Saving Money of Home Renovation

There are a lot of pros and cons to homeownership. Some people prefer to buy new homes while others tend to lean towards used ones. New homes tend to come with a home warranty, and the satisfaction that everything is brand new and there is less maintenance to worry about. Also, most new home builders are making homes that are incredibly energy efficient, which can mean huge savings on your monthly energy bill. Used homes however are usually in areas that are more established and often times have more “charm” than newer ones.

If you’re looking to purchase a used home, but also want some new touches, then you can always renovate and make the changes that you want. Most people fear renovations because they can get expensive fast, but if you are careful you can make some big changes without breaking the bank. 

Here are 3 tips on saving money when renovating your home:

1. Strict Budget- If you are going to be renovating your home, it is important that you create a budget and stick to it no matter what. Knowing exactly how much you can afford to spend is a very important part of keeping things under control. Without having a number in mind it is easy to get carried away and buy things that you can’t really afford. Do your homework beforehand so that you know what types of appliances you can get as well as what types of materials you can use.
2. Do Some Work Yourself- One of the fastest ways to rack up the savings with your renovating is to jump in and do some of the work yourself. Labor costs can be very expensive and by doing some of the work yourself you can save a lot of money. You may need to read some how-to books in order to get started but there are plenty of resources to help you feel confident.
3. Substitute for Cheaper Materials- If you’re going to remodel your home but want to cut back on spending you’ll have to be conservative about what types of materials you choose. Instead of granite counter tops you can find recycled material that is still really nice, but cheaper to install. You can refinish your existing cabinets as opposed to buying all new ones. With just about every area of home renovating there are things that you can save money on. Just because something is cheaper doesn’t necessarily mean that it is of lower quality.

Before you start renovating your home you need to keep in mind how much work is involved with the entire process. It can take several weeks and even months to complete a remodel, and sometimes there is very little that the homeowner can do to speed up the process. 

Micah Castro is a freelance writer for JacksonWhite Attorneys at Law. JacksonWhite is dedicated to helping people overcome rough financial situations.