5 Ways to Save Money on Your Home Remodel

Who doesn’t get excited over the thought of creating something new? Home remodeling is a great way to improve the aesthetic appeal and function of your home. It also helps to improve its value, especially when you’re planning to put it on the market. While the prospect of creating a new, more attractive and functional space can be exciting, it can be very expensive.

Remodeling costs can easily run into tens of thousands of dollars, depending on the circumstances of your project. Many people end up breaking the bank in order to bring their vision to life. However, this doesn’t have to be the case for your project.

With some careful planning and the application of the strategies we share below, you can maximize your space while minimizing your spending.

How to Remodel a House on a Budget?

1. Determine which is more cost-effective, building or remodeling

It may sound counterintuitive, but sometimes building a new structure from scratch may be more cost-effective than remodeling. This is especially true when dealing with older structures that may require a lot of work in order to meet new building standards and requirements.

For example, you may have to invest in insulating the structure, correcting water damage, getting rid of hazardous building material, and other expensive repairs in order to modernize an old structure.

Building a new structure may also be more cost-effective in cases where home remodeling involves extensive changes. You may want to consider starting from scratch and designing exactly what you want instead of redesigning an existing structure.

2. Be realistic when it comes to budgeting

If you’ve decided that going ahead with a remodel is the best approach, you should determine a budget based on your goals for the project and your financial situation. A good way to determine the average home renovation cost is by evaluating the costs of similar projects within your geographical area.

Be honest about your finances and what you can and can’t afford. You should prioritize your must-haves and determine what would be nice to have but absolutely necessary for the success of the project.

It’s important to factor in unexpected expenses. Add a 20 percent cushion to your budget to cater for this.

3. Maximize the existing space

Increasing the square footage of your structure isn’t always the best approach. This approach is not only expensive but may also be completely unnecessary. You may be able to achieve all that you envision within the space that already exists. You could save thousands of dollars by simply redesigning your existing space to improve its function and appeal.

Some great ideas for maximizing or creating more space, including replacing large shelves with pullout drawers at cabinet height. Another great way is by investing in smart storage solutions, such as pullout shelves and an in-cabinet lazy Susan in a corner cabinet.

4. Consider the long-term costs

Many people buy into the misconception that cheap home renovations involve using the cheapest materials available. This simply isn’t true, especially when you consider the long-term costs of the renovation. For example, using cheap materials may seem cost-effective now, but will cost more in the long term due to repairs.

A better approach is to consider the long-term costs of the project. While purchasing high-quality materials may push the budget and cost more upfront, it may lead to significant savings in the long term.

5. Explore alternatives

The first option isn’t always the best option. There may be an alternative approach to your project that could save you thousands of dollars. For example, you may be considering using a certain high-end material that is the traditional choice for the application.

However, with advances in technology, you may find that new, more sustainable and cost-effective products are now available in the market. For example, instead of investing in an expensive hardwood, you may want to consider an alternative such as the eucalyptus hybrid, Lyptus. It is not only more sustainable but is also far more affordable.

Conclusion

Remodeling your home doesn’t have to cost an arm and a leg. You can achieve great results and bring your vision to life while saving money.

Work with the team at Design and Build NW for even more ideas and for help achieving your renovation on a budget.