One of the most challenging aspects of any home remodel is figuring out how you are going to save money. Even though you are committed to getting your home remodeled, you do not want to throw away money at the project either. And you may have limited finances that you can devote to the project. So, how are you going to get the job done? Here is our guide for saving money on a home remodel:
- Plan Ahead
The first step towards saving money is figuring out how much you can spend. Look at your accounts and assess the situation. Figure out what percentage of your savings you are willing to devote to a home remodeling project. Say you come up with a figure, such as $30,000, and you are willing to put this money into a home remodel. Now you have a starting point – but it is not enough.
You must figure out what parts of the home are a priority for you. In general terms, we would put any practical upgrades as the priority. For instance, if your home’s foundation has a few issues, or your roof needs a revamp, these are the tasks that must get done first. Budget for them before you think about making any aesthetic changes to the interior of the house.
- Talk to a Designer and Contractor
The second step to saving money is having productive conversations with a designer and/or contractor. Talk with them about what you want to achieve from your home remodeling project. And be sure to mention your budget, while letting them know you are not going to budge on the dollar amount. They can work through your budget and figure out whether all your desired upgrades are possible. If some changes are not possible, they will let you know, and you can try to come up with another plan.
- Hire Competent Help
When you are talking with contractors and designers, you must make sure they are right for the project. The best contractors are not the ones who offer you the lowest rates up front, but the ones who will provide you with the most value after the project is done. Assess the contractor’s history, find customer reviews on their business, and try to speak with some of their previous clients. All this information is valuable, as it provides you with insight into how they operate.
- Staggering the Upgrades
One of the best ways to save money on these projects is by staggering the upgrades you are making over a few months or years. Instead of remodeling your entire home over a two or three-month period, you can get the job done over a few years. Do half the rooms one year, and half the second year. Then you can tackle the exterior in the third year. Not only will this limit the amount of work that is done in your home in each year, but it will allow you to spread out the money you are spending on the project.