home remodeling

If you’re planning a home improvement project, saving money during the process is often a primary goal. Whether you’re renovating for your own enjoyment or making upgrades in anticipation of selling your home, the article “Seven Ways to Save on Your Remodeling Project” offers great time- and money-saving tips.

  • The first and most important step in a remodeling project is selecting the right contractor. Ask friends, family and neighbors for recommendations and research additional companies in your area. Read online reviews and testimonials and ask for examples of previous work on projects similar to yours. Once you’ve narrowed down your choices to three or four potential contractors, ask for project estimates. While the cheapest estimate may seem like it makes the most sense, don’t forget the saying “you get what you pay for.” Make sure the contractor you use is someone you like, trust and who will listen to your needs.
  • Before your project actually begins, work through the entire project with your contractor. Make all of your project selections and plan out each detail. Make sure you know the quantity or sizes for each item as you order it. Changing things or having to place additional orders during the project can cause delays and price increases.
  • Another way to save on the cost of your remodel is through your materials. Be sure to shop around to find the best combination of quality and price. An experienced contractor should have recommendations and various vendors for you to choose from as well.
  • While saving on materials is important, don’t forget to factor in the long-term savings that certain products can offer. For example, spending additional money upfront on low-E windows will save you money on energy bills throughout the life of your home. In addition, if you’re planning to sell your home soon, remember that potential buyers will likely prefer, and be more willing to pay for, quality materials.
  • Don’t always assume that doing the work yourself is worth the savings. Many home renovation projects require the expertise of a contractor. Attempting the projects yourself first can cause you to spend more money in the long run if you wind up having to have a contractor come in behind you to fix anything that you don’t do correctly.
  • One of the most expensive things you can do during your project is move the plumbing. If your plans require moving a sink or other plumbing item, see if you can readjust the project to prevent this. Often, upgrading fixtures can make the room look new without requiring major work.
  • Finally, don’t be afraid to use your creativity on your renovations. There are often many ways to achieve your desired outcome for a room or project. For example, if you want to add space to an existing room, it is much more cost-efficient to borrow space from a closet than to add the additional space onto the exterior of your home. Discuss alternatives with your contractor to determine how you can meet your goals without breaking the bank.

For more information on how to save money on your home remodeling project, read the full article above on the Equifax Finance Blog.

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