How to Reduce Expenses on a Major Home Renovation Project

Major renovations are inherently expensive, but that doesn’t mean you can’t minimize some of the costs. Sure, you’re already sinking a lot of money into this project, but keep in mind that there are a lot of ways to save cash even for a big project; you just how to know where these possible savings may be lying.

That said, here are some of the ways that you can save money on a major renovation project for your home:

1. Shop around for an affordable contractor

Affordable doesn’t automatically mean low-quality. There are plenty of ‘cheaper’ contractors out there that are highly skilled but don’t charge high prices because they are new to the business. With that in mind, shop around for the best contractor that fits your needs, budget, and renovation plans–be sure to give yourself plenty of time to do this as well so that you don’t have to rush when making a final decision.

2. Do some tasks yourself

If you have the skills and tools to get some parts of the job done, plan to perform some renovation tasks yourself. With a few weekends and elbow grease, you’ll be able to cut down your expenses by finishing parts of the project on your own, be it painting a room, replacing a window, uninstalling overhead lights, re-paving the driveway, or installing a new door.

However, only attempt a DIY job if you are confident that you can do it correctly and safely. For riskier jobs such as fixing the roof, you are better off leaving that task to a professional with a roofing license.

3. Reduce material costs

Materials make up one of the biggest expenses in any renovation project. That said, this is the first aspect that you should look into when trying to save money on renovation. Luckily, there are a lot of ways you can reduce material costs, such as:

• Buy recycled or repurposed material from construction sites, online communities, or the people you know

• Shop around for affordable suppliers

• Choose modest yet durable materials instead of luxurious ones

• Perform proper estimation to reduce excess waste at the end of the project

• Take accurate measurements to ensure that you don’t overbuy (if you are doing the project yourself)

• Repurpose materials from your house or previous renovation projects

4. Allot plenty of time for renovation

Rushing a renovation project, especially a major one, can mean that a contractor will have to work harder to finish it on time. As a result, they may charge you a higher fee because of the faster turnaround and extra labor hours that they put in. To avoid unnecessary expenses, allot enough time (plus some leeway) for the renovation project to finish, and be sure to communicate deadline expectations with the contractor clearly.

Moreover, allowing plenty of time for the project will allow you to wait for discounts, shop around for the best suppliers, and look for free sources of materials to help you save more money.

5. Put big purchases on hold

The price tag on a major home renovation tends to be huge. With that in mind, it may be best to hold off major purchases that you don’t need just yet, such as new appliances, electronics, and decorative pieces. Wait until they go on sale or until you can find cheaper alternatives that are just as good as the item you’re eyeing.

6. Save usable materials

Renovation projects tend to have leftover materials and supplies after they are done. To recoup some of your expenses, save excess (and still usable) materials and place them in a clean, secure place so that you can sell them after the project is completed. The same goes for old appliances, electronics, and other items that you replaced during the renovation; save them and sell them after you’re sure you won’t be using them anymore.

7. Pay in cash

For materials and contractor fees, paying in cash is the best option if you want to save money. While the upfront costs may be a little daunting, especially for a big project, paying in cash means that you’re not accruing interest. Moreover, you may be able to secure discounts or price breaks from suppliers and contractors when you pay them in cash since they will be receiving their payments upfront.

If you’re planning to do a major home renovation project, look for ways on how you can keep your expenses to a minimum. Even though you are financially prepared for this project, there is no harm in saving money that you can use for other important expenses in your household, perhaps even another renovation project in the future!