Making upgrades or renovations to your home is a major project that can take up too much of your time and money. While any home renovation project can seem like an overwhelming task for many homeowners, it is not impossible to make even the largest of renovations to your home without spending too much of your precious time or compromising your finances. Whether you’re installing custom kitchen countertops or repainting the interior of your home, here are 5 simple ways to save money on home renovation.
- Create a Detailed Budget
Before beginning the design or renovation process, it is important to set a thorough and firm budget. Consider the maximum amount of money you would be willing to spend on such a project, and be sure to leave yourself a bit of wiggle room – no matter how well you plan to execute a home renovation, there is always the chance that something could go wrong. If you don’t leave money aside for emergencies or unforeseen expenses, it could be a disaster for your finances. Set your budget early on to eliminate the chances of spending an unexpectedly high amount of money and eliminate stress during the remainder of your renovation process.
- Pay Cash
While this tip might sound too simple to be true, what many homeowners don’t realize until it’s too late is that taking out loans to pay for major renovations results in high interest rates that end up making the project more expensive than originally anticipated. When creating your budget, consider how much money you can realistically spend out of pocket on home renovations right now. This will help you determine if you need a little more time to save money before taking on a project, which can further help you to plan when a renovation will be done.
- Utilize Reused Materials
Upgrading your space doesn’t necessarily mean discarding everything from your current space in favor of something new. One of the easiest and most effective ways to save money on a renovation project is by reusing materials from your home such as cabinetry or appliances and incorporating these items into your newly renovated space.
Taking advantage of second hand or recycled items from other homes is a great option as well – local second hand stores such as Habitat for Humanity resale shops will sell you recycled materials and appliances for next to nothing, which can then be used in your next home project. This is one of the best ways to save major money on a home remodel!