How to Save Money on Home Remodeling
Home remodeling can be a large investment and will greatly improve the value of your home. As you begin your home remodeling job, you need to create a plan. Most contractors plan out their schedule months in advance and if you want a job done in a matter of weeks, you will end up paying a large amount. Many contractors give large bids to small jobs because they don't want to fit you into their busy schedule. Most building trades have busy seasons and slow seasons, so be sure to schedule your home remodel job during a slow season.
As you begin planning your home remodel, consider which portion of the work you can do on your own. It is always cheaper to do the work yourself if you have the necessary skills. If you are adding on a room, you may want to hire a contractor to build it, but you can save money by painting the room on your own.
Plan everything in advance so you won't need to make changes once the contractor is working. A contractor will charge more money for changes once construction is underway. You should also consider less expensive alternatives when you are designing an addition. For example, use a prefabricated fireplace unit instead of traditional masonry.
|
|
Obtain quotes from several contractors when you are starting your home reconstruction project. The prices will vary tremendously among different contractors and some contractors are willing to match the price of their competitors or will offer additional services. The price quotes will vary because of the contractor's schedules, the time of year, and the distance from their office to your home.
You should also shop for construction items that are on sale. Building supply stores will run specials on paint and other construction items that are overstocked or returned by customers because the paint color was wrong.
The initial bid from your contractor should match the total price at the end of the project. Make sure you get signed documentation of any changes to the bid and inform your contractor they need to be approved by you before they can be purchased. If you are installing new windows, talk to your contractor about energy-efficient upgrades. The new energy-efficient windows guarantee air sealing, extra thick insulation, and higher efficiency for your heater and air conditioning. Many contractors will offer energy-efficient upgrades for a discounted rate. If your contractor doesn't offer energy-efficient upgrades, ask them what additional measures can be taken to improve your homes energy efficiency.
When you are in the planning stages of your home remodeling process, hire an architect to design the initial sketch. Having a professional design before the addition is built will help you make sure you have the space to fit the addition to the specifications you want. Most architects will design the initial sketch for a modest fee. You need to gather a lot of material to take with you to the architect's office to show them exactly what designs you want. If the architect designs something elaborate, keep in mind that you don't need to do the complete project now. You can start it and continue working on it as your finances will allow.
Doing the entire home remodel yourself is the best way to save thousands of dollars but if you don't have the necessary skills, you could wind up wasting time and money and having to hire a professional anyhow. Consider your limits and allow the people who know what they are doing to do their job. Some projects you can do on your own include:
- Sanding and painting
- Demolition
- Digging
- Purchasing materials
- Moving materials
- Cleaning the job site
- Tiling
Before you start remodeling your home, consider the value it will actually add to your home. If you pay $50,000 - $80,000 to remodel your entire home in a modest neighborhood, it may not be worth the investment. Have a home appraiser or real estate agent evaluate the area in which you live and give an estimate as to how much you can get in return for your home remodel. If you cannot recoup at least 75 percent of the cost when you sell, then you should consider buying a home that has more space or is worth the additional amount you want to spend.
Purchase the building materials on your own instead of going through the contractor. Some contractors can get discounts on building materials and then will mark up the price they sell it to you at. Talk to your contractor about the amount they will charge for drywall, lumber, electrical wiring, carpeting, light fixtures, and other building and finishing materials. Once they have given you a figure, go out and shop for these items to see if you can get a cheaper rate. It will also save you a bundle if you can install the finishing materials on your own. A new sink and light fixture are pretty easy to install. Harder finishing materials like carpet and countertops will need to be installed by a professional.
Try to avoid installing bigger windows and skylights. While they may look nice, they are pretty expensive and they will increase your heating and air conditioning bill. During the summer, a skylight can increase the temperature in a room and dramatically impact your cooling bill. Your cooler will be working overtime and you may need to replace your cooler with a larger one.
If it is possible, avoid moving any plumbing or foundation materials. Moving plumbing or any other foundation materials will add thousands of dollars to your home remodel project. It is never easy to install new plumbing because you will need to break into walls and floors, resize lines to meet new plumbing codes, and replace old, out-of-date pipes. A new foundation will also require heavy work such as cement and excavation. Whenever you need to do either of the above home remodel projects, you better plan on spending a few thousand dollars.
Keep in mind that when you are doing a home remodel project, you generally can't afford everything you want to do. Most of the time you will need to sacrifice square footage, quality, or other features. What you need to do is remind yourself what is really important and what you can afford. Start by setting priorities to help you decide what is critical and what isn't. If you want granite countertops, then you may need to sacrifice the wood flooring for tile flooring. Budget for the things you really want and decide what things can be put on hold for future projects.
You should also take a look at cosmetic changes and decide if replacing lighting, fixtures, or a new paint job will suffice. If a new coat of paint dramatically changes the room, then you won't have a need to rip off cabinets and brake down a wall. New lighting and paint can dramatically impact the way a room looks and feels and is a cheap and easy way to remodel your home without breaking the bank.
If you can avoid it, try not to move bearing walls, alter your roofline, restructure a floor, or install new windows. These are all costly types of construction and will involve changes to the plumbing and electrical areas, involving another person who will need to be hired. If you do alter plumbing fixtures, arrange them next to one wall so they can share major drains with other pipes.
Try shopping online for electrical and plumbing fixtures. You can find great lighting fixtures for a fraction of the cost from web sites like Ebay.com and Amazon.com. Large companies like Sears will discount lighting fixtures that haven't sold in their stores after a specified amount of time. Check the web sites of large home improvement stores to see if they are running any online specials.
There are simple things you can do to your cabinets and appliances to make them look like new appliances. You can purchase silver plates that stick to your fridge and dishwasher to make it appear like a new stainless steel one. You can refinish your wood cabinets with a little stain to make them appear brand new. Check for ways you can use moderately priced material to achieve great results. Stock materials will always be cheaper than custom materials and still look great. So if stock cabinets will save you money and achieve the same look as custom ones, why not sacrifice on this area?
One last area to consider is the financing options you have available for a home remodel. Never pay more money for home financing than what you need. Watch the interest rates on the home equity loan as well to make sure you aren't paying too much.
