Time to make some tweaks to your home? If you’ve been putting off a big renovation due to financial constraints, there are ways to cut costs without sacrificing a beautiful new space. Here are a few ways to keep costs down while bringing your enjoyment (and resale value) up.
Set a budget
It’s important to know what you’re working with financially before starting any project. Having a clear number in mind will help when vetting contractors and shopping for materials for the renovation, and it will allow you to get your money in order before beginning any work. It’s wise to build in a buffer amount or set aside a little extra, in case you run into any unexpected costs along the renovation journey.
Don’t be afraid to DIY
Leave the technical stuff to the professionals if you’re not experienced—like plumbing and electrical—but consider doing simpler tasks yourself, like demolition, painting, installing hardware, and even laying flooring, to save some money.
Shop around for deals
It may take more time and effort, but the savings can add up if you shop around for your renovation, and not just for your contractor. Comparison shop for appliances, hardware like faucets and light fixtures, tile, vanities, furniture, and paint. Major retailers often have seasonal sales where you can save the tax or more if you bundle purchases, so you can even order or buy items ahead of time if you know you’re planning a reno.
Reuse and recycle
Sometimes you can salvage what you already have. A fresh coat of paint on cabinets or replacing the doors can make them look brand new and save you a ton of money. There are ways to find great items from other people to repurpose too—check Facebook and community groups, estate and garage sales, and thrift and antique stores. With a little hunting, you may find exactly what you’re looking for at a fraction of the cost.
Minimize movement
If you can, keep the existing layout of the room you’re renovating. Keeping the electrical and plumbing in the same place saves a lot of money (and time).
Try tax credits and other financial options
Depending on the type of renovation you’re doing, there are some tax credits you could qualify for, such as the Multigenerational Home Renovation Tax Credit or the Home Accessibility Tax Credit. There are also options to add your renovation costs to your mortgage, so speak to your broker.
Are you planning any home renovations this year? Call us today for access to our Preferred Trades and Services resource list!
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