10 tips to save money on home renovations

One of the most daunting aspects of a renovation is the price tag. Here are 10 tips to help ensure your next home improvement project doesn’t break the bank.

1. LOOK AT THE BIG PICTURE

If you plan to upgrade the style of your home, determine whether you need to tackle structural issues first. Overlooking an old roof, cracked foundation or leaky windows can be a costly mistake if you have to rip out your new kitchen or bathroom in a few years to deal with safety concerns or water damage.

2. WRITE OUT A DETAILED PLAN

Create a list of all the projects you hope to get done. In addition to helping you establish a realistic budget, you can use this information to decide whether it’s more cost effective to complete the renovations all at once or in stages. For example, compare the cost of paying a plumber’s call-out fee several times to the expense of temporary housing if all your bathrooms are out of commission.

3. SET AND MAINTAIN A BUDGET

Before you begin any type of renovation project, it’s important to calculate the approximate total cost. Take into account everything from permit fees to the final furnishings. This foresight will ensure you only take on projects you can afford. Remember to set aside about a fifth of your budget for unexpected costs.

4. HIRE A RELIABLE CONTRACTOR

Don’t hire a contractor simply because they’re the cheapest. Instead, ask friends for recommendations, read customer reviews online and interview at least two or three contractors to ensure you find someone reputable. Insist on seeing a detailed contract to avoid surprise fees. If possible, schedule your renovations during the off-season as companies tend to charge less.

5. SPEND MONEY STRATEGICALLY

Keep in mind that certain expenses might increase the cost of your renovation, but they’ll save you money in the long run. For example, buying high-quality countertops and insulation are worthwhile investments because they last longer and perform better than cheap alternatives. You should also prioritize projects that add value to your home, such as bathroom and kitchen remodels.

6. KEEP THE EXISTING FOOTPRINT

Unless the current layout is incredibly dysfunctional, it’s best to work with what you have. Avoid moving walls, windows, plumbing and large appliances, as these undertakings can decimate your budget. Instead, repaint the walls, rearrange the furniture and use effective storage solutions to make the space feel more open and airy.

7. BUY MATERIALS IN ADVANCE

Once you commit to a renovation project, give yourself plenty of time to shop around for discounts on materials, appliances and furnishings. Look for end-of-year sales and they-pay-the-tax promotions. Additionally, consider opting for floor models or slightly damaged pieces to cut costs without compromising on style.

8. OPT FOR CLASSIC DESIGN FEATURES

A timeless look and neutral palette are best when it comes to more permanent features like tiles, flooring, countertops and major pieces of furniture. Save bold patterns and statement pieces for curtains, throw pillows, feature walls, light fixtures and other design elements that are inexpensive to change as your style preferences evolve.

9. REUSE OR SELL MATERIALS

From painting kitchen cabinets to sanding down old hardwood floors, there are various ways you can give existing features in your home a face lift. Keep in mind, however, that some things cost more to repair than replace. If you have furnishings or appliances you no longer want, try to sell them if they’re in good condition.

10. GO FOR ENERGY-EFFICIENT OPTIONS

Take advantage of government-issued rebates and tax credits. These are available to homeowners who purchase energy-efficient appliances or make improvements that impact the energy efficiency of their house (new doors and windows, extra insulation, smart thermostat, etc.). In addition to offsetting the cost of your renovations, you’ll benefit from long-term savings on your heating and cooling bills.