10 Ways To Save Money On A Home Renovation
Reducing Expenses, And Even Profiting
The least liquid investment is property, but it can have the most lucrative Return On Investment (ROI), provided you’re strategic. You’ve got to buy right, maintain, upgrade, and sell at the right time.
However, even if you’re not immediately considering sale, strategies to help you save money on maintaining your property are worthwhile. Ten renovation strategies designed to cut costs or even facilitate profit will be briefly examined here.
- Consider DIY Projects
Most construction is unscrewing or screwing something in. You might nail something in. You might have to cut some pieces of wood. The point is, it’s more straightforward than many realize.
A DIY backyard deck can be done pretty cost-effectively. Buy the right lumber and use the right blueprint, the cost of doing it yourself—even if you have to do the job twice—might be less than the cost of hiring contractors. If you ever made crafts in school, you can do this; it’s just a matter of being a cautious adult and getting it done.
Some considerable DIY products include knocking down walls, putting in new floor, tile, grout, installing devices—these things are doable, they just require you to roll up your sleeves and get after it. When you consider doing so may save you thousands of dollars, then why not save that money?
- Consult With Appraisal Groups For Direction
Plans fail when there is no counsel available. Why? You don’t know what you don’t know. Contact property appraisal groups and other relevant professionals to determine the best course of action in terms of renovation for your property. This will help you avoid mistakes that come from trial and error or other inexperience.
- Refurbish Existing Under-Utilized Space
Finish the unfinished basement. Can you walk in your attic? Or is your attic not structurally stable? If it’s stable, make a room out of that space and clean it up. Wallpaper, painting, and other projects can be done with relative ease.
- Pursue Strategic Landscaping
Sometimes a lawn, a garden, or a little pergola over some ferns really makes a yard. Sometimes you’d be better set to pull out all the grass, lay down wood chips, and put a trail of circular stepping stones from the front door to the street. Different landscaping paradigms will be more or less appropriate, and affordable, in terms of renovation.
Figure out what you like, and what you can afford. When a property looks good, it will usually sell better—unless there’s some hidden history like paranormal activity. In California, that issue is so bad, homeowners are required to reveal such information if they’re going to list their property.
- Incorporate RTA Options
RTA stands for “Ready To Assemble”. Essentially, RTA cabinetry can be chosen to fit a specific space in your home. Instead of buying something mass-produced, you have some degree of customizable options through RTA. There are many options that look excellent and will fit a variety of spaces, too; like these white shaker kitchen cabinets.
- Look Into Green Augmentation
A 3.1 kWh solar energy array can be installed for around $5k if you do it yourself, and will bring between $10k and $20k of property value depending on your state. It may even bring a tax-break, and you drastically reduce utility bills for the next decade. You can actually make your money back as soon as the installation is complete with this renovation option through the increased value of your “green” home.
- Renovate Cost-Effectively
Be strategic in renovation such that you’re able to identify which pursuits will be affordable, and which won’t. Redoing that kitchen is a good idea, but doing it justice may be pricey. Perhaps you start with the restrooms and do the kitchen down the line. Weigh costs before taking action.
Consider A 1031 Exchange If You’re Near Sale
With a 1031 Exchange, you essentially turn the money from a sold property into a new property, and so avoid the tax on your sale. If you know you can do this, it may allow you to spend more on renovation, owing to the savings you get from avoiding the taxes legally.
- Use Renovation To Augment Interior Arrangements
Moving interior appliances, seating, and storage arrangements can be very cost-effective. Essentially, you’re just shuffling the things you already have around. This isn’t classically “renovation”, but it can make things feel better on a subconscious level. Not all renovation need be to help you sell your property. This could be a great alternative to a more costly change.
- Get Advice From Friends, Family, And Professionals
You’ve got friends who’ve been where you are now, made mistakes, and learned. Piggy-back off them and avoid making their errors through asking them for advice. Do the same with family, and if you’ve got professional colleagues who owe you a favor, call in that favor. Be strategic, and don’t be afraid to put in a little extra footwork. What you lose in convenience you save in assets over time.
Saving Money And Upgrading Your Home
There are many tactics you can pursue to upgrade your home’s interior and exterior. Some will save you money, some will cost you money, some will even produce direct and tangible profit.
Take stock of what you have, where you are, what you need, where you’d like to go, what’s available, and how to balance these things out. It’ll be work, but you’ll see profit one way or another.