The truth is that most people do not have the cash flow to renovate their entire home at once. The extra costs of having to live elsewhere also need to be factored into the overall cost during this. Completing small renovations over the course of a few years can help reduce costs and overall stress. Most people want to avoid having to take out a loan as many people refinance their mortgage in order to update their homes. Create a schedule that incorporates saving money, projects, and potential contractors that will be used. Below will delve into the different tips and details that should be included in this strategy.
Start Planning How You Will Save
You need to start saving now if you plan on renovating your home in the near future. Picking up a freelance gig can be a great way to earn extra income for these different projects. Remember to put money aside for taxes as freelancers have to claim income. Saving with goals in mind is quite a bit easier than saving for the sake of saving. You might want a pool more than anything and this is a good enough reason not to go out to eat or take an expensive vacation. Lowering fixed costs like that cable or phone bill can be easy ways to save money. Elimination of cable is an option as there are far more affordable streaming options available.
Consider Refinishing Certain Areas
Most people do not realize how an expert can refinish a certain area to make it look like new. Bathtub refinishing or sink refinishing in the bathroom are great examples of projects that can be done. You will not have to overhaul the entire bathroom but rather refinish the surfaces. Dealing with bathroom renovations is a nightmare when it comes to dealing with plumbers and electricians. Saving money on expensive areas to renovate like the bathroom can free up money for various other projects.
Understand Options of Varying Prices
There are going to be some materials that are far more expensive than others. You want materials that are not only durable but also look great. Wood flooring is a great example of a renovation that comes with a premium price tag. Opting for painted concrete is an option and so is faux wood tile. Countertops being made from granite can be the best option instead of choosing marble. Purchasing materials on your own to have the contractor work with can also help drive costs down.
Set a Schedule with a Contractor for Possible Discounts
The schedule that you have set to renovate a large portion of your home needs to be shown to the contractor. A contractor is going to be far more reasonable when it comes to negotiating the price if they know they have work for years to come. If you promise the contractor work in the future they might be willing to work with you on the price. Clients that are easy to please and do not complain about every small detail will be far more likely to receive a discount. Clients that complain or change their minds constantly without expecting a change in price will likely have to find another contractor after the first project. ‘
Look at the revamp of your home as a process instead of a single project. This will make the renovation process much more manageable for the entire family. Take the time to create a strategy that will encourage you to save, shop around, and result in your home being more valuable than ever!
