As house prices go up, many individuals and families are choosing to renovate their current space and hold off on buying a new property. Renovating may seem like an expensive and challenging project, but its benefits make it worthwhile. For instance, it allows you to keep the property you’re emotionally attached to and get to make more memories there.
Besides that, such projects can potentially increase the value of your house, allowing you to boost your return on investment. Surely, you don’t want to miss out on that, right? However, if you’re more concerned about money, planned renovations don’t always have to be expensive.
The total cost will, of course, depend on the size and type of the renovation project. To give you more peace of mind, here are some ways you can cut costs on your next renovation.
1. Opt for recycled materials
Using slightly used or recycled building materials can give you the huge savings that you expect. You’d be surprised with how many salvaged materials there are that would still be useful for your renovation project. Many sustainable homeowners around the world choose to build their houses with salvaged materials not just to save money but also the environment.
However, if you’re planning to use salvaged items for the renovation, you might have to do the work yourself. Many building contractors will not accept a project that uses salvaged materials as liability can be tricky. You can find salvaged building materials on local recycling centers, residential construction dumpsters, tear-down sites, or local salvage shops.
2. Identify which tasks to DIY
Speaking of doing tasks yourself, you can cut a huge chunk on your renovation project if you DIY some things. You don’t have to be skilled or knowledgeable in the building work to do so. There are several tasks that you can take over such as painting the walls, preparing the surfaces, and cleaning up the place.
These simple things can add up to the working hours of your hired builders, which means they can also cost you money. In case you’re a bit handy, you can try laying out tiles or putting up the drywall. There are tons of instructional videos or guides online that you can check out too. You can choose to invest in the equipment or rent them, depending on your budget or goal.
3. Invest in useful equipment
Assuming you’re carrying out several tasks on the renovation project yourself, it’s recommended that you invest in the right equipment and tools. Fret not because you’ll definitely get to use most of these items repeatedly, especially if you’re a natural handyperson who loves to DIY. Some of the basics include a sledgehammer, cordless drill, speed square, ladder, and other power tools like an electric screwdriver, rotary hammer, and impact driver.
You’ll also need hauling equipment like a durable box trailer to easily move heavy materials during the work. Box trailers are worthy investments particularly if you’re planning for a major renovation that involves moving heavy loads. On the other hand, if you’re also looking to invest and use power tools, take proper precautions as these items are actually dangerous. Only buy quality tools and read about how to use them safely.
The last thing you want to happen is to get into an accident due to misuse of power tools. Medical bills can be expensive and your project can be put in delay.
4. Create a budget contingency
Having a realistic budget for the renovation project is an excellent way to keep track of what you can spend. It helps you avoid unnecessary expenses. Unfortunately, unexpected costs are quite inevitable for such home improvement projects. You or your contractors may find hidden issues such as termites, mold, rotting wood, or shoddy electrical wiring. Bad weather and delivery problems on materials can result in delays and cost you money, too.
With that, it’s better to create a contingency in your budget. Readily having money to cover those unwelcome expenses can save you from surprise spending that can disrupt your entire budget. Not having a buffer for these unwanted surprises can force you to pay out of pocket, which is absolutely not a good cost-saving practice.
From increasing your home’s value to improve its safety and aesthetic properties, renovation projects are worthy investments. Not only do you get to skip the cost of buying and moving to a new house, but you also get to build more equity and enhance your living situation. Start upgrading your property with these tips and enjoy a better quality of living with your family.