Your home Renovations will normally add value to your home – both by making your space more enjoyable and convenient for you while you live there, as well as by increasing the resale value when you do decide to move on. Two of the best spaces in which to invest are the kitchen and the baths – these two spaces will increase your home’s value more than anything and also help to fetch your home top dollar at resale time.
Save Money on Home Renovations
To truly make the renovation a good investment, it is important not to spend frivolously and to save money where possible. This will also help your wallet! Some tips for saving money on renovations include:
Materials:
The building materials are likely the second most expensive portion of your renovation after the labor, so selecting wisely is a quick way to save money. There are some splurges that may be worth it; for example, going for that built-in cooktop in a new kitchen island, rather than a standalone oven and cooktop. However, when it comes to building materials, it may make sense to make some swaps. For example, rather than going for stone tiles, consider using a ceramic or porcelain tile instead and incorporating stone sparingly or as accents. Or, rather than the imported Italian marble, consider domestic manufactured quartz. Consulting with a competent experienced contractor throughout your project with reap many financial benefits.
There are many materials you will need to decide on and, depending on your market, it may or may not make sense to go all out. If you are in an entry-level neighborhood, it likely doesn’t make sense to go for the top of the line materials – instead, make smart swaps to purchase less expensive materials that will still be beautiful in your home.
If there is a material that you are in love with, but that is out of your budget, do some shopping around. There are many local suppliers that have beautiful materials, often at a lesser cost. Visit multiple retailers or wholesalers to find availability and whether there are price differences.
Savvy Shopping:
Big Box Warehouses, such as Lowe’s or Home Depot are a convenient place to secure most of the items you will need, however they are not necessarily the cheapest or best value. Most contractors will receive contractor discounts, so, assuming they do not add a markup to materials using their contacts can reap rewards. Consider letting your contractor know which materials you would like and having them purchase them on your behalf.
Alternately, Box stores do provide value on some items, so due diligence is the key. Planning ahead for your project will allow you to go to the store with a comprehensive list so that you can be efficient with your money and time. Using the resources, you have at your disposal and working in tandem with your contractor fir purchases will pay in the end!
Don’t be afraid to ask for a deal at the purchase point – sometimes, all you have to do is ask. Many (but not all) suppliers are willing to negotiate on actual material costs, especially if you are purchasing in bulk.
Many stores will also have a clearance area – check these areas before you even look at the rest of the store. Keep in mind that some items may be in the clearance or sale section due to limited quantities, so make sure to find out exactly how much of a given material is available to ensure there is enough to complete your project.
