Improving your family’s home is a top priority for many homeowners. After all, family needs can change over the years, and decorative features can become outdated or sale. However, you understandably may be concerned about the cost of a major renovation. Renovating a home can improve property value, energy efficiency, functionality, style and more, so there are clear benefits associated with taking on this significant endeavor. If you are looking for a cost-effective way to complete your home improvement goals on a dime, consider following these helpful tips.
Learn More About the Renovation Process
There are many aspects of a home renovation project that can cost you money, and learning more about the process can help you to make educated decisions throughout the process. There are several seminars and classes like Rules of Renovation that help with everything from designing an affordable plan for your home to properly budgeting for the project and more. When you are searching for classes that cover topics related to home renovation projects, look for online classes as well as live classes in your hometown.
Choose Your Design Carefully
Your project design plans can drastically affect the cost of a renovation. For example, a standard kitchen renovation may keep all appliances in their current location. Only the materials may be upgraded, and no structural or layout changes may be made. This may be a cost-effective approach to take when renovating a kitchen. On the other hand, if you relocate appliances, tear down walls and more, you may need to hire a plumber, an electrician, a general contractor and other workers to assist with the effort. As you might imagine, hiring additional contractors to perform specialized work can add a significant amount of money onto your total project cost. While you want your renovation results to meet your needs, keep an eye on how different design elements can increase costs.
Get Numerous Quotes
The two primary components of a home renovation project’s cost are the cost of labor and the cost of materials. You may dramatically reduce labor costs by doing some of the work on your own. Only tackle projects that you are comfortable with, such as demolition or painting. Avoid attempting complex projects that require specialized skills unless you have experience with these tasks. Most homeowners will need to hire at least a few contractors to work on a major renovation project. Always shop around to request quotes, but ensure that you only request quotes from reputable and insured contractors. You can also shop around for materials, and spend time looking at local suppliers as well as shopping online to find the best rates available. You may also consider alternative materials, such as a ceramic tile that looks like marble. This small change can save you a tremendous amount of money.
Take Advantage of Rebates and Credits
There are federal tax credits available to homeowners who make energy-efficient improvements to their home. These credits vary from year to year, so spend time educating yourself about these options. You may also check with your local energy company, your state and other sources for additional rebates and credits that you may qualify for when you are renovating your home. For example, you may qualify for a rebate on new energy-efficient doors and windows for your home.
A home renovation is a great way to transform your existing home, improving the style, functionality and more with incredible results. These changes can improve pride of ownership and make the home more usable in the coming years. However, most renovation projects are complex and costly. You may be able to accomplish great results from your renovation efforts on a dime when you put some of these cost-saving tips to use.
