Use This Advice To Save On Your Next Remodeling Project 

Home renovation projects during the last several years have outpaced industry projections, as several sources reveal that existing and new homeowners are actively updating their homes despite building costs rising on the back of higher borrowing rates. 

The ongoing volatile real estate market and surging interest rates have seen a growing number of homeowners choosing to renovate their living spaces, rather than selling or searching for a new home. 

In a study by Today’s Homeowners, more than half of homeowners - 55% - reported renovating a part of their home in the last year or so. Aggressive interest rate hikes throughout much of last year and 2023, have meant that the average 30-year mortgage rate is now standing at 6.79% by early May. 

While prices for building materials, furnishings, appliances, and labor costs have increased rapidly, many homeowners are spending more than they did before and during the pandemic. 

In the 2022 U.S. Houzz and Home Study, homeowners' median budget for renovations and additions to their existing homes jumped by 20%, from $15,000 in 2020 to $18,000 in 2021. 

Renovation costs are however different across the board depending on the type of remodel, neighborhood, and how big of a project it tends to be. Yet, on average, the cost to gut and remodel a house can range anywhere between $100,000 - $200,000. 

The average gut renovation per square foot ranges from $60.00 to $150.00 and includes fixtures such as plumbing, appliances, heating, venting, air conditioning (HVAC) systems, a new roof, and different structural changes. 

Renovating seems to be the more affordable, and economical alternative, as the housing market has priced-out would-be buyers and new property owners, despite average real estate prices seeing a decrease in prices over recent months.

Taking on such a big task requires a lot of planning, and being on top of things can help you save a bit of cash while renovating your home. 

Plan for efficiency 

Typically when homeowners start planning a remodel or renovation project, they tend to think about increasing the physical floor space for their home. While this does give them a bigger home, with more room, and drives up the market value of the house, it’s often more affordable to plan efficient improvements without needing to increase floor space. 

Depending on the room or part of the house that’s going to be renovated, consider smart ways in which you would rather increase the efficient use of this space, either adding more cupboards, redesigning the layout, or making minor structural changes. 

While it might not add more space to your home, replacing and modernizing rooms, and incorporating new design features to help save on costs can be a more feasible option. This advice can be considered throughout much of the house, especially in rooms such as the kitchen or living space, where more efficient use of the built features can be incorporated. 

Do early planning 

Remodeling your house requires crucial planning and layout before you can start taking down walls or ripping up carpets. By this time, you should already be certain that the renovations can take up to several weeks to commence and another month or so before it is completed. 

Think of which room or area of the house you want to remodel first, whether it’s the kitchen or the bathroom, or maybe you’re thinking of enlarging the living room. Whatever it might be, take enough time to plan well in advance to save on time and money as the project starts coming to life. 

Planning isn’t just about drawing up a sketch or two and handing it over to the contractor. You need to advise a couple of professionals beforehand, get some quotes, and take a lot of time to decide on the right interior fittings and finishing. 

Early planning isn’t just about getting the right people for the job or helping to make the job easier, it’s about minimizing long-term costs that could occur when you take shortcuts or don’t spend enough time hashing out the small details. 

Work on existing structures 

Instead of completely demolishing a good percentage of the house, only to rebuild it later again, consider working on existing structures to minimize the construction costs and save time. 

Whether the idea is to enlarge a bedroom, or perhaps create a more open-plan living and dining room, consulting with an expert on how you can go to work with the existing features might help you minimize your renovation budget. 

There are several structural aspects to take into consideration, including the foundation, elevation of the house, building materials used on existing structures, and town building and planning permits. 

Again, it’s important to consult an expert as much as possible and use contractors that you know will do a proper job without driving up costs significantly, both in the short and long term. 

Reuse materials 

Although the idea of renovating your home typically means upgrading certain fixtures and furnishings, it’s possible to get that modern finish while reusing materials you might already have available. 

During the process of consulting with an expert, consider how certain fixtures such as doors, windows, lights, and countertops can be reused in the newly renovated space. 

There are instances where some materials might need a bit of renovation as well, either sanding down wooden furnishings or cleaning and spray painting electrical sockets or lighting fixtures. You might get a bit more than what you have budgeted for if you take the time to consider the quality and condition of some materials. 

If you’re unsure how to properly update these materials, do a bit of research online, or consider consulting a DIY expert that might be able to help you improve the look and finish of some materials.

Consider your needs

Any changes you bring onto your house should be directly linked to your need for it in the future. 

You might want to upgrade the kitchen and install better appliances, but perhaps adding an additional bathroom to one of the bedrooms might be a more suitable option. Maybe you’re looking to build a new outside living area, but having a garage, with enough storage space, indoor and outdoor EV charging options, and enough parking for your vehicles is perhaps more needed right now. 

