Consider resale value
Choose remodeling projects with higher resale values.
Plan around deals
Look for deals before you start remodeling, is another way to plan. Once you buy the deal, plan the rest of your remodel around it. Say, for example, you know you want to update your kitchen. Keep an eye out for specials on counter tops kitchen island installation, or new windows.
Plan for the unexpected
You might be tempted to borrow money, If you don’t have the cash on hand to pay for the overages, which can result in hefty interest. Leave a little wiggle room in your remodeling budget for unexpected costs .
Don’t move plumbing
Plan your remodel around the current plumbing. Adding or moving electrical outlets is also expensive.
Do small jobs yourself
A remodeling bid typically includes everything from consultations to cleanup. If you’re not skilled with your hands, you can still save money by doing some of the small jobs yourself. If you’ve got the extra time, ask the contractor if you can do the cleaning, painting, and light demolition yourself.
Stick to stock sizes
Look for standard sizes when you purchase materials. Custom pieces cost far more than the stock pieces sold at home improvement stores.
Do upgrades that will lower your monthly bills first. Make a list of every upgrade you’ll directly benefit from – like energy-efficient appliances, ceiling fans, or double-paned windows. These are improvements that will pay for themselves.
Buy imitations
If you’re buying new materials, look for imitations or knock-offs and you won’t notice much of a difference.
Buy cheap materials
Buy materials yourself at resale stores. Many contractors mark up materials; others charge to pick them up. And big-box home improvement stores don’t always have the best prices. You can also find free or cheap materials online through sites like eBay, Craigslist, and Freecycle.
Attend building supply auctions
To find local building material auctions, search “building material auction your state.” Other places to check:
Federal Government Surplus and Seized Property Sales
State and Local Surplus Property Sales
Before attending any auction, however, do enough research so you know the value of the items for sale, then decide on the max price you’ll pay. Auctions can be a great way to save, but getting caught up in a bidding war can be costly.
Contractors often have extra materials from past jobs. They may not be exactly what you wanted, but you’ll probably be able to negotiate a hefty discount by taking them off his hands.
Haul materials yourself
Having the store deliver your materials can be expensive. If you don’t have a truck, rent one. Don’t pay for haul-away
Hauling away the old materials gets expensive, especially if you’re undertaking a large remodel.
Ignore trends
Much like clothing fads, you’ll probably get sick of housing fads in a few years. Stick to the basics instead and save.
Start by looking for a contractor in the off-season. Contractors charge less when they need the work – like right after the new year. Then pit contractors against each other. Get at least three different bids to find the best price.
Remember, however, that price shouldn’t be the sole determinant. How well you relate to the contractor, their experience, references and other factors are just as important. The key is to get the best value, not the lowest price.
Work alongside the contractor
If you’re somewhat skilled as a handyman, do bigger jobs yourself and save even more. Many jobs – like appliance installation, crown molding, and flooring upgrades – don’t require a ton of experience. Never done it before? Check out the Lowe’s Video Center for step-by-step instructions on dozens of home improvement projects.
If you want hands-on experience, spend a weekend volunteering for Habitat for Humanity. You’ll work with experienced contractors, learn everything from roofing to flooring, and give back to your community.
Think revamp, not remodel
Consider what you already have from lighting, to baseboards, to cabinets and see what might look better with a little sanding and a coat of paint.
Save on appliances
If your remodel includes upgraded appliances, don’t pay full price. There are several ways to get discounts on major appliances.
Buy at the right time Appliance retailers have big sales around holidays, and once a year when the new models come out .
Remodel slowly
You can still add your wants even if you don’t have the budget right now. Just save up enough cash to pay for one wish-list item at a time.
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