Most Palos Verdes homes were built in the 50s, 60s and 70s, so for many of us it’s time to renovate. Whether you’re looking to improve the value of your home, flip a house, or just make your current house a more comfortable place to live, home renovations are going to provide you a great value. Home renovations are one of the best ways to improve the value of your property. Many low-cost improvements can have a high return on investment, meaning you’ll be receiving a far greater benefit in the long run than a loss. On top of that, new improvements can make your house feel more like home. And one thing is for sure, you will want to know how to save money on home renovations because it’s easy to go over the top.
However, despite the many benefits that come with home improvement, a home renovation is still going to be a costly experience initially. Despite this, with preparation, you can mitigate the costs of a home renovation and make the experience both easier and more profitable for yourself.
4 Smart Tips On How To Save Money On Home Renovations
One of the biggest financial mistakes people make in their lives is the lack of maintaining a successful budgeting strategy. In fact, just about one-third of Americans maintain a household budget. However, keeping a budget is a great way to prevent people from overspending on expenses that they can’t afford. In the same way that you should create a budget for your everyday life, you should try to implement one that meets your home improvement needs as well. This can help prevent you from overspending on extra installments and expenses that you don’t necessarily need.
Another great part of budgeting is, when you start to cut down on expenses, you’ll be able to save more for future home improvement projects. A great way to round up your savings and prepare for the extra expenses that come along with any home improvement project is to utilize an online bank account. This can give you the option to contribute to a savings account; helping you put away more money for long term home renovations.
Try Some DIY Renovations
I will admit, this is my least favorite tip on how to save money on home renovations. I put myself through UCLA painting houses during the summer. The last thing I want to do is ever touch a paint brush again, but I would be remiss if I didn’t share this tip. This tip requires you to set a bar for yourself in terms of what you are capable of performing as a home renovator and what you can’t. For example, painting a room in your house can be a costly project if you hire a painting company, but if you paint your home yourself, you can save on labor-related costs and only need to pay for the cost of paint and brushes. This is a project that is completely feasible to do on your own or with the help of a few friends.
However, if your improvements are going to be more complex to pull off, you will need to consider hiring professionals to take on the project. Sure, it might sound like installing kitchen cabinets on your own or building a deck would save more money in the long run, but if you aren’t properly prepared to take on these projects, the cost that will come if they fall apart won’t be worth the money you initially saved.
Purchase Cheaper Materials
Like with the last suggestion, there is a fine line between cheap materials that are low cost but stable, and cheap materials that will fall apart upon their first use. One of the best low-cost materials on the market today are recycled materials. There are lots of benefits to using recycled materials, mainly, they are a great way to help the environment because you’re taking materials that would otherwise end up in landfills and putting them to good use. On top of that, due to the high amounts of recycled and salvaged building materials on the market, they can come at a lower cost.
Other great, budget-friendly materials for home renovations are available, but be sure the materials are not too-low cost. You should always think along the lines of “buyers beware” when finding lower-cost options, and when it comes to home renovations, this should especially hold true.
I will add here that many contractors are really creative at “re-purposing” existing material in a renovation. One of the best I’ve seen is Greg Abramowitz. He’s a genius at re-purposing existing components in a home and making them look attractive and new. I’ve seen him in action and he’s saved my clients tens upon tens of thousands of dollars. (watch the 2nd video on that page)
Find Easy Renovations with High Returns
Here’s the last tip for how to save money on home renovations. Certain home improvements can provide high value to your home while also being incredibly cheap. This can make a huge difference if your goal is to refinance your home or flip a fixer upper. Even if your only goal is to create a more comfortable living space, there’s certainly nothing wrong with lower-cost options for home improvements.
Kitchens are a popular choice when it comes to room remodels. As the heart of your home, your kitchen also has the largest payoff when it comes to boosting resale value. Before jumping right in, take some time to figure out how much you can spend and figure out the typical cost for a kitchen remodel in your area.
Some other low-cost home improvement options with high returns would be:
• A new paint job
• New garage doors
• New front doors
• Bathroom remodel
At the end of it all, the goal should be finding renovations that improve the comfort and quality, as well as the value of your home, while at the same time being relatively simple and low cost. Keep in mind that these are based on averages, and therefore, the return and cost may differ from home to home.
One last thing, so what happens after your home is renovated, what’s it worth? Well you can use this quick and easy home value estimate tool (just fill in your address below) or you can put a few seconds of time into the only interactive home pricing tool which empowers you instead of a computer to get an estimated value (play the video on that site to get an idea on how it works first)
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