5 Ways to Save The Most Money When Renovating
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If you’re like most homeowners, you have a major renovation in your near future. It might be to fix problems with things like the roof, plumbing, or insulation. Or maybe it’s to meet new building codes or add features that will make your home better suit your needs.
No matter why you do it, renovation is expensive. The average home renovation costs about $30,000 (this number varies by the type of project and your area), according to the National Association of Home Builders.
If you’re prudent, you may be able to save a good portion of that by doing some things yourself, or at least hiring “do it yourself” experts. For example, if you want to install insulation in your attic but don’t want to hire a pro, a carpenter can guide and support you. This could save you $2,000 to $5,000 (or more) versus hiring a professional insulation contractor.
A comprehensive renovation can take a year or longer to complete, and it might be tempting to hire someone new for every little job. But this is rarely the best approach. Instead, hire an “a la carte” contractor who can say yes to the bulk of your work but then subcontract out some items such as small plumbing jobs or painting. This way you avoid going into debt and having to pay the extra cost to have someone else do the work.
Here are five ways homeowners can save money on a renovation
- Get estimates early in your project, not as it nears completion. Estimates for big projects are easy to come by because there is so much competition. This competition works to your advantage, because you can get multiple estimates and compare prices.
- Take a professional on as an advisor. An architect is not necessary for a small remodel project, but if your project exceeds $50,000 or will be occupying more than one full day of your time for the next 2 years, it makes sense to hire someone who can give you an honest opinion about the advantages and disadvantages of certain materials like drywall or tile.
- Do the renovation yourself. This is the best way to save money, according to a 2011 survey by the National Association of Home Builders. The study found that homeowners who renovated themselves spent an average of 41 percent less than those who hired a contractor.
- Don’t hire subcontractors. And when you do, make sure that they are reliable, and whether they are paid by the hour or piece-rate, they pay the same amount of money for each item that they do.
- Be careful about the materials you choose and how you use them. You can save money by avoiding unnecessary expenses like paints, tools, and even tools for installing and hanging small items like pictures. Before you buy, ask if there are better options for the job. For example, if you need paint brushes, ask if there is a cheaper way to purchase them.
This post was originally posted several years ago. I believe it is still relevant today. I received many questions regarding how to save money on a renovation project, so I decided to republish it for all of you. This is a post from the “Experts at Angie’s List” website, and it is what inspired me to write this article on how to save money on your next major renovation. You can check the original article out here.
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