With home prices rising rapidly over the last several years, the home remodeling industry experienced solid growth. Many homeowners either improved their properties hoping to sell and cash in on the price growth or chose to remodel a current home rather than buy an expensive new one.
Even though remodeling might be less expensive than moving, and even though analysts say the industry slowed considerably in 2019, a home remodel can still be a very pricey proposition.
According to an annual national survey of remodeling professionals, the average mid-range major kitchen renovation is expected to cost $68,000 in 2020, and a mid-range major bath remodel will be upwards of $21,000. So looking for ways to cut costs where possible is a worthy goal.
Fortunately for homeowners considering such projects, there are three basic ways to save money on a home remodel.
Research your specific Home Remodel project like crazy
There are so many different types of possibilities and products out there that it can be overwhelming to start planning a home remodel. But proper planning is absolutely necessary if you want to save money.
Researching means learning the differences between various products and materials. There are different grades of cabinetry, flooring, lighting, plumbing fixtures and more. Going with cheap products doesn’t mean getting the most value, but you probably don’t need that top-end toilet or chandelier, either. Learning the differences in quality and construction of the materials that will go into your home can help avoid overspending.
There is so much competition among suppliers to the remodeling industry that, if you do enough product comparison, you are likely to find products of similar quality and durability that cost less than their counterparts. It just takes research time to find them.
Do what you can yourself
This is probably obvious, but the more you can do on your own, the more money you will save, especially when it comes to skilled jobs such as electricians and plumbers.
Now, you might want to leave adding breakers to an electrical panel or rewiring an entire room to a professional, but if you can replace existing light fixtures, wall outlets, toilets, and sinks on your own, you can avoid paying someone $100 an hour to do it.
Also, what not everyone realizes is that on top of labor costs, contractors very frequently mark up the price of materials, too. You might not only be paying $100 per hour to have that toilet put in but also 10 percent to 15 percent more for the toilet itself.
You might be surprised at how much you can learn about DIY projects in online how-to videos, and with the cost savings at stake, learning how to do work on your own is probably worth checking them out.
Plan and hire meticulously
It might take a long time to plan out every detail of your remodeling project ahead of time, but being patient and meticulous can be well worth it. It’s almost inevitable that if don’t have a clear, detailed plan before the start of the job, you will add costs along the way.
Proper planning means getting drawings done, checking them and re-checking them. It means picking out all your materials ahead of time and doing all the scheduling of when they will arrive at your home. It means planning ahead of time any necessary days off of work for you.
It also means taking your time hiring the right contractor or contractors. Get as many quotes as you reasonably can. Get a feel for the communication between you and the contractor. Get referrals and check the Better Business Bureau and other consumer review sites. It’s no exaggeration that hiring the right contractor will save you money on a home remodel and the wrong one will cost you.
There are certainly some more micro-level ways to save money, but when it comes to just about any home remodel, these are the three most basic ways to save money.
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