Are you looking for ways to add luxury to your home without the high price tag? With some savvy preparation and planning, home improvement projects can be very successful – and bring you awe inspiring results!
Whether you’re simply doing repairs, updating, or planning to turn your home into the home of your dreams, incorporate these money-saving strategies when planning your next home improvement project:
1. Take time to prioritize. Is it more important to have real wood flooring or custom cabinets? Are high-end fixtures crucial to your dream home?
• You might not be able to have everything you want, but you can probably have what you really want the most. Maybe marble countertops are worth a lower quality floor. Establish your priorities before getting started.
2. Be well informed. If you’re hiring others to do the work, get multiple quotes. Obtain a breakdown of the costs for both labor and materials. Take a stroll through your local home improvement center and see if the material costs seem appropriate.
• Getting multiple bids will also give you an accurate idea of how much money you would save if you chose to take on the project yourself.
3. Shop around for raw materials. If you do decide to tackle the work yourself, check out all the large homebuilding stores for the best prices. You will certainly find that some supplies are less expensive at one location than others.
• Watch the weekly fliers and grab the materials you need while they’re on sale.
• Also, if you go to the post office and get a change-of-address kit, there’s usually a coupon for 10% off at Lowes. Why pay full price when you can get an automatic discount?
4. Think small. Do you really need to remodel the entire bathroom? Or would a few hundred dollars on new fixtures and a new toilet get the job done? Consider the scale of your project and see if it can be minimized without dramatically diminishing your level of satisfaction.
5. Watch the financing. There can be a big difference between a home improvement loan, a home equity loan, and simple financing. Consider the type of loan that works best for your situation.
• Shop around for the best interest rates.
• Consult an accountant if needed and consider any tax implications.
6. What’s the resale value? If you’re not planning in staying in the house for a very long time, think about the effect the improvement project will have on the resale value of your home.
• The typical rate of return on various home improvements is available online. By doing the work yourself, you can make a huge impact on the value you get for your investment.
7. Do it yourself. Labor accounts for approximately 50% of the cost of many home improvements. That’s a lot of money you can save if you have the skill to put in your own labor!
Home improvement projects are always exciting, but the bill that comes along with them can be a challenge. Use the advice in this article to ensure that you’re using your resources wisely. You’ll not only be closer to the home of your dreams, but you’ll also have a house you can still afford.