Six Ways to Save Money When Renovating Your Home

home renovation plan

Home renovation is an exciting but expensive project. It can get out of control fast and, the next you know, you’re out of money but you still haven’t painted a whole room in the house and land you just bought. And no matter how many “budget-friendly home renovation” tips and advice you read, if you’re not careful, you may end up busting your budget.

Before you resort to cutting corners, muster up as much discipline and self-control as you can and follow our tips on cutting home renovation costs below.

1. Set a budget and stick to it

This is usually the hardest part of keeping home renovations on track. Homeowners doing renovations go a little over budget here and there, thinking it’s okay since they’re not overspending much. But when you take these all together, you might realize you’ve spent thousands of dollars more than you planned. So, look up the cost of the renovation you want and plan your budget around that. Then, give yourself 20% more to accommodate unexpected but necessary expenses.

2. Compare prices from different suppliers before buying materials

It’s easy to assume that big-box stores are where you can get the most affordable supplies for your home renovation, but this isn’t always the case. Check out your local supply stores as well, especially ones that offer a specific type of material, such as tile shops for your tile needs. Compare prices between sources and see which ones fit your budget and fulfil your needs.

3. DIY

Plenty of home renovation projects don’t need a professional’s input, like painting your walls. You can easily do this on your own or look up tutorials for beginners if you don’t know how. Not having to pay contractors can save you thousands of dollars.

4. Reuse materials and fixtures

stacked wood

So you have an old cabinet in your kitchen that you’re planning on replacing. Before sending it to the junkyard, think of how you can repurpose it. If you’re planning on buying a shelf for your children’s toys, maybe you can remove the doors of your old kitchen cabinet, repaint it, and use it as the shelf you need. Not only will you save hundreds of dollars, but you’ll also reduce the waste your renovation project produces.

5. Donate reusable scraps and materials

Planning on replacing your bathroom’s old tub and sink? Maybe you’re getting rid of an old coffee table. If you can’t reuse them, donate them instead. Plenty of recycling centers accept donation, such as Habitat for Humanity’s ReStore. Donating costs nothing and can get you a tax deduction for charitable donation.

6. Tackle one renovation at a time

One of the costliest mistakes you can make is treating home renovation like it’s a race. Keep in mind that you don’t have to renovate your whole house at the same time. Not only will this mean you’ll have to find someplace else to stay, but you also have to shell out a huge amount of money all at once. Take the renovation of your home one room at a time. This can help you make better decisions and stick to your budget better.

Remember, no beautiful and expensive home is worth the stress and anxiety that comes with going in debt, so plan your renovations carefully.

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