A home improvement project can be a daunting task, but with a little planning and research, you can save some serious cash. Here are five great tips on saving money on your next home improvement project.
First, set a budget and stick to it. It’s important to figure out exactly what the costs will be before you begin your project. This helps you to budget your money carefully and stick to the spending plan. Create a “wish list” of the items you need and prioritize the items in order of importance. This helps ensure that you don’t spend more than you can afford.
Second, shop around for the best deals. Take some time to research online or at your local store for the lowest cost options on the items you need. Comparison shop between several stores, look at online reviews of products, and read customer testimonials. Don’t buy the first thing you find, as you may be able to get a better price elsewhere.
Third, consider doing the work yourself. If you’re handy around the house, why not give the project a try? Many of the materials you need can be bought from hardware stores or online retailers like Home Depot or Lowes. If you’ve never done this sort of work before, take some time to watch some YouTube videos on how to do it properly.
Fourth, look for discounts and coupons. Many stores and retailers offer discounts for bulk purchases and offer coupons or discounts when you open a store credit card. It pays to look for these opportunities and take advantage of them.
Finally, plan ahead for any additional expenses. Unexpected costs can often arise when doing projects, so it’s important to include a contingency fund in your budget for unexpected expenses. Unexpected costs may include more expensive materials, specialized tools, and shipping costs.
These five tips on saving money on home improvement projects can help you stretch your budget and complete your project on time and on budget. All it takes is a little planning and research to help you save some money. Now, let’s move on to the next four sections of this article, which are designed to give you more tips on how you can save money on home improvement projects.
Research for ways to save on labor costs. Labor is an essential part of any home renovation project and can significantly affect your end cost. Consider looking around for local contractors who offer discounts and do work in their spare time. Inquire with friends for recommendations as well as checking online reviews. You can also see if you can barter services with someone in exchange for doing the work.
Look for deals and bargain sales online. Shopping online can be a great way to save money on your home improvement project. Often times, retail stores will have sales and discounts on certain items that you can take advantage of. Look for the “shop the sale” section on their website to save even more money. There are also countless sites dedicated to helping people find the best deals on products.
Don’t forget about reselling second-hand items. Buying used goods can be a great way to reduce the cost of your project. Many home improvement stores sell re-certified items at a discounted rate. You can also search classified ads online and in your local newspapers for people giving away items they no longer want. It’s easy to find second-hand items in good condition such as windows, doors, plumbing fixtures and more.
Explore the possibility of a tax credit. Many states offer tax credits for certain home improvements, such as energy-efficient replacement windows or solar panel installations. Do some research to see what kinds of tax credits are available in your area.
Consider doing the project in phases. It can be tempting to try and do everything at once, but doing the project in stages can help you save money on the overall cost. You can buy the materials as needed and break the project into more manageable pieces that you can work on as your budget allows.
Shop for second-hand tools. If you plan to do the project yourself you may need some tools. Rather than buying all new tools, take a look at thrift stores, designated boards for buying or selling second-hand tools, and garage sales to find great deals on the tools you need.
Reuse, recycle and repurpose items. This is a great way to save money on materials and can also help reduce your home improvement project’s environmental impact. When going through materials, take some time to search through your basement, attic or garage for items you can repurpose or reuse. With a little bit of elbow grease, you can repurpose something you already own into a great addition to your home.
Look into alternative building materials. Many traditional building materials can be expensive, so consider looking into alternative building materials like recycled plastics, concrete, or discarded wood.
Focus on high-impact materials and projects. The goal of your home improvement project may be to make your home more comfortable and inviting, but some upgrades can have a bigger impact than others. Focus on making improvements that can have a significant effect when it comes to the value of your home. Projects such as energy-efficient windows or doors, a new roof, or a new paint job all go a long way toward making your home more attractive while also improving its value.