Whether you’re looking at making major renovations to your home or just need to fix that creaky staircase, you probably want to save money. While you want to get the best work done that doesn’t mean you have to overspend. You can save money on home improvement projects.
Set a Budget
First things first. No matter how big or how small the project is, you need to set a budget. Without a budget in mind you will spend a lot more than necessary. This is especially true if you are renovating a bathroom or kitchen. Set a budget, break it down by areas of the project, and stick to your budget.
Get a Good Contractor
A good contractor isn’t necessarily the most expensive or the least expensive. You need to spend time getting quotes and referrals. You also want to make sure your contractor is licensed. There are companies like Angie’s List that will help you determine which contractors are worth getting referrals from.
One of the easiest ways to stick to your budget is to pay cash. Not only will you be more careful about the money you spend, but you won’t have to pay interest. Not paying interest on a home improvement project can save you hundreds to thousands depending on the size of the project, interest rates, and time spent paying the debt off.
Spend and Save Where It Makes Sense
Whatever project you’re working on, there will be areas where it makes sense to spend more money or to save money. For example, when buying a new deck, it makes sense to spend more money on weather-treated materials than a fancy layout.
Reuse What You Can
Many projects will have things that you can reuse. For example, if you’re redoing your kitchen and the cabinets are in good shape, replacing the countertops and painting the cabinets can make a world of difference but will save you a ton of money.
Waiting for a good sale to buy major appliances or flooring can save you some serious cash. No one said you had to buy everything at once. You can purchase things as you see them on sale and then do the project once you have everything you need.
When we added laminate floors to our downstairs, I spent tons of time trying to find a flooring that I loved (and was also cost-effective). Once, I found it, I waited for it to go on sale, and then I made my purchase.
Take It Slow
You don’t have to tackle your entire home at once. Choose the areas that need the most attention or will save you the most money in the long run. For example, if you need new plumbing that would take priority over a new kitchen.
Home improvement projects shouldn’t be an excuse to spend a lot of money. There are so many ways you can save yet still end up with a high-quality finished product.