Here are some tips to reduce costs for a home renovation project:
- Do some of the work yourself if you’re handy. This saves on labor costs for part of the project.
- Buy materials at discount home improvement stores and warehouse outlets. Comparison shop for best prices.
- Consider using more affordable materials like tile vs natural stone, or vinyl flooring vs hardwood.
- Look for secondhand fixtures and materials at salvage yards and reuse stores. Items like sinks, lights, and cabinets can be high quality.
- Plan layout carefully to reduce wasted materials and labor. For example, placing plumbing along shared walls reduces pipe needs.
- Work with the existing floor plan and features as much as possible to reduce major structural changes.
- Get contractor quotes from at least 3 companies to compare rates. Look for licensed contractors.
- Offer to supply materials yourself if the contractor provides significant discount on labor rates.
- Schedule project during contractor’s slower seasons for better deals. Avoid peak summer months.
- Start with small projects first to spread out costs over time. Phase larger renovations by area.
- Financing can help manage costs over time. Home equity loans have tax deductions.
- Be flexible with finish selections and timelines if it allows you to take advantage of contractor discounts or other savings.
