Saving on Home Renovations
Does your home in desperate need of a facelift? As you probably know, renovations don’t come cheap. In fact, a full mid-range kitchen remodel can easily run between $35,000 and $75,000, while bathroom overhauls frequently cost upwards of $18,000 to $25,000!
With some careful planning, though, you can shave thousands of dollars off these price tags.
Here are 7 ways to save:
1. Don’t do a complete remodel
Instead of knocking down walls, give the outdated area a fresh coat of paint, new light fixtures and some minor décor upgrades.
Potential money saved: $30,000.
2. Shop around for a contractor
Find someone professional, reliable and willing to give you a decent price. Check out at least three different contractors before making your decision. Ask for references and meet with each contractor in person to get a feel for their professional conduct and character. Also, be sure to sign a detailed contract.
Potential money saved: several thousand dollars.
3. Consider long–term benefits
It often makes sense to pay more now if it’ll save you big down the line. For example, if you’re installing clapboard siding, you’ll save in the long run by paying more for pre-primed and pre-painted boards. Using the pre-finished boards means you’ll need half as many paint jobs in the future.
Potential money saved: $1,250 (for a 10×40 area).
4. Pick decent but mid-grade materials
When long-term, heavy-duty functionality isn’t an absolute requirement, choose a mid-grade material option. One area where you’ll see this at play is in carpeting. Modern olefin and polyester loop carpeting will run you about $2 to $4 per square foot, while premium wool options cost upward of $10 to $12 per square foot.
Potential money saved: $1,600 (for a standard 200-square-foot bedroom).
5. Bring in natural light without windows
Looking to bring a splash of sunshine into your kitchen or a dark hallway? Instead of cutting through exterior framing to add a window, consider installing a “light tube” (sometimes called a solar tube). It slips seamlessly between the rafters on your roof and channels natural sunshine down into the living space below.
Adding a new double-pane window can easily run you $2,000 when factoring in framing and drywall updates; a light tube costs closer to $750.
Potential money saved: $1,250.
6. Lend a hand
Save big by doing some of the demolition work yourself, painting some walls, or even sanding walls to prep them for painting. You can also lend a hand with the cleanup instead of hiring a crew.
Potential money saved: $200 or more.
7. Increase efficiency, not size
Cramped kitchen? Don’t assume you need to push out walls to make it work. Instead, reorganize your kitchen for optimal efficiency and save tens of thousands of dollars. Upgrade your cabinets with lazy susans, pullout drawers, dividers and more. Consider hiring a professional organizer to show you how to maximize your space — you’ll still save big overall.
Potential money saved: up to $60,000.
Before making any decisions, be sure to call, click or stop by Abilene Teachers FCU today to learn about our fantastic rates on Home Equity Loans!
