Renovating your home is an opportunity to personalize a space, improve its usability and simply have a nicer place to live. However, there is a price to be paid for these benefits – both in terms of stress and disruption, as well as in terms of money. The average cost of renovating an entire house is around 50% $20,000 to $100,000which is a lot of money for most people. Even if you provide solid funding for the project and focus on projects that also have emotional payoffs Make you happierSpending so much money will make everyone’s heart beat faster.
You probably can’t do that easily Do all the work yourself to save some money – but you may Take some steps to keep these costs as low as possible.
DIY demos
If you’re looking beyond a facelift for your home, there’s a good chance you’ll need one demolition Completed. This typically costs a few thousand dollars, depending on the scope of the project and the conditions in the home. The good news is that demolition is an aspect of home renovation that you can almost certainly do yourself, as long as you are very careful and wear protective equipment such as safety glasses, heavy-duty work gloves, and a mask or respirator. Smashing cabinets off the kitchen wall or ripping up floorboards typically requires very little skill and a whole lot of equity, and can save you real money.
Be your own general contractor
Many people hire general contractors to renovate their homes for good reason: home renovations are complex, requiring not only management and logistics skills but also a good knowledge of building codes and every single discipline involved, from plumbing to masonry.
But general contractors aren’t in it for the love of it – they usually charge a fee Surcharge of 15-20% in addition to the renovation costs. This means you could save a lot of money by acting as your own GC, which is completely legal and possible. For example, on a large project with a budget of $50,000, you could save $10,000 by acting as your own GC.
Or: It could cost you twice as much if you screw it up. Take a moment and ask yourself if you have the time and background to be a successful general contractor. This basically involves hiring and coordinating multiple subcontractors, creating a schedule so everyone can do their part of the job properly, and organizing for permits and inspections as well as managing the purchasing, delivery, and inspection of materials. It’s a big job and often worth the extra cost – but if you have construction experience and a talent for logistics, it offers a great opportunity to save some money.
Buy your own materials
When you hire contractors, they often make sourcing the necessary materials part of their service. That’s great, but it also means you lose control of costs unless you negotiate this in a contract. Purchasing your own materials adds additional complexity to the planning, but may save you some money since you’ll likely put more energy into searching for deals, special offers, and alternative materials than the contractor.
Keep in mind that your contractors may have very good reasons for using a particular brand or level of product, and you may encounter resistance if you insist on using an alternative. It’s worth listening to expert knowledge. However, if there is no noticeable difference other than price, you can save some money by acting as your own sourcing agent.
Remove devices from circulation
If you’re renovating a kitchen or laundry room, you can avoid sticker shock with one simple trick: patience. If the appliances still work (and you don’t plan on radically changing their size), you can shave a few thousand dollars off the initial renovation costs by keeping them and replacing them over time as the appliances go on sale.
The average kitchen package (fridge, microwave, oven and dishwasher) is running between $2,100 and $5,400and a washing machine/dryer system can be operated up to $2,300. If you can live with the old and broken versions for a while, you can shave almost nine grand off the upfront cost of the reno, with the option to upgrade later whenever it makes sense.
Ask about discounts
Many companies that supply renovation materials offer trade discounts. So if you have a connection to the construction or real estate world, you might be able to convince them to offer you the price cut. For example, if you run an Airbnb, you can legitimately claim to be in the hospitality business, which could potentially get you a discount. And contractors often have access to discounts that most people don’t get, and they may be willing to extend them to you if you simply ask nicely – which can be as simple as using their license information to offer a discount B. obtained at a large hardware store or using a contractor’s name at a dealer.
Of course, contractors aren’t required to do this, but it doesn’t hurt to ask – and a few percentage points off the price here and there can lead to significant savings.
