5 Ways to Save Money on a Home Renovation

When we buy a new home, we are often in love with it. It is new and exciting and many of us love decorating our homes from scratch. However, eventually, this honeymoon phase might end. There will always be ways to improve your home. Buying the house isn’t cheap but what if you could save money on a home renovation? After reading things like this handy Home Remodeling & Renovation Guide continue reading this article to learn even more!

Photo of a man painting a living room
Image by Laura Shaw

While you could sell your home and buy a new home. With the growth in home prices over the last decade or so this might not make sense. Instead, many people will opt to simply renovate their homes. This is more affordable and can reignite the love for your home that might have been missing.

However, some renovations are still quite expensive. But they don’t have to be. With that in mind, this blog post is going to look at a couple of different ways to save money on a home renovation or remodeling job.

Have a Budget and Stick to it

Before ever starting a renovation project, you need to have a budget and a plan. This should go over how much you can afford, how much you feel the project will cost, and what needs to take place throughout the project. Having a budget can keep you on track during the renovation, and ensure you don’t overspend.

Only purchase things that are within your budget, and look for ways to complete the renovations within your budget. For example, if you want to fix up your kitchen with some new cabinets, consider some high-quality RTA (ready-to-assemble) options. You can get some great cabinets without spending a ton with this method. If you’re interested, check out RTA Cabinet Reviews to learn more.

If you don’t have a budget, it is very easy to end up spending a ton more than you thought. However, things can come up and the price of a remodel can change, so try to work in a little bit of flexibility into your budget, if possible.

Shop Around for the Right Contractor

Photo of an architect with house plans looking at home
Image by Michal Jarmoluk

Unless you have a lot of skill and experience, there is a good chance that you will need to hire a contractor to help with your home renovation. However, not all contractors are created equally. Each will have different experiences, specialties, reputations, and prices. You need to shop around to find one that works best for your needs.

Of course, just because a contractor offers cheap rates and a lot of savings, doesn’t mean you should automatically go with them. If you do, you might end up needing to spend more in the future to fix any mistakes they might make. Take your time, ask your friends, and reach out to many options before choosing who to trust with your renovation.

Save Money on a Home Renovation with DIY

Photo of a man working on a DIY flooring project
Image by Ulrike Mai

If you’re able, consider taking part in the renovation. The more you do, the less you will have to pay for other people to handle it. For example, many people will handle the demolition themselves, as it is quite simple and straightforward to do. Depending on the size and complexity of your renovation, handling things yourself could save you thousands.

However, always be aware of your skill level and knowledge. If you try to take on more than you can chew, it could end up costing you more if a professional needs to come to fix it. If you are unsure if you can handle something, it is best to leave it to the professionals to make sure.

Go Used Where You Can

When you are renovating your home, it can be tempting to get everything brand new and only use new materials. While this certainly has its benefits, it will cost you a lot of money. New materials and products often come with inflated costs and price tags that are sure to increase the cost of your renovations by a lot.

As a result, you should look to purchase used items where you can. Used light fixtures, used tables, and even used tiles can be a great way to get great-looking items, without paying a ton for them. Be sure to look at resale shops in your area, as well as the popular online classified ads to see what is out there.

Consider the Long Term

When many people look to save during a renovation, they try to save in the short term by spending less now. While this works in some cases, that isn’t always the case. Sometimes, saving money in the short term ends up with you actually spending a lot more in the long term. 

If you only think of short-term gains or savings, you aren’t going to do yourself any favors. It’s better to spend more on high-quality products or materials now, there is a better chance they will last longer. That’ll save you money! Low-quality changes generally are just that, low-quality.

In conclusion, any of these five tips will be able to help you save money on your next home renovation.

Tre Pryor, Realtor

Tre Pryor is the leading real estate expert in the city of Louisville. He is a multi-million dollar producer and consistently ranks in the top 1% of Louisville Realtors for homes sold. Tre Pryor has the highest possible rating—5.0 stars on Google—by his clients and is routinely interviewed by the local NBC news. Tre Pryor is a member of the RE/MAX Hall of Fame.