5 Tips to Renovating on a Budget
As I mentioned yesterday, the Home Renovation Tax Credit ended yesterday, so if you were thinking of doing renovations now, they will cost a little more. To help offset this tax credit loss, keep in mind these tips to make home renovations affordable.
Image: Grant McLean / Flickr
1. Start with a detailed plan
It is obvious, but it’s true: planning now and in detail will help you save money. Why? If you are plan correctly, you are less likely to be pushed into situations where you need to buy something at the last minute for an outrageous cost simply to get the job done.
And when you are finished your budget, add 15% to your estimate. That will help cover the inevitable things you can’t plan for.
2. Aim for effectiveness, not size
After seeing these home renovation shows, many people think they need to start tearing up their flooring to do a really effective home renovation. In reality, the best way to renovate may simply to be adding a new countertop in your kitchen and to paint your cabinets. Think about what you really need to change, and try to imagine the cheapest, most effective way to bring about that change.
3. Look for reusable material
In most major cities, there are usually many demolition sites occurring around the city at any one time. If you do see a demolition, stop to see if you can take anything off their hands, particularly things like stone or wood. Or talk to the tradesmen to find out where you can get any lightly used materials, or if they have anything left over. Sometimes you can also get deals from home trade shows that need to get rid of displays when they are finished. You’ll be saving money, and diverting materials from the landfill.
4. Think long term
When you do buy something, don’t go cheap. Choose materials based on their quality and their ability to last a long time. Leaking pipes, for instance, can destroy your bathroom in no time. Choose pre-painted or pre-finished materials when you can. It will help you save on money and time.
5. Remain flexible
If you’ve planned up front, you can take advantage of special deals and prices as they pop up throughout the year. As well, if you take a flexible attitude to the work, you can put off certain parts of the renovation until it’s financially feasible.
Heleen Jacobsen
Broker of Record with InfoMarket Group GMAC Real Estate
www.infomarketgroup.com
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