RENOVATING A FIXER UPPER ON A BUDGET
Starting a renovation project is a daunting task, especially if you don’t have deep pockets. Budgets and estimations can easily be underestimated, and you can end up spending double or triple what you expected. However, there are easy methods to save money and find affordable options to make the living space shine.
Get Multiple Quotes
For bigger projects that require outsourcing, get multiple quotes from at least three reputable sources to get the best offering. Check Yelp, Facebook Reviews, and Better Business Bureau for highly-rated contractors.
Don’t schedule your renovation in peak months (in the height of the summer). Wait until contractors need your business in slower months. By doing this, contractors may work at discounted rates, suppliers will work faster and deliveries will be quicker.
Assign Every Dollar
Create an organized budget spreadsheet with every dollar from your budget allocated to specific projects. Include details like material costs, labor, sales tax, as well as a buffer. By adding a 10-20% buffer to your budget, you can be prepared for the unexpected costs that arise.
Reuse and Recycle
Shop Craigslist or your local marketplace for used goods that can be repurposed in your renovation. Check for “curb alerts” by contractors and remodelers or Habitat for Humanity for items at a massive discount.
Sell Your Unused Items
One’s trash is another’s treasure. If you are planning on throwing out fixtures, try your hand at selling or trading them on Craigslist, Facebook Marketplace, or other sites. Cash from these items can add up quickly to help pay for something you like better. If no one is offering, try selling metal items to a scrap yard or donate to Habitat for Humanity Restore.
Earn While You Spend
Be careful using a credit card for renovation costs. However, earning points or cashback for the money you are spending can help pay for future items.
Add Cosmetic Touches Instead of Replacing
Remember that not everything needs to be completely replaced in a home update. Adding a little paint, tile, or other cosmetic touches can breathe life into old fixtures. Reglazing tile, painting hardware or re-staining cabinets can refresh a home in the best way.
Know Your Limits
Remember that a home renovation is going to take many hours of work. Be prepared to invest your free time and energy into updating your space. Stick to your original plan and have fun while doing it. And, take time to talk to the experts at the Deseret News Home Show Oct. 7-9 at Mountain America Expo Center. They are here to help you with everything you need for your next home project!