Millions of people around the United States have had to remain indoors for months due to the pandemic. It’s no wonder that plenty of people have had the urge to remodel their homes to make them more comfortable. These remodels can range from simply stripping the wallpaper to renovating the entire kitchen to suit their tastes.
There are, however, some major hurdles to a home renovation. According to experts, 49 percent of homeowners who had planned a home renovation or remodel have had to delay them because of the financial hardships caused by the pandemic.
If you are planning a home remodel, you may need to think about how to spend every penny wisely. Here are five tips on how you can make sure your home renovation is as affordable as possible:
1. Secure Funding Through a Bank
One of the most common ways homeowners can secure the correct amount of funding for their remodel is through financial institutions, such as a bank or a credit union.
There are plenty of banks that offer deals such as loans for home equity, affordable second mortgages and other similar deals. There can be downsides to taking out a home loan for your renovation, such as the interest rate and the huge amounts involved.
You should only consider securing funding through a bank if you are planning extensive renovations like completely redoing your bathroom or renovating your entire roof.
2. Look for Unused Materials
If you are the type of homeowner who regularly plans home remodels and other improvement projects, you may have more than a few unused construction materials lying around the garage. You can save yourself hundreds, maybe even thousands, of dollars if you have enough unused wood, cement and other supplies stashed around the house.
Assess what you need for your current project and see if you have the materials you need in the garage. If you do, check that the materials are of reasonably high quality or still worth using. If the materials aren’t in great shape, don’t use them as your project may fail or fall below your expectations.
3. Pay with Cash
Homeowners often use their credit cards to pay for expensive items or when they’re bulk buying their construction supplies. This is fine if you have the money to pay for your credit card bills later. If you are experiencing financial difficulties due to the pandemic, though, paying with plastic is not a great option.
When you pay for your home remodels with cash, you have clear limitations on how much you can afford to spend. You can stay within a reasonable budget and avoid paying too much for your supplies or tools.
4. Do Some Things Yourself
One of the largest expenses associated with a home remodel is paying for a reliable contractor to do the project. This is a reasonable cost, as not every homeowner possesses the skills needed, such as carpentry or plumbing.
If you are the type to build your own DIY step stool or are handy with a tile spacer, you may be able to do a few things yourself. This can significantly reduce costs, as your home contractors won’t have to spend much on the project.
Check your DIY skills before trying to do anything yourself. If you’re a novice, don’t mess around with the power sander or other heavy equipment and machinery. This will prevent you from wasting good materials or even hurting yourself.
5. Stick to a Schedule
Home renovations can become money pits when they carry on far longer than they should. Every day your project drags on, you have to pay your contractors and pay for any expenses that stem from not being able to use that room in your home.
Before you begin your home remodel, realistically assess how quickly you can finish your project. If the task involves painting your kitchen walls, you can reasonably expect to finish it anywhere from one to three days, depending on the size of your kitchen.
More complex projects can take weeks. You, therefore, should adjust your schedule accordingly. Doing so can help you stay within your means.
Home renovation projects are some of the most satisfying things you can undertake as a homeowner. Using your new bathroom fixtures and soaking up the beauty of your new bedroom are all rewarding experiences.
The trick is to make sure your home remodel doesn’t cost you too much money and cause more problems in the future. You can achieve this goal by keeping these five suggestions in mind.
