How to cut costs on home renovations

Published 12:00 am Saturday, April 23, 2022

Do you still have an avocado green kitchen? Is your living room dank and dark? Perhaps there is only one bathroom for a family of six? Answering yes to these questions could catalyze a home renovation project.

Home improvement projects come in all shapes and sizes, some with huge budgets and others more cost-conscious. Regardless of what homeowners hope to achieve with their renovations, a common goal across any price point is a desire to save as much money as possible. Home renovations can be expensive, but there are ways to cut costs.

Assess the merit of the project

Remodeling magazine annually publishes a Cost vs. Value Report that lists the average cost and return on investment homeowners can expect from various projects. If you’re planning to sell your home soon, it may be best to focus on repairs and renovations to generate the most substantial ROI.

Hire a contractor

Don’t waste money by trying tough jobs yourself; rely on an experienced contractor who can get supplies for less money and do the job right the first time.

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Compare bids from several different contractors and figure out the best value.

Refurbish existing features

Rather than a complete gut and rebuild, figure out where you can revitalize existing fixtures and more. For example, refinishing existing cabinets can save you up to 50 percent compared with the cost of new cabinetry, according to Angi (formerly Angie’s List), a cost comparison and business review resource.

Choose midgrade materials

Certain materials may be all the rage, but they have a higher price tag. Angi reports that granite counters could be $60 to $100 per square foot. However, a composite or laminate that looks like granite and wears well might be $10 to 40 per square foot. Figure out where you can choose middle-of-the-road materials for maximum value.

Avoid peak seasons

You’ll pay more to install a deck or a pool right before the outdoor entertaining season. There also may be a premium to get work done right before a major holiday. Therefore, consult the calendar to find an off time for a renovation and book it then to save.

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Do some prep work

You might be able to save by doing some demolition and preparatory work yourself. For example, you can tear up carpeting before installing new tile floors. Perhaps you can mend and patch up walls.

Buy a display item

Retailers often update their displays, and you may score existing showroom items at a discount. According to Real Homes, a home remodel guide based in the United Kingdom, former showroom kitchens and baths are often sourced at a fraction of their recommended retail prices.

Renovations can be expensive, but there are many different ways to cut costs.