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5 Ways To Save Money On A Renovation

5 Ways To Save Money On A Renovation

Getting The Best For The Least

Renovations can be expensive. If you’re conscientious in the strategy behind your renovation efforts, you can get the most for the least every time. Following we’ll briefly explore tactics to consider here. Some are the type you might apply right before selling, some are continual. All bring value and save money.

1. Seek Consultation From Friends, Family, And Professionals

Plans fail for lack of counsel. If you don’t know what you’re doing, if you’re treading unknown ground, you’re apt to make mistakes. Talk to your woodworking contractor friends, and talk to other friends with a penchant for improvising solutions. Talk to a family handyman. Talk to architects, contractors, and builders who are local, and could do the job for you.

If you talk to enough competitively clashing contractors, you can initiate a minor bidding war on a job. Also, you can determine what to look for in terms of “code” restrictions if you’re going the DIY route. Additionally, you can get insight into remodeling techniques you might not have considered on your own. Lastly, a consultation like this helps you avoid false starts.

Save Money On Renovation

2. Calculate Costs With A Wide Margin For Error

As you determine which remodeling solutions are viable for your particular property, you need to calculate exact costs. “Factor X” and “Murphy’s Law” are old pals that like to rendezvous during remodeling projects. To defer the impact of these metaphysical brigands, give yourself a margin for error. Figure out how much you’ll need, and overshoot.

If you’re expecting a job to cost $5k and take one month, plan for $7,500 and two. Then, if it costs $5,100 and takes 32 days, even though you went a bit over budget, it feels like you came in under and saved time. If you planned for profit at $7,500 and two months, then you will very realistically profit even though you go slightly over minimum expense expectations.

3. Plan Renovations In Advance

Certainly, there are some things you can just jump right into, and get finished relatively cheaply. But for the most part, especially with jobs in the $2k to $10k range, you’re going to save yourself hundreds if not thousands by planning ahead.

Look into available options for renovations you’re pursuing in the market. Ready To Assemble (RTA) cabinetry can exactly fit a unique space. If you’re going to look into such options, all you’ve got to do is find the cabinetry you like, measure your kitchen, and order it to your home. But you’ve got to do plan in advance.

Plan Renovations In Advance

4. Choose ROI-Rich Projects

Return On Investment (ROI) should come with most renovations. You can build a tiny home in your backyard, and make a gravel driveway from the alley to the unit, for under $10k. Make it well, rent it at $1k a month, and you’ll see enough money to pay off Christmas presents by year’s end.

Certainly you don’t have to rent such a tiny home out; you could describe it as a “mother-in-law” cottage when you list the property, and see a $20k bump, owing to its rental capability—depending on your region, of course. Get advice from real estate agents on projects like this.

Another cost-effective, ROI-rich project is installing a solar array. The average value a $3.1 kWh solar array brings is $16,500+ nationally. The cost, going the DIY route, is less than $5k. Even if you have it installed, you’re still likely to double your investment. Do it before you sell to get a tax-break and increase listing value—this helps side-step the fee your realtor takes.

ROI-Rich Projects

5. Effective Landscaping

You can plant a tree for free; just get a seed and put it in a good spot in your backyard. Husbanding it will take water, but not much more than you use on yourself—and the natural environment will do some of the work.

It’s the same with flowers and bushes; though some need more TLC. The point is, getting a good garden going, and managing it, is relatively affordable, and will add property value. Think of this as a long-term property remodel.

Cost-Effectively Maximize Property Value

There are a lot of things you can do to cut costs on remodeling, and maximize the value of your property. Landscaping, ROI-rich solutions, planning in advance, calculating costs, and getting advice are all good tactics to help you see the most value for the least expense on remodeling efforts.

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