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5 Savvy Ways to Save Money on Your Next Renovation

Posted on August 26, 2022 by REMAX Crown Real Estate

Deciding to renovate your home is a major decision and often an costly one. After weeks or months of planning, saving money or acquiring financing, your dream home is finally within sight! Be warned, however, completing these renovations requires thorough research if you hope to stay on budget.

Renovating is exciting and friends, family and neighbours will all offer advice and tips aplenty. You need to verify and evaluate all the ways you can save money on your next renovation. Read on for ways to save on your renovation and save yourself a bundle!

5 Savvy Ways to Save Money on Your Renovation

1. Make A Budget and Draw Up a Roadmap

Going over-budget when renovating is easier than you might think, making it the most significant threat to your well-made plans. Make a budget and do your best to stick to it. Choose the areas that need renovating and develop a roadmap for everything required. Differentiate between needs and wants, which will go a long way toward keeping your budget on track.

Allocate funds to each part of the renovation and consider DIY projects that you can realistically handle yourself, which can be cost-effective. Plan for more straightforward upgrades that can be good alternatives to expensive renovations. For example, perhaps you can give your kitchen cupboards new life by refinishing them instead of costly replacement.

Always track your spending meticulously. Your thoughtfully planned budget may not be adequate if you do not follow it closely and keep track of all your expenses.

2. Renovate During the Fall

Once you’ve decided which spaces could use a pick-me-up, make a plan to get yourself organized and think ahead.

Contractors are sometimes cheaper in the off-season.

Many contractors like to finish well before the holiday season. If you’re paying by the hour, you might also see appreciable savings on labour costs if the work gets done faster. In addition, during the off-season, your contractor might not be distracted by other jobs on their roster, giving your home their complete attention.

Retailers may also offer generous end-of-season discounts on new appliances, fixtures and other building materials, time to make space for next year’s new models.

Finally, think about the other ramifications of the timing of your renos. For example, if your renovation requires insulation, you’ll also save on the coming winter’s heating bills by having the work completed before the cold sets in.

3. Determine Where To Cut Corners can

A chunk of your renovation cost is often hidden in aesthetics. By factoring in functionality and efficiencies, your renovations can help reduce your home’s operating costs, savings that will continue year after year.

Fun Fact: Demolition tasks can be cost-effective and oddly therapeutic when you undertake to do them yourself. Just be sure to do so safely and dispose of waste materials properly.

Look for pre-painted trims, fittings and fixtures that may seem expensive, but can save you money once you factor in the cost of materials and painters.

Try to avoid moving sinks, toilets and especially tubs to significantly reduce renovation costs. Moving pipelines can be an expensive affair. Change the fixtures but not the layout to save money.

A cost-effective option is to look for pre-owned building materials that are cheaper but just as effective in the renovation. Your contractor may have some leads on the procurement or check out your local Habitat for Humanity’s ReStore.

Substitute expensive building materials with cheaper substitutes. For example, you can install a slate or laminated countertop instead of granite in your kitchen. They look beautiful but are far more affordable than granite.

Look for cheaper options in a different pattern or colour. Some laminates, flooring, fixtures or furnishings may be more affordable in a different colour. Simply tweaking the colour palette can save you a significant amount of money.

4. Stay Involved & Engaged with Your Contractors

Knowledge is key. Some shady contractors have been known to take shortcuts or add extra fees to your renovation. It is always a good idea to oversee the work-in-progress closely. Gather a basic idea of the job and monitor the proceedings. Of course, working with a reputable contractor helps too.

Consider purchasing the materials yourself to avoid mark-ups by the contractor. If you have the time and knowledge, you may consider managing the labourers yourself and save a bundle; however, this is not always feasible.

Getting multiple quotes and selecting a contractor with the lowest cost and good references is crucial. A reliable contractor will do the job efficiently and help you save unnecessary expenses.

5. Recycle and Declutter

Sell any leftover construction material. You can also recycle used furniture and other odds and ends you do not need to reduce your outflow. Not only will you make some money towards the renovation costs, but you will also do the environment a world of good by keeping the landfills junk-free.

If you’re simply in a hurry to get rid of it, speak with your contractor. Many will help you dispose of extra stuff left over after the renovation is complete, saving you the trouble of finding buyers.

You will thank yourself for a clutter-free home and garage later!

6. Government Rebates for Renovations

You’ll find a variety of government rebates for energy-saving renovations. If your plans meet the criteria, these could save you up to 25 per cent. Look for programs related to energy efficiency or ones that help seniors age in place.

Bottom Line

Renovating a home can be expensive. However, a little research and prudence may help reduce the costs and create a cozy home that looks and feels like new.

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