15 Ways to Make Home Renovations More Affordable

Renovating your home is a great way to boost its value and make your living space more comfortable. But home improvements can be expensive. Here's how to eke out some savings in the course of renovating.

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Catching contractors during their off-season can make home renovations less costly. If you want a deck built, for example, have the work done in late winter as opposed to waiting until spring. At that time of the year, you might snag a discounted rate.

ALSO READ: Will Home Renovations Get Less Expensive in 2022?

Just as you shouldn't sign a mortgage without seeking quotes from different lenders, so too should you not choose a contractor without seeing what other offers are out there. Comparing quotes could result in you spending less on your renovation.

That isn't to say that you should opt for the cheapest contractor in town. But comparing your options could help you avoid overpaying.

Contractors will often charge a markup on the materials they use. If you're able to supply those materials yourself, you might save some money on your next big project.

ALSO READ: Building Material Prices Remain High: 2 Major Impacts

You may not need to outsource your entire home renovation. Think about the scope of the work and see whether it's possible to tackle some of it on your own. You may not be in a position to do heavy plumbing, but you might be able to do things like sand floors or paint walls.

Messing up in the course of renovating could make your next home improvement project cost a lot more. That's why it's important to know when to take a step back. You shouldn't tackle electrical work, for example, unless you happen to be licensed to do it yourself.

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Certain home renovations may require a permit. And that could add to your costs. But it's better to pay for a permit than to face a fine once your town discovers you did the work without obtaining permission. You may even, in some cases, have to redo the work in question if it's not permitted properly to begin with.

ALSO READ: Why It Doesn't Pay to Skip the Permits When Improving Your Home

Building materials can be expensive, even if you're using lower-end products. That's why it pays to ask around for hand-me-downs. The people you know may have extra materials lying around from their renovations that they're happy to gift to you.

Tempting as it may be to outfit your bathroom with high-end stone or use the finest wood for your new floors, you may want to opt for a lower-cost alternative. If you go overboard, you'll not only spend more but also lower your chances of recouping your investment.

ALSO READ: 3 Simple Renovations to Get Top Dollar for Your Home

Some contractors prefer cash payments and reward customers who pay in this manner. It pays to see whether you're eligible for a discount for cash payments.

If you're buying your own supplies for your renovation, using the right credit card could mean snagging more cash back in the process. Look at revolving bonus reward categories across your credit cards. You might score extra cash back by using one specific card at hardware stores during a certain period of the year.

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A home equity loan or home equity line of credit (HELOC) may allow you to finance a home renovation at a lower interest rate than what a personal loan or another borrowing option will cost you. Right now, home values are up on a national level, so borrowing against your home equity may be more than feasible.

ALSO READ: Should You Get a Home Equity Loan in 2022?

With mortgage rates still being relatively low and home equity levels being up, now's a good time to look at a cash-out refinance. You can take that extra money and use it to fund your renovation, and while you will need to repay it, you may end up borrowing at a lower rate than what another option allows for.

If your renovation involves swapping your existing appliances for new ones, consider buying the floor models you see at the store. Chances are, those models will be in good enough shape, and you might snag a solid discount by being willing to purchase them.

ALSO READ: 3 Issues You Can Ignore When Buying a Home

In the course of renovating, you may be able to repurpose existing features to make them look nicer. For example, you can refinish your kitchen cabinets or reglaze your bathroom tub rather than rip those items out and replace them with new ones, thereby adding to your costs.

You may not be able to tackle all your home renovations at once. Figure out what's most important to you and which projects will most immediately lend to a better quality of life at home. If you break up your list of projects into different phases, you may have an easier time managing your costs.

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Renovating your home could make it a more comfortable, functional living space. Follow these tips to tackle your next renovation project without busting your budget in the process.

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