worrying about paying the cost upfront or coming out of your checking account, home equity loans comes out of your home’s appraisal minus your mortgage and house payments.
Essentially, the equity on your house will increase over time as you pay on the balance of your home and can be borrowed for nearly anything you need. That’s why this is a great tool to use for your home improvements! In addition, you can borrow the money whenever you want.
However, this money will have to be paid back. The additional loan amount will be factored into your current mortgage payment. You pay this back over time like your traditional mortgage.
So, to borrow wisely, create a list of home improvement projects you want to be done, figure up the total, and borrow the exact amount! You will not have to pay anything out of pocket this way and can pay it back later after renovations are complete.
A great way to save money on home improvement projects is to figure out any renovations you can do yourself. Leave the big things like knocking down walls, vanity or cabinet replacements, landscaping, and home exterior replacements to the professionals and little things to you.
While hiring professionals for home improvement projects is highly recommended, cutting down the cost of labor can save you money if you choose the suitable projects to do yourself. Of course, professionals are needed for their expertise in some instances. There are some DIY projects, like countertop replacements, painting, and even light fixture replacement, you can do yourself to save money.
Make sure you feel comfortable enough to tackle the projects without worrying about paying a contractor to fix your mistakes!
Some home renovations can have cost reductions if you choose to renovate in the off-seasons. For example, October through December are the best months for cheaper labor for specific home remodeling projects since contractors are less busy during this time.
Big home renovation projects like your kitchen, bathroom, and particular exterior projects can be reduced in cost due to the slower season. However, you should note that this means professionals will invade your home during the holiday seasons, which can interrupt family events taking place in your home.
Sales & Promotions
If you know the help of professionals will be required for your home renovation tasks, look around for any sales or promotions contractors are advertising. This is an excellent way to save on your plans and take advantage of professional help to achieve the best look possible in your home.
Home Plans With a Lower Cost
Instead of paying a fortune to renovate your home, look at the cheap home improvement plans you can do yourself that will add a dramatic, fresh look for much less!
Here are the top cheat home improvement plans you can do to renovate your home:
- Add tile to walls or floors
- Paint your front door or walls
- Replace blinds or curtains
- DIY countertops and other projects
- Replace hardware and lighting
If you live in an older home, the cabinets and countertops may be made of dark wood and be dimming the room. A cheap way to brighten the room and make it new is to paint the wood yourself and replace the hardware.
Of course, if you want to boost the value even more, you can look for a new vanity on sale during the holidays at your home improvement store, but you may need to hire a professional to replace it.
DIY countertop kits come in granite or marble options and can be completed in one solid weekend. The kits cost between $70-$150 and take a day or two for them to be fully completed instead of paying thousands of dollars for new countertops from the granite store.
Painting the front door yourself is another quick way to update the curb appeal without buying a new front door. While you’re at it, don’t forget to paint a few walls inside to give your room a fresh feel and design.
Simple fixes like these can make your old home feel new without costing an arm and a leg to fix.
Use a Warranty To Its Advantage
Warranties are excellent tools for saving money on the back end of renovations and should not be taken lightly. Getting a home warranty for your home is a perfect tool for homeowners to protect themselves against any occurrences that can be extremely costly to fix.
Owning a home is already expensive, from the purchase of the property to furniture to maintenance and upkeep. If you need to fix a few things, you may be left wondering how owning a home is a good thing. A home warranty can help save money when significant home improvement needs pop up, like replacing an AC unit, which can cost thousands of dollars you will need to spend instantly.
As a homeowner, you should use a warranty to its advantage to save money in extreme unforeseen conditions.
Price Items Before You Buy
A good rule of thumb to save money while renovating your home is to price items before buying them. However, creating a home improvement budget, you stick to requires some time and work. The best way to create a budget to save money is to list all the renovations you would like to complete.
If you are under a time crunch, look at renovations that can be completed quickly. You should start thinking about your renovations first and begin browsing the materials you need for DIY renovations so you can create a budget of how much you should expect to spend. Budgets are an excellent tool for making sure you do not overspend and know where your money is going.
When you start to price items you will need, this can help you save your money and manage your spending for your plans. Do not rush home improvements without thinking them through and creating some plans. You could become unhappy with your renovation or move too quickly that it will require more renovations to cover up your changes.
Since home renovations can be costly, you should figure up a budget to help you balance how much you spend in other areas such as groceries, going-out money, and vacations. When you figure up your total home improvement spending needs, you can price items before you buy; this can allow you to look around for better deals or the same item cheaper at other stores.
How Professionals Can Help
Professionals are great to turn to for help during your home renovation process. Still, you will need to factor this cost into your budget if you’re looking to save money.
Once you complete your DIY projects, look around for contractors in your area and get their estimates before hiring one to work with. Professionals are worth the investment you will be making into your home because they hold expertise and knowledge in how to complete your wanted tasks expertly without and mistakes you can make doing it yourself.
To find the best contractor, research local companies in your area. Browse their portfolio and referrals from past clients to get a feel of how good their work is. It is best to compile a list of about 4 to 5 companies in your area to choose from so you have options when it comes to your budget.
To get the most out of your money, determine what your future goals are. For example, do you want to sell your home in the future and make a profit from a flip? Or do you want to design your dream home to create a comforting residence? Then, determine your goals to communicate them to your professionals to decide which one you feel can best turn your goals into reality.
Hiring a professional can save you money during your home renovations since you will not have to worry about risking any mistakes yourself and will make the process speed along to be completed swiftly.
What To Expect Working With Professionals
After you hire a professional contractor to help with specific home improvement tasks, there are a few things you should be prepared for to make the process less stressful.
If you are hiring them to come in for inside home renovation projects, you may need to move your furniture around if your renovations are in bedrooms or the living room. Their cloths or coverings can cover the more oversized furniture, but smaller items and wall hangings will need to be removed and stored in another room.
Contractor professionals should never ask for money upfront, which means you should not pay them until the job is completed. Professionals will likely be in your house for a few days at the least, a week at the max. The good thing about working with home improvement professionals is that they know how to complete the jobs quickly so that their intrusion is not a lengthy inconvenience.
When you hire a contractor, you should be prepared to be at the house for the duration of their stay to make sure everything goes well. Most contractor companies are insured and are obligated to fix any mistakes they make so that their mess-ups are not coming out of your pocket.
You should also expect to be kept up to date on projects and how they develop as their work goes. With that being said, make sure you choose a professional who can communicate!
Contact The Floor And Home Pros
If you are looking to improve your home and save money, our advice is to call us at Renovate Residential! We help homeowners in the Southeastern Massachusetts area design a home they love without breaking the bank.
Our design experts have been in the business for over 25 years, and our clients love the work we do! Just check out our testimonials.
We work hard to make your dream renovations come to life and not just be a Pinterest picture you save for later. If you are ready to transform your home on a budget, call our office at 866-RES-RENO today to get started!