7 Ways That You Can How To Save Money On Home Renovation

It’s always best to avoid going into debt for a purchase but that’s even more true when you’re spending a lot of money on a home renovation. Simply put, you pay interest on a loan, even on money that you put on your credit card.  Save up the funds to do your renovation before you start and use the savings to treat yourself.

It’s good to have credit or a loan for a back-up plan (if your project goes over budget or if you have a sudden additional expense but you shouldn’t rely on that loan or credit for the bulk of the work.

You can also use rewards credit cards to pay for your budgeted purchases. Pay off the card immediately so that the money that you save from interest on the card can go directly into your pocket.

Recycle

You’d be surprised at how many materials and appliances you can recycle during your renovation project. If something is no good, get rid of it.  But if it’s useable, you might be able to recover or refurbish something and incorporate it into your new design.

For instance, if you are renovating a kitchen and your cabinet doors are good, consider painting or covering them with formica to blend in with your kitchen’s new look. You’d be surprised at how easy it is to reface cabinet doors in a way that allows them to blend in with your new style. You might even want to replace the doors but leave the cabinet body in place which will still save you a ton of money.

Another often-overlooked option involves buying fixtures and materials from salvage yards, buy/well/trade websites, Craig’s List listings and other second-hand opportunities. You might find lumber left over from someone else’s project, appliances that are being sold by someone who is moving and needs to sell quickly and more.

Sales

When you’re ready to renovate, the impulse is to jump in and get started.  However, planning is the key. If you make your purchases when the items are on sale, you’ll save a bundle!

You can actually count on certain items being on sale at specified times of the year.  Some of these sales include American holidays for appliances, the end of the summer for outdoor furniture and lawn care items, Black Friday for power tools, etc.

If you’re planning on renovating an outdoor deck and know that you’ll need furnishings for the deck, go ahead and buy them at the end of the summer and then store them until the deck is finished and ready for you to put everything out.  If you’re strapped for space, it might be a problem but you may know a friend or relative who has a bit of extra storage space that you can use for a few months.

Contractor vs. Specialists

A contractor can save you a lot of time and money in the long run.  If you’re not on-site, can’t coordinate the various workpeople and don’t have the expertise and knowledge to oversee the work, it’s a good idea to have a contractor run the project.  The contractor knows when to schedule the various stages of the project so that, for instance, you don’t have both the plumber and the electrician working on the back wall of the kitchen on the same day, or that you have the tiler come AFTER the plumber has laid the pipes.

On the other hand, if you can coordinate the work and feel confident that you can direct the various workpeople, go right ahead.  Get references before you hire anyone and don’t be shy about asking to see previous work.

Depending on the area in which you live, you might find that there are times of the year that are considered “off season” – when professionals aren’t very busy.  That’s generally in the winter. Planning your project for that slow season may offer you an additional opportunity to bargain a bit and save money.

Hacks

There are tons of blogs, magazines and YouTube videos that are gold mines of ideas for finding less-expensive ways to do expensive-looking projects.  They have suggestions for cheap materials that work as well as the more expensive options, design ideas and more. Sometimes it’s as simple as finding something cheap at IKEA or replacing one type of lumber with another.

Not every idea is appropriate for every project or for every home.  But it’s worth a look.

Sell

Remember the section on recycling? Recycling isn’t limited to buying – you can sell off appliances and fixtures that you are replacing and give someone else a chance to take them into their home.  Today you can get the word out in seconds….all you need is an Internet connection and a camera.  Buy/Trade/Sell sites like CraigsList, Facebook Marketplace, OfferUp or your local community bulletin boards make it easy to make connections with people who might want your discarded cabinet doors, hardware, appliances or other items.