Instead of looking at the short-term improvements, simply because you value comfortability over practicality could drive up costs in the near term if you’re not clear about your family’s needs. 

Think style, not trends

Nowadays we’re constantly flooded with online and social media content about home renovation projects, but often these are more trends, than anything else, which over time fade again. 

When renovating your home, whether it’s the exterior or interior, make choices based on your style and not trends. From the color of your walls to even choosing the right type of faucets, always choose design elements that reflect your personal style and needs. 

Avoid doing remodeling projects simply because you feel that your house might now look outdated. Take enough time to do your research, and consider the implications of making changes to your home. If the long-term goal is to reside in the house for the next several decades, choose elements that will remain timeless even as design trends change. 

Complete work within your capacity 

There are instances where homeowners tend to undertake home renovation projects themselves to save on costs. Yes, in some cases many people can successfully complete a renovation or remodeling themselves without needing any professional help. 

Consider your capacity to undertake these projects yourself. Even if you’ve done a couple of smaller, less intense DIY home projects before, it’s not to say that you will be able to complete bigger tasks such as knocking down walls or laying new foundations. 

Rather see which tasks you can complete yourself, without having to pay a professional to do it. Things such as removing and safely discarding building rubble can help reduce the need to hire a professional to come to do it for you. Repainting new additions, or installing appliances might be another job you can perhaps take on yourself. 

Before you decide on which tasks to do, find out whether your contractor can do this for you at a smaller fee, or if they already charge you for these services. The better idea you have of where a hand is needed, and when, the easier it will be for you to lower the overall expenses as you start remodeling. 

Tap different sources

Another piece of advice could be to shop around for different quotes before you decide on a final contractor or architect. Whatever your needs may be, consult different professionals to find the best possible price for your project and budget. 

On top of this, see how you can tap your contractor's sources to get a better price on certain things you might need. Perhaps your contract is working on a different project and can reuse some of your materials on another house, minimizing the need for you to pay for someone to come and remove these materials. 

See whether your contractor knows of other professionals that could help you with different tasks, such as setting up a make-shift kitchen, installing or connecting gas lines, or even for landscape jobs, see whether builders might know of an affordable landscape architect that might be able to provide you with their services at a smaller fee. 

Network and shop around as you go, and don’t shy away from asking your contractor for advice or contacts you might need to use to complete the project.

Purchase demo appliances 

Buying high-end appliances that are outside of your budget can rack up a hefty renovation bill, especially if you’re set on only buying these sorts of appliances for your home. 

Yes, buying better quality appliances can be better for the long-term and save you money on maintenance or having to replace them every few years. But instead of purchasing high-end pieces for big-box retailers, shop around for demo models that might sell at a lower price. 

There are appliance houses and showrooms around the country that sell different equipment that was used as demo models in stores. Some showrooms might even sell appliances at lower prices if they have small dents or scratches on them. 

You can also contact suppliers directly, or reach out to a factory store to see whether or not they have the appliances, or something similar available at a lower cost. Take some time to do your homework, and comparison shop as much as you can when you’re in the market for high-end appliances. 

Make use of recycled materials 

There are countless furniture pieces and other building materials that are available at thrift or second-hand stores. Yes, these might not be in the best condition, or be exactly what you were looking for, but instead of buying new items, at a higher sticker price, see whether or not you can purchase previously used materials. 

From old couches, chairs, and tables, to mirrors, light fixtures, paintings, windows, and even garden materials, there are countless options available at any local thrift store. Depending on what you need, you might want to shop around a bit to see what you can find elsewhere for a cheaper price. 

Don’t just compromise on the quality of an item or piece, simply because you want to spend less money. Be sure of your purchase, and that it can be restored to its former glory, either by you or a professional. 

Additionally, you need to consult with your contractor first about certain building materials such as doors or windows, as it’s common for many contractors to refuse to use these materials as they do not want to take liability for the quality thereof. 

Final thoughts 

Remodeling your home is an exciting experience, and while it might be to improve the living space, or simply the value of your property, there are several ways in which you can save money without having to compromise on the quality of the renovation outcomes. 

Be sure to thoroughly plan how much time and money you are willing to allocate to the project, and consult with several different contractors beforehand. Once you have an idea of what you want to do, consider how well the new additions will help improve the efficiency of your home and how everyone will use it. 

Finally, take into account that there are more affordable alternatives available, it just requires you to do a bit of homework and ask around. Ultimately, be certain that you are investing your time and money into this project to help boost your investment return on your home, but also create a space you will enjoy living in for the next several years.