Remodeling mainly involves the renovation of your existing house structure into your desired one. There are a few tricks that can help you save on the cost of remodeling. Changing the design of your new home is essential as you may want to apply something more stylish and attractive. However, some challenges come with remodeling, like costs. This article shares some strategies you can use to save more money during remodeling.
7 Ways to Save On Your Remodel
Check contractors’ references
When choosing a contractor to handle the job, you’ll also save time, money and headaches if you do your own background search.
Get references from family and friends and interview these contractors — checking is critical,. A more expensive way to find out what they’re like is to hire them.
The most important quality in a contractor is trust, not initial price. The lowest price doesn’t always mean greater cost savings in the end, as untrustworthy contractors can slip in extra fees.
Chart your course
It’s easy to get caught in the moment when you’re going through a home remodeling. At some point along the way, you’ll likely be tempted to upgrade your windows, carpet or tile. After all, what’s another $1,000 when you’re already putting such a dent in your savings?
It’s that kind of thinking, however, that’ll get you into trouble. Not only do last-minute changes add to the cost of materials, but they also often puts the project well behind schedule — costing you more in contractor fees.
Decide in advance what you’ll be using, from faucets to ceiling fans, and stick to the plan.
Hire a contractor with design and building skills
Contractors who can work with the homeowner to create a design and also make the vision become a reality can generally give a more accurate price assessment earlier in the game. Hiring a contractor with both skills is a good way to manage costs and save in design fees.
A contractor from a design/build firm also will have his own subcontractors, whom he has worked with before, and can help to manage the project for you.
Stay in your home as long as you can
Another good way to save some cash is to set up a temporary living space in another part of your home when work gets underway — as long as the project is contained. For example, if the construction is taking place in the kitchen, transform your living or dining room into a temporary kitchen. The workers can move some cabinets, a sink, refrigerator and stove into another room to create a functional kitchen .
While it may cost some additional dollars to shift the items, it will save money in the long run that otherwise would have to be spent eating out, staying at a hotel or renting an apartment — which could set you back thousands of dollars.
Don’t use credit cards
Most families have to find additional resources to help pay for remodeling costs up front, such as loans. But experts say it’s best to avoid charging any portion of the project on credit cards, as interest rates are typically higher than on other loans — and charging it basically means the homeowner is postponing the decision on how to pay for the work.
A better option would be to apply for a home equity loan, which usually can be obtained for up to 80 percent of the home’s assessed value.
Know the retail price of items
Remodeling projects generally include the purchase of items like new light fixtures, faucet knobs and floor tiles — and homeowners should know the retail price of these items before they sign on the dotted line, experts say.
If you’re able to purchase products and appliances on your own for less, either through a membership club, special sale or careful shopping, the contractor will often agree to do the installation alone.
Get several estimates
Although you don’t necessarily want to go with the lowest priced contractor for the job, it’s always good to have several possibilities in mind. By keeping a record of the contractors you have met with, and what they charge, you can compare different elements of the project and make an informed decision. If they know you’re getting other bids, they’re also likely to keep the price competitive.