Remodeling a home can be expensive, but you can substantially lower the cost by planning ahead, shopping around for services and materials and taking advantage of free advice. According to HomeAdvisor, the average homeowner spends between $18,856 and $54,909 remodeling a home. There are several factors that may contribute to higher costs. One of the most expensive aspects of a remodeling project is changing the floor plan. Adding and removing walls is labor intensive, and hiring even the most reasonably priced contractor will add significantly to the cost. You’ll save a considerable amount of money by working within the existing layout. The type of materials you choose will also significantly impact the cost of remodeling your home. Ceramic floor tiles offer sizeable savings over marble. Below are some tips on how to remodel a house without going broke.
1. Plan for the Unexpected
Even if you’ve budgeted for every detail of your remodeling project, there will most likely be unexpected expenses. Complications with the home’s structure may require more time and labor than planned or something might be broken and need to be replaced. You’ll be better prepared if you keep additional cash on hand for any unplanned expenses.
2. Use Existing Plumbing
Refrain from moving pipes, sinks or toilets. Plumbing work can more than double the cost of a remodeling project. If you plan on moving walls, be aware of pipe locations before you begin. Breaking through a wall to find water pipes can be a costly surprise.
3. Buy Imitations
Imitations can help you achieve the desired look without emptying your bank account. Choose engineered wood flooring rather than hardwood flooring for cost savings of more than 75 percent. Laminate stone tiles are not only less expensive than natural stone but are easier to maintain. You’ll find it difficult to tell stone and brick veneers from masonry, plus they’re light weight and simple to install.
4. Shop Sales
Plan your purchases around sales if possible. Look through sales circulars and compare prices online. If you know you’re going to need carpeting and find a liquidation sale, purchase it while the price is low. You can save 50 percent or more on the cost of materials by purchasing at the right time.
5. Do It Yourself
Minimize the cost for contractors by doing as much of the work as possible yourself. Take care of simple tasks such as painting and installing hardware to avoid paying professional prices for work unskilled labor can perform. If you frequently engage in do it yourself projects and already have the tools available, you may not require the services of a contractor. You can find instructions for most types of remodeling projects at a home improvement store.
6. Negotiate with Contractors
If you do require a professional, you’ll often be more successful negotiating a lower price during the off season. Contractors usually have a lighter workload around the first part of the year. Avoid hiring large remodeling companies, since they’re usually more expensive. Always verify that an independent contractor is licensed and insured.
7. Buy Clearance or Discontinued Items
Clearance and discounted items offer substantial price reductions. Before paying the full retail price for cabinets, flooring or major appliances, check for items similar to what you had planned to purchase that have been marked down.
8. Shop Classifieds
The classifieds section of the newspaper and online classifieds sites such as Craigslist are outstanding places to find discounted building materials. People who have over purchased for a remodeling project or have items they’ve replaced will often advertise them in the classifieds. You can find everything from flooring tiles to light fixtures.
9. Recycle and Repurpose
Perhaps you don’t actually need new kitchen cabinets. If they’re structurally sound, refinishing or painting them can make them look brand new. The vintage vanity you found in the second hand store may be repurposed for a lovely bathroom addition.
10. Disregard Trends
Avoid remodeling your home in the latest style. You’ll typically pay more for high demand items that will quickly become outdated. Choose a style you like and will want to retain for some time to come.
11. Pick up Your Own Materials
Delivery costs can add up when you’re making multiple purchases. Pick up the items yourself to reduce the total purchase price of your supplies. If you don’t have a truck, you can purchase a used trailer for less than the cost of three or four deliveries.
12. Stay with Standard Sizes
Whether you’re replacing windows or cabinetry, choosing standard sizes will keep the price within reason. Custom built cabinetry is much more expensive than the prefabricated models found in home improvement stores. Doors and windows installed in modern homes are a standard size. Custom sizes and shapes are not only more expensive but increase construction costs.
13. Scratch and Dent
If you’re adamant that your remodeling job includes pricey items such as granite countertops or antique finish brass fixtures, you may be able to find them at reduced prices in the scratch and dent section. The granite that was cut too short for someone else’s cabinet may be perfect for yours. You might find your kitchen fixtures at half price if they’re missing a screw you can pick up for a few cents.
14. Attend Building Supply Auctions
Building supply auctions can be a great source for low cost building supplies. You’ll find scratch and dent items, overstock and even custom made items. Avoid getting into a bidding war, and always research the value of the items being auctioned beforehand so you don’t overbid.
15. Pay Cash
Although a major home remodeling project usually requires some financing, you’ll save a tremendous amount of money in interest if you pay cash for as much as possible. The average interest rate for a home equity loan is 5.2 percent, but a personal loan can exceed 9 percent. Refrain from using credit cards if at all possible.
2 Point Highlight
Remodeling a home can be expensive, but you can substantially lower the cost by planning ahead, shopping around for services and materials and taking advantage of free advice.
Adding and removing walls is labor intensive, and hiring even the most reasonably priced contractor will add significantly to the cost.
