Seven Steps to Saving Money on Home Improvements
Each owner has a defined budget that he can allocate to a renovation project. Even if the funds were unlimited, it is still in the owner’s best interest to get the best value for every dollar invested in a renovation project, thereby increasing the value of the home.
Consider these tips from the National Association for the Remodeling Industry to help you save money on your next project.
1. Determine how far your budget will go. Create a wishlist of anything you want to accomplish. Ignore the cost and just write down whatever you can dream of. Prioritize items from “must-haves” to “good but not necessary”. Find a contractor who will work with you to determine if your wish list is achievable for the funds you are willing to invest in your home.
2. Decide how to handle budget overruns. If you can’t get far enough down the list with the cash on hand, you can choose to stop the process and continue to save, explore financing options, re-evaluate your wishlist, or consider options. material substitutions.
3. Make material choices that you can afford. Each project will have a set of required materials, but there are options for variety, style and quality, such as:
• Cabinets: Subtle changes like forgoing custom rustic cherry cabinets with plywood cabinet sides for regular cherry cabinets with cabinet plank sides can achieve the same look at a lower cost.
• Countertops: Natural stone and quartz countertops are popular, but advancements in design options for lower cost countertop materials have also rejuvenated their popularity. With proper use and protection, almost any countertop material can meet everyday needs.
• Carpentry: Painted carpentry has dominated the market for many years and solid maple is the preferred choice because the tight grain allows for a nice smooth surface. However, the cost is several times that of vinyl and just as attractive when finished properly.
• Floor coverings: Advances in synthetic materials make them difficult to distinguish from natural products. Synthetics are generally cheaper and more durable, making them a simple substitute for natural products like stone, wood, brick, and marble.
4. Pay attention to the details of the project. It is essential to ensure that every detail of labor and material is specified in the agreement with the renovator. If it’s not included in the written agreement, it’s probably not included in the scope of work. Ask your renovator what labor and materials are not included, and determine what additional expenses you will likely need to incur to complete the project.
5. Ask how you can help reduce costs. Talk to your contractor about any tasks or materials you can provide that would lower the cost of the project without affecting its schedule. This may include cleaning up the job site or obtaining certain materials that the contractor would otherwise spend a considerable amount of time securing.
6. Plan the project schedule in advance. Ask for a potential time frame for the project to be completed, as well as any factors that might affect the schedule in order to anticipate costs, such as eating out more often during kitchen renovations or renting living or storage space.
7. Know how you are going to resolve disputes. Due to the unique constraints brought about by renovation projects, it is a good idea to determine before you begin how disputes will be resolved, such as adding an arbitration clause to the agreement that eliminates costly legal representation. A few deep breaths and a solution-oriented approach can also save more than money in conflict situations.
Find more money saving tips for your next home improvement project at remodelingdoneright.com.
This information has been provided courtesy of Family Features.