For many homeowners, the prospect of an upgrade is exciting. But with so many decisions to make and costs to consider, it can also be a little scary. What’s more, if you’re like most Americans, you don’t have much in your savings account for home improvement projects
That’s why we’ve put together this list of 6 ways you can save money when upgrading your house – whether that means renovating a bathroom or adding on a family room addition. Hopefully, these helpful tips will help bring some peace of mind and budget relief as you embark on this next phase in your life.
1. Choose Quality
Resisting the urge to buy cheap materials or furnishings just because they’re a good deal is one of the smartest things you can do when upgrading your home. The truth is, cheap materials often don’t stand the test of time and will need to be replaced sooner than their higher-quality counterparts. For instance, if you are changing your window shutters, cheaper options will likely fade quickly or break easily. Opt for a more expensive but longer-lasting set of shutters, made of real wood or composite. As seen at shuttercraft.co.uk/shutters/wooden, some even come with a 3-year warranty, which is a good sign of quality. The same goes for any big-ticket items on your list, like appliances or flooring. It’s better to spend a little more upfront and enjoy your new purchase for many years to come.
2. Get Multiple Quotes
Whenever you’re considering hiring someone for a home improvement project, whether it’s a plumber, an electrician, or a general contractor, be sure to get at least three different estimates. By doing this, you’ll not only get a sense of what the going rate is for the work you need to be done, but you may also find that one company is significantly cheaper than the others. However, it’s important to remember that the lowest quote isn’t always the best option. In some cases, the cheapest company may not be licensed or insured, which could end up costing you more in the long run if something goes wrong. So, when you’re looking for ways to save money, getting multiple quotes is a great place to start.
3. Do Some of the Work Yourself
If you’re handy around the house, there’s a good chance you can do at least some of the work yourself, which will undoubtedly save you a lot of money. Of course, you’ll want to be sure that you’re only taking on projects that you’re confident you can handle, as tackling something outside of your comfort zone could end up costing you more in the long run if you have to hire someone to fix it. But if you’re feeling up to the task, painting, tiling, and even drywall work are all relatively easy projects that most people can do with a little practice. However, when it comes to electrical or plumbing work, we recommend leaving that to the professionals.
4. Shop Around for Materials
When it comes to purchasing materials for your home improvement project, it’s important to shop around and compare prices before making any decisions. In many cases, you’ll find that big-box stores have the best prices on basic materials like lumber, paint, and tile. However, if you’re looking for something a little more unique or specialized, you may need to visit a few different stores before finding what you’re looking for at a price that fits your budget. Additionally, be sure to take advantage of any sales or discounts that may be going on. You never know when you might luck out and find just what you need at a fraction of the regular price.
5. Consider Your Financing Options
If you don’t have the cash on hand to pay for your home improvement project upfront, there are a few different financing options you can consider. One option is to apply for a home equity loan, which will allow you to borrow against the equity you’ve built up in your home. Another option is to take out a personal loan from a bank or credit union. Or, if you have good credit, you may be able to finance your project through a store credit card that offers 0% interest for a certain period. Just be sure to read the fine print and understand all the terms and conditions before signing anything.
6. Stay Flexible with Your Plans
As much as we all like to plan, sometimes the best-laid plans fall through, and that’s okay. If you find that you’re having trouble sticking to your budget or that the project is taking longer than expected, try to be flexible with your plans. In some cases, this may mean making a few adjustments to your original design. Or, it could simply mean taking a break for a while until you’ve saved up enough money to continue. No matter what, it’s important to remember that there’s no shame in changing course if it means saving yourself time and money in the long run.
Even though upgrading your home can be a costly endeavor, there are ways to save money if you’re willing to get a little creative. With careful planning and a flexible attitude, you can complete your project without breaking the bank. So don’t be afraid to roll up your sleeves and get started on that home improvement project you’ve been putting off. It may take some time and effort, but in the end, it will be worth it.
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