Money-Saving Tips for Your Home Renovation: How to Cut Costs without Cutting Corners
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We have a created a list of money-saving tips for your home renovation, to help you cut costs without cutting corners.
Money saving tip for your home renovation
1. Consider Remodeling Instead of Building New
With major remodels, it's essential to consider whether it's cheaper to remodel your existing home or build a new one from scratch.
While most homeowners may not want to hear this, it's an important factor to consider.
Take, for example, a case where plans for a 1,300-square-foot addition revealed that the existing foundation wasn't up to code and would have to be replaced, costing $30,000.
After crunching the numbers, the owners realized that updating the house would be as expensive as building a new one.
By opting for new construction, they gained the benefits of a modern home while preserving the character and feel of their old house.
The prices in this post are just an example. Things may cost more or less than posted here.
Cost to remodel: $570,000
Cost to build new: $588,000
Saved: For $18,000, the owners gained $60,000 worth of new living space, improved safety, and energy efficiency.
2. Increase Efficiency, Not Size
If you want to maximize your kitchen's utility without blowing out the walls, consider reorganizing and equipping it for maximum efficiency.
Replace space-hogging shelves with cabinet-height pullout drawers that are 8 inches wide and contain racks for canned goods and other items.
Our number one tip for adding maximizing space in a smaller kitchen without adding a larger footprint is to have all your base cabinets be pulled out drawers.
This adds ample storage and is very easy to organize as well.
This simple change provides three or more horizontal planes where you might have only had one, allowing you to make the most of your kitchen space.
By opting for these custom-designed cabinets, you can save a significant amount of money compared to expanding your kitchen by 200 square feet.
Cost to expand kitchen by 200 square feet: $48,000 to $95,000
Cost of super-efficient, custom-designed cabinets: $35,000
Saved: Up to $60,000
3. Bring in Natural Light Without Adding Windows
Adding windows can be an expensive and invasive process. Instead, consider less expensive alternatives for capturing natural light.
One such solution is installing a "light tube," which slips between roof rafters and funnels sunshine down into the living space. This method is especially useful for brightening up windowless bathrooms or hallways.
The prices in this post are just a guideline. Things may cost more or less than posted here.
Cost to add a double-pane insulated window: small/ medium $1,500 per window
Cost for a light tube: $500
Saved: $1,000
4. Hit the Recycling Center
Embracing recycling and reusing materials can lead to significant savings. Habitat for Humanity operates about 400 ReStores nationwide, offering salvaged materials at half the price of home-center prices.
While many contractors may not work with salvaged items or homeowner-supplied materials because of liability concerns, if you're doing your own work, you can find everything from pre-hung doors to acrylic skylights at these stores.
Price of a 4-by-5-foot insulated window in a home center: $600
Price at ReStore: $300
Saved: $300
5. Donate Your Trash
Before you start your renovation project, consider inviting your local Habitat for Humanity chapter to remove materials and fixtures for later resale.
Approximately 85 percent of a house is reusable, and by donating these items, you can save space in the landfill, collect a charitable tax credit, and contribute to a good cause.
Cost to trash a suite of bathroom fixtures: $50 to $75
Cost to donate: Nothing, plus you get a tax deduction
Saved: Space in the landfill (and a bit of your soul) lol
6. Do Your Own Demo
While it's important to proceed with caution, doing some of the demolition work yourself can save you a significant amount of money.
However, it's crucial to know your limits and avoid taking on tasks that require professional expertise, such as demolishing load-bearing walls or working with live wiring or pressurized plumbing.
Want more money-saving tips. Check out my article on decorating your home on a budget. Here.
So do the demos. You know you can handle and hire professionals for the rest.
Cost to demo a 200-square-foot deck yourself: $450 (Dumpster rental and parking permit)
Cost for a professional: $1,000
Saved: $550
7. Consider Long-Term Costs, Not Just Short-Term Gains
When deciding about materials, consider the long-term costs and benefits. For example, if your addition calls for clapboard siding, investing in preprimer and pre-painted siding may cost a little extra upfront, but it can save you money in the long run.
They apply factory finishes under controlled conditions, resulting in a more durable and long-lasting product that requires fewer paint jobs.
Cost of unfinished siding for a 10-by-40-foot addition, plus two paint jobs: $5,000
Cost for pre-finished claps and one coat of paint at installation: $3,750
Saved: $1,250
8. Contractor's Sources
Your contractor may have odds-and-ends stock leftover from other jobs, which can save you money on materials like flooring. By utilizing these sources, you can find high-quality materials at a fraction of the cost.
For example, contractor once found hundreds of square feet of hardwood flooring that would have otherwise gone to waste on other job sites.
By refinishing and reusing this flooring, he saved his client almost $9,000 in material costs.
This can go for left over tiles as well, and could save you money on your backsplash in your kitchen.
Cost of new flooring: $19,200
Cost to use someone else's discards: $10,500
Saved: $8,700
9. Consult an Architect
While a full-on architectural commission may not be necessary for every project, consulting an architect can provide valuable insights and cost-saving solutions.
Some architects offer onetime design consultations for a flat fee, where they can examine your problem and sketch out potential solutions.
You can then take these sketches to a builder or a drafting service to create formal construction drawings at a fraction of the cost.
Architect's fee to design a 300-square-foot home office: $2,250
Fee for design consultation only and plans: $580
Saved: $1,670
By implementing these money-saving tips, you can significantly reduce the cost of your home renovation project. So, roll up your sleeves, get creative, and start.
Following these tips will not only help you save some money, but help make things easy and in the long run save you from making mistakes, saving you more money in the long run.
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