If you’re considering remodeling your house, you may feel a bit intimidated. But, you should know you’re definitely not alone!
Americans spent more than $383 billion last year on home improvements. Get this – this figure doesn’t even include work done on homes prepping to go on the market or houses which weren’t occupied.
But house remodeling can be quite the undertaking. Especially when it comes to paying for it.
Have no fear, we’re here to help! We’ve got five ways you can save on your house remodeling costs. Check them out below.
1. Decide Where to Splurge and Where to Skimp
The first step in house remodeling is formulating a plan. This gives you a bigger picture of what you need vs. what you want.
You probably want to remodel either your kitchen or bathroom. Maybe even both. How did we know that?
Because those are the two most popular home improvement projects. They can also be the most expensive.
Figure out your absolute must-haves. If you have a dingy shower enclosure that’s mildewy and gross, it’s time for an upgrade. Put it on your “must-have” list.
If you want to turn your garage into a home office or guest quarters, but have ample space in your house, put that off for later down the road.
Stainless steel appliances, high-end fixtures, and Carrara marble countertops may all be on your “must-have” list. These are also pretty pricey. To balance the cost out, use mid-grade flooring or splash a coat of paint on your cabinets instead of replacing them.
2. Reuse Materials
If your living room walls have built-in shelving you cannot stand the sight of, take them out but reuse the wood.
You may be able to turn the shelves into a shiplap wall. Another popular idea is using reclaimed wood as headboards. You’ll get a partial bedroom remodel out of it, too!
3. Do Some of the Work Yourself
You may be able to do some of the work yourself. If you’re even slightly handy, you can replace sinks and toilets on your own. You can also paint, add molding, and maybe even lay flooring without too much trouble.
But, we don’t recommend doing anything involving electrical work on your own unless you happen to be a licensed electrician. This is for safety reasons – both yours and your home’s.
You also don’t want to do any major demolition if you’ve never done it before. You could take out a structural wall or beam that’s holding your house up.
4. Hire the Right Contractor
When you get to those projects you can’t do, you need to hire a contractor. There are plenty to choose from, so finding one isn’t hard. The difficult part is finding the right one.
Ask co-workers, family, and friends who they’ve used in the past. Once you get a few names, start vetting them online. Read reviews and check with the Better Business Bureau for any complaints.
Be wary of the “guy who knows a guy,” though. You may luck out and find a wonderful handyman. Or, you’ll get shoddy workmanship that isn’t safe or done well.
5. Take Out a Loan
If you’ve recently bought your home, taking out another loan may not be ideal. There aren’t many homeowners who want to borrow more money on top of their brand-new mortgage to pay for house remodeling.
But, there are different loan products available for this specific situation. If your mortgage is through your bank, you may be able to take out a line of credit. There are also home improvement loans available.
If you live in modular construction, there are specific loans to help you, too. Places like ManufacturedHome.Loan has the option to refinance your mortgage so you have funds to work with.
House Remodelling Made Simple
Making the decision to undergo house remodeling may sound scary at first – especially when you look at your bank account. But, there are several ways to complete your project without breaking the bank.
If you want more ideas on home improvement, check out more of our renovation archives which has even more money-saving tips.