How To Save Money On Your Home Renovation

A recent survey suggests that the average American spends approximately $18,000 on home renovation projects. And while this can easily pass as one of the most expensive projects you will undertake, the cost may vary depending on the project. However, careful planning and know-how are essential to avoid overspending. Here are four clever ways to save money on your home renovation project. 

Stick to your budget

You may already know the importance of budgeting. However, it is not enough to create one if you are not going to stick to it. Knowing how much you have available in monthly earnings or your savings accounts is essential. From the start, you want to determine how much you are willing to spend on the project since it will not be your only expenditure. You can create a spreadsheet at the start of your project and add items you intend to buy. Get quotes for these things to identify those that may eat your budget. You can make the needed adjustments by selecting more affordable options or removing them if possible. 

Reuse materials

Reusing materials is one of the straightforward ways to save money on a renovation project. You can save money on kitchen renovation by reusing existing appliances and cabinetry. For instance, replace just a faulty, old door or add spice to a new handle instead of replacing the entire cabinet body. For some items, it can be difficult for an untrained eye to determine whether they are still usable property after a disaster like a fire. In these cases, seeking an opinion from a trusted fire restoration company can be useful to avoid mistakenly throwing away usable property and minimize your cost. 

Get smart with packing

Your home will likely become a construction zone during renovation projects, so knowing how to pack is an integral part of the process. Label everything when packing and determine those items you barely need. It is essential to pack your valuables; however, try to avoid taking too much. For instance, overstuffing your boxes can make it difficult to get them off the ground, risking falls and costly damage to your items. Additionally, there is a bit of mess or debris during remodeling. However, renting a dumpster isn’t cheap. So you want to strategically pack to utilize every inch of it. 

Do your research

Researching is a must regardless of the project size. You can talk to your friends, neighbors, and family about their recent renovation projects, including the challenges they face. Most homeowners have undertaken remodeling projects, so they have valuable information to share. This will help you make the necessary financial adjustments to save money. The internet is another excellent source of information on similar or recently completed projects. 

Indeed, there are some home renovations you can DIY. But unless you are an experienced handyman, you should leave some jobs to trained professionals. Anything else could result in paying more to fix extensive repairs on home renovation.

FUNDRISE | Real Estate Investing

About Kamilah

My name is Kamilah and I am a native New Yorker of Caribbean descent who is passionate about helping you learn how to invest and build your net worth by sharing easy-to-follow YouTube tutorials that will help you take control of your money and set you up for financial success. But this wasn’t always my story.

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