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More families took on home improvement projects last year according to a new Housing Statistics report from the United States Census Bureau. In 2023, there was a 17% increase in homeowners undertaking renovations compared to 2022. With the economy causing worry, planning to cut costs on a home project is wise money advice this year. This article shares smart ideas anyone can use to save on desired upgrades in every price range.
Make a Home Improvement Wish List
What changes would make your home better for your lifestyle? Walk through each room and write ideas like:
Kitchen - paint cabinets, add an island
Bathrooms - re-tile shower, install storage shelves
Living Room - mount TV, upgrade flooring
Outdoor Space - build a patio or deck
List all dream upgrades before pricing materials and labor. To determine what can realistically fit into your budget now, calculate hourly salary for workers and other major expenses and examine your current savings versus expenses. This helps you prioritize the number of projects from most important to “nice to have” extras. Putting wants in order makes it easier to see what fits into savings now versus longer-term plans.
Have Savings Ready for Unexpected Costs
Actual home renovation costs often end up higher than first estimates. Unexpected issues like wood rot, wiring problems, or tricky room dimensions add expenses during a project. Budget experts say planning ahead for surprise overages just in case is smart. Look at the data that shows the share of project management costs:
Data Source: Joint Center for Housing Studies of Harvard University
Save up to 15% more than your home improvement budget as a buffer for potential added costs down the road. Having extra savings helps prevent going into debt to finish vital home repairs or upgrades.
Take on Do-It-Yourself Tasks to Save Big
Professionals charge $40 to over $100 per hour for home upgrades and repairs. When homeowners take on suitable fix-it tasks, it keeps more cash in their pocket. Easy DIY projects include:
Installing new fixtures or hardware like curtain rods, shelves, or towel bars
Painting walls, cabinets, or furniture with new color
Swapping out lighting, fans, sinks and toilets
Re-grouting tile or caulking around sinks/showers
Refinishing worn cabinets and wood furniture
Watch online video tutorials to gain skills for the above home upgrades without previous experience. Gather friends for a home improvement work party to get big DIY jobs done faster as a team.
Compare Multiple Quotes for Big Projects
Hiring specialty contractors is needed for major remodels like rewiring, roof repairs, excavation work, or additions. Never choose the first company that provides a bid. Qualified professionals expect customers to compare rates carefully.
Request 3-5 project quotes to make the best deal for in-demand services like:
Electricians to install wiring, lighting, and backup power
Plumbers for complex bath/kitchen revamp
HVAC companies for new heating/cooling systems
Landscapers to re-grade terrain or build structures
Inform each contractor you are gathering several bids. Ask lots of questions about their specific quote details too before signing any contract.
Have Realistic Timelines to Avoid Overpaying
Even experienced contractors often face delays of weeks or longer when it comes to project deadlines. Don’t plan home upgrades assuming best-case scenarios for completion dates to prevent budget overages.
Ordering special items like custom windows, cabinetry or lighting fixtures often takes 12+ weeks currently. Bad weather, damaged shipments, and material shortages also delay timelines routinely. Plan extra lead time for parts/materials to prevent paying rush order fees down the road.
Making more room in home improvement budgets for realistic timeframes avoids scrambling financially. Communicate early if faster turnarounds become urgent so contractors can help strategize affordable solutions.
Scale Back Projects in Phases If Needed
Preferred upgrades like granite kitchen counters or master suites may bust renovation budgets quickly. Breaking one major project into smaller mini-makeovers prevents overspending without sacrificing the end vision.
Doing kitchen upgrades step-by-step over 2-3 years allows for saving up again between phases. Phase smaller home additions similarly by priority room when budgets only allow framing or roughing in one section at first. Then schedule interior finishing work room-by-room as savings grow over time.
No financial shame exists in pacing out makeovers gradually in affordable chunks. Embrace phases to gain upgraded home features after shorter-term saving stints.
Look at Used Materials to Save
Buying used and antique building supplies is an eco-friendly way to save over 50% on home upgrades. Check local salvage yards and online sites like Craigslist for quality reusable materials. Used lumber, flooring, sinks, tile, and lighting save money. Inspect carefully for damage. Refinish or repaint vintage home items to fit your style. Install used materials yourself or have contractors integrate them into designs to maximize savings.
Choose Low-Cost Flooring Alternatives
New hardwood or stone flooring costs a fortune. Affordable substitutions include stained concrete, vinyl plank floors, and laminates. Stained concrete gives an upscale look for just the price of dye. Luxury vinyl plank flooring withstands pets and kids while mimicking wood or tile. Laminate floors are installed quickly over existing surfaces. Buy high-wear flooring options that offer warranties and replicate pricier materials for a fraction of the price.
Focus on Curb Appeal for Maximum Value
A gorgeous front yard, exterior paint, and a new front door boost a home's curb appeal dramatically yet affordably. Keep lawn care and edging tidy weekly. Add pretty planters, yard art, and seating. New shutters, numbers, and exterior lighting also upgrade style. A fresh paint color and a new welcome mat make a superb first impression. Enhancing curb appeal attracts buyers and often increases the home value when selling over making isolated interior upgrades.
In Conclusion
Nailing down reliable cost management tactics before home improvement projects start prevents budget pitfalls even if unexpected expenses creep up. Comparing contractor bids, maximizing DIY tasks, allowing longer timeframes, and doing phased makeovers all empower homeowners in this economy. Use this suite of sensible salary-saving measures to win your desired home upgrades on plan and on budget in 2023!
FAQs
FAQ 1: How can I cut costs on a kitchen remodel?
Look for savings on cabinets by choosing budget-friendly options like stock cabinets instead of expensive custom built-ins. Use inexpensive countertop materials like butcher block or laminate rather than pricy granite or quartz. DIY smaller jobs like painting cabinets and installing backsplash tile to avoid labor fees.
FAQ 2: What are the fastest home upgrades to increase value?
Curb appeal projects like new exterior paint, landscaping, an updated front door, and outdoor lighting pay off quickly when selling. They make great first impressions without extensive time. Painting walls in neutral colors and staging rooms also sells homes faster by making them feel clean and spacious for buyers.
FAQ 3: Should I take out a home equity loan to pay for renovations?
Use extreme caution with home equity loans and lines of credit for remodeling. They put your home at risk if payments are missed. A fixed-rate home improvement loan often works better to avoid owing more over time. Save up cash slowly in a separate account specifically for upgrades to prevent going into debt.
FAQ 4: How much should I budget for a bathroom remodel?
A minor bathroom update like a new vanity, sink, toilet, lighting, and paint averages $4,000-$7,000. A full gut remodel with a new tub/shower, tile, fixtures, cabinetry, and layout often runs $12,000-$25,000 on average. Get quotes from several contractors to compare rates for your specific bathroom size and project scope.
