Lowering the Cost of a Home Renovation: Smart Strategies
Renovating your abode is an exciting chance to personalize a space, boost its practicality, and enjoy a more aesthetically pleasing dwelling. Yet, there's a tangible price to pay for these benefits – both in terms of emotional turmoil and disruption, and financially. The typical whole house renovation sets you back anywhere from $20,000 to an eye-watering $100,000. That's a substantial investment for most folks, regardless of how seamless financing arrangements are.
Even when you're eager to save some money, you may not have the skills to tackle every aspect of a renovation project by yourself. However, there are several smart ways to keep your expenditures in check without skimping on quality.
The DIY Demo Dance
If your renovation project involves more than a quick cosmetic face-lift, chances are it'll necessitate some demolition work. The cost of demolition varies, depending on the scale of the venture and the home's specific conditions. The good news is that demolition is an area of home renovation where you can likely do most of the work yourself, saving a few thousand dollars, if you play it safe and wear adequate protective gear. Cracking cabinets off walls or tearing apart floorboards generally demands sweat equity rather than specialized savvy.
The Self-Directed GC Gig
Hiring a General Contractor (GC) can be a wise move, as they bring essential management and logistic skills to the table. But bear in mind that they usually add a 15-20% markup to the overall renovation cost. Acting as your own general contractor can save you a fair chunk of change; still, it may double your expenses if you stumble. Before you leap into the GC role, ask yourself whether you have the necessary time, expertise, and aptitude for the task. If you have some construction experience and a knack for logistics, this could be the perfect chance to save some dosh.
DIY Material Procurement
When you hire contractors, they often handle the acquisition of materials as part of their service. It's a convenient arrangement, but you lose control over the expenses if you don't negotiate. If you purchase your materials yourself, you'll likely put in a bit more effort to find sales, special offers, and alternative options, potentially saving a few bucks. Keep in mind that contractors may have compelling reasons for specifying particular brands or material levels; listen to their knowledge, and you may occasionally find it worthwhile to bend on your preferences.
Phase Out Appliances
If you're renovating a kitchen or laundry room, think about stretching your renovation budget by embracing patience. If your appliances are still functional (and are not being changed in size), you can save a few thousand dollars by holding off on replacing them until you find an irresistible sale. The typical kitchen appliance package ranges from $2,100 to $5,400, while a washer/dryer set can top out at $2,300. If you're willing to wait, you can save close to nine grand on the initial reno costs.
The Bargain Hunt
Many businesses that supply renovation materials offer trade discounts – if you have any connection to the construction or real estate worlds, you might be able to score a discount. For example, if you run an Airbnb, you can argue that you're in the hospitality business. Contractors may also have access to discounts that the average consumer doesn't, and they might be willing to share if you simply ask politely. A few percent off here and there adds up to significant savings.
Despite the significant financial investment required for a whole house renovation, there are ways to lower the cost without compromising on quality. For instance, taking on certain tasks like DIY demolition or material procurement can save you a few thousand dollars. Additionally, being patient with appliance replacements during renovations, particularly in the kitchen or laundry room, can help save a significant amount of money.
