A friend once jokingly remarked that it is easy to estimate how much time a home renovation project will take. “Just estimate the amount of time, double it, convert that sum to the next highest time increment, and then add two. So, a project that you think will take two days is really two days times two, converted to weeks, and add two more for a new estimate of six weeks. And,” he added, “the same formula works for estimating the cost of your project.” No doubt about it, renovating your home can add beauty, efficiency, and enjoyment to your living space, but it can be costly. Here are five clever ways to tamp down the cost.
Do what you can do. Discuss with your contractor what money you could save if you did some of the less-skilled work like demolition and cleaning up, for example. “Within reason, gutting a house can be done with a cup of tea and some (wo)man power,” Fifi McGee, a British blogger suggests. “Contractors will charge a significant percentage of the total for a demo job. So long as you’re not taking out a supporting wall or tackling pipework, do the demolition yourself. Think of it as a sort of therapy.”
Consider reclaimed materials where you can. You can find affordable second-hand materials that can add character to your remodeled home at salvage yards and online marketplaces. A particularly good resource is Habitat for Humanity ReStores where you will find new and gently used furniture, building materials, and decor items all at up to 75 percent off retail. As a bonus, ReStore purchases help the environment by keeping materials out of our landfills and the money raised goes to building more Habitat homes. Look for a ReStore in your area.
Name drop contractors. “Selecting a trustworthy contractor can make a world of difference in the timeline of a home remodel, which will ultimately save you money,” Realtor.com advises. “Of course, you'll want to ask friends and acquaintances for recommendations and follow up with references. But you might still be concerned that your budget isn't quite as generous as the one deployed by your next-door frenemies, the Bickles. (Darn you, Bickles!) Do you have enough cash to make your dream renovation happen? Here's a little-known secret: Name-drop competitors and the prices they’ve quoted. More than likely, the contractor you’re meeting with will be willing to strike a deal to win your business.”
Reorganize your kitchen layout. Kitchen remodels are the number one most popular renovation project. “The kitchen is the heart of any home, and minor kitchen home improvements could include replacing cabinet doors, countertops, lighting, flooring and appliances,” says personal finance guru and radio talk show host Dave Ramsey. “The great thing about a minor kitchen remodel (compared to starting from scratch) is the return on your investment. If you sell your house, you could get back around 96% of the money you spent. And if you’re staying? Upgrading your kitchen is well worth it if you spend a lot of time in there.”
This Old House magazine suggests “[to save money] instead of gutting your kitchen, focus on smart storage solutions that can transform the space without breaking the bank. Consider installing pull-out organizers in existing cabinets, adding a lazy Susan to corner cabinets, or incorporating vertical dividers that can store baking sheets and cutting boards. These relatively inexpensive upgrades can make a world of difference in your kitchen.”
Time your remodel just right. “Homeowners frequently wait for warm weather of spring—along with that lovely spring tax refund—to start their home remodeling projects,” Realtor.com points out. “But kicking off a renovation between January through early March—when there's significantly less demand for contractors and materials—could allow you to land some good deals. Just be aware that weather conditions could make the project take longer.”
“Frozen ground and dry air are actually great conditions to dig foundations and pour concrete footers, and with some planning, you might be able to, say, complete a foundation or frame a room addition before the rainy season is in full force—and well ahead of when prices start to creep higher [during the peak remodeling season which stretches from May into October].”
