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10 Ways to Save Money on Home Renovations

10 Ways to Save Money on Home Renovations

Having an elegant home requires planning and paying attention to minute details. You can accomplish it by hiring a reputable house renovation contractor. If you are looking to remodel your property, check out a few quick tips to complete your project within the budget while ensuring excellent results.

3 Crucial Factors that Determine Your Home Renovation Budget

Labour Costs

This often constitutes half of the total home renovation expenses or even more, depending on the scope and complexity of the project. Although you may choose to do some remodelling work yourself, it is wise to hire professionals because they have the resources and skills to get it right the first time.

Permits

You may be required to obtain a permit from your municipality for some renovation work on a residential property. Given the variation in rules and prices across cities, it is best to do your research and check with the concerned authority in your neighbourhood to avoid expensive fines in future.

Preparing for Unforeseen Events

Unpredictable events may occur along the course of your home renovation. Setting aside around 15% of the total remodelling cost is recommended to manage any surprises without breaking your bank account.

Home Renovation Budgeting Tip: The cost of labour and materials, like lumber, windows, and doors, may increase depending on many external factors. If you made your budget in advance, it is best to reconfirm the prices to create a more accurate home renovation budget.

10 Things to Consider for an Affordable Home Renovation

Develop a Detailed Plan for Your Home Renovation Project

Planning ensures you will get the desired results. When you know what you want, it will be easier for you to hire qualified professionals who provide home renovation services. In addition to this, it will also allow you to undertake a variety of home improvements on time and budget.

Consider Energy-Saving Features

Investing in high-quality energy-saving features when renovating your home is a cost-effective approach to home remodelling. Most home renovation contractors will also recommend several of these features, including higher-efficiency windows, air sealing, thick insulation, and energy-efficient cooling and heating appliances. You can also ask them about additional remodelling measures that can help you cut down on your energy bills.

Plan for Future Upgrades

Consider adding home improvements in multiple phases if you do not have the funds to implement all your renovation ideas at once. This is why it helps to plan the entire project in a way that allows you to make additions in the future.

Don’t Overdo It

Although you may have big plans for your home renovation, be sure to execute only those ideas that will enhance the value and functionality of your property, in addition to improving the overall aesthetics.

Avoid Major Modifications

It helps to know that changing the foundation or moving the plumbing will cost you more money. This is why most home renovation contractors advise against implementing such ideas that require breaking into floors and walls. Since these improvements require extra work, they can increase the cost of your remodelling project drastically.

Affordable Furniture

Instead of allocating a large portion of your home renovation budget to furnishing your house, you could save a substantial sum by eliminating unnecessary pieces. Hiring qualified renovation experts will guarantee you aesthetics and functionality within your budget. They can help you get a well-designed home without breaking the bank.

Bring the Nature Inside

Using planters is an excellent way to enhance your interiors when renovating your home. It is both cost-effective and functional. Allocating space for them adds vibrancy and greenery to your house and helps to keep the inside fresh.

Reuse Materials

One of the most straightforward and best ways to save money during your kitchen renovation is by reusing appliances, cabinetry, and other features. Instead of replacing the cabinets, you may repaint them, add new hardware, and reface the doors to meet your needs. This way, you can ensure your cabinets are functional and aesthetically pleasing while saving money. If your appliances are still in good working order, consider other ways to update their appearance instead of replacing them.

Consider the Classics

Although this may not save you money upfront, it is beneficial in the long run. If you implement a unique idea currently in demand, you may have to replace it with a similar feature if it goes out of trend. The revamping process may cost you more time and money years down the line. This is why choosing a classic design that will stand the test of time is beneficial. Light shades, pastel colours, and subway tiles for kitchens are some ideas you can consider.

Sell Anything You are Not Using

If you want to replace an existing, old feature during your home renovation, you may consider the alternatives within your budget. However, instead of throwing away the old fixtures, try selling them to get some money back. Appliances in good condition, cabinets, hardware, and doors are some materials that homeowners often look for and can get a reasonable return for you. If you do not need the money, you can also consider donating the fixtures.

Calculating the Budget for Your Home Renovation

There are two preferred ways to calculate the cost of home renovations:

Square Foot Calculation

This simple technique evaluates material cost against the total square feet being renovated. However, this method has a limitation. It is only an approximation because the price per square foot will decrease if the number of square feet increases.

Full-Cost Method

This approach considers the cost of materials and the different professional trades required for the renovation work. It is best to work with a professional home renovation contractor who can provide you with an estimate. This way, you can make the required arrangements to finance the project.

Making a Realistic Home Renovation Budget

Consider the following aspects to devise a comprehensive renovation budget for your home:

  • A home remodelling project may require demolition, especially in cases of mould growth, water damage, structural damage, and more. Be sure to keep a specific amount aside for these situations.
  • It helps to know that unplanned changes along the course of the home renovation will increase the overall project cost and time. It is best to create a detailed plan including all the work to be done so you know what to expect.
  • When planning your renovation, group the tasks according to the priority and importance as urgent, works that pay off or offer high returns, and aesthetic remodelling. Depending on the budget, you can choose which ones to do in future to ensure the overall expenses are manageable.
  • If you decide to do some of the work yourself to save on renovation costs, ensure you do it properly to avoid expensive damages and additional expenses on reworks.
  • Prepare a reasonable timeline according to the scope of work and be patient during execution to achieve the desired result.

Hire Us for Affordable House Renovation in Toronto

Hire Us for Affordable House Renovation in Toronto

If you are looking for a professional home renovation contractor, renoWOW! can help you. We care about your vision and idea of a perfect home. We will understand your requirements and come up with the best possible way to combine your ideas with our process of home remodelling. We will help you determine a reasonable budget and offer reliable advice to create a beautiful home for you.

If you have any questions about our house renovation services, reach out to our experts by calling 416-937-0969.

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