Home remodeling can be one of your best financial investments; it doesn’t have to break the bank.
You can create a beautiful space tailored to you and within your investment plan with a thoughtful approach.
Here are four effective ways to stay within budget without compromising on the end result.
1. Save Money Remodeling By Who You Hire
Choosing the right contractor can make or break your remodeling project. A thorough vetting process is crucial to avoid costly mistakes and delays. Here are some essential steps to ensure you hire the best fit:
Do Your Research: Start by reviewing contractors with a track record of successful projects like yours. They should have their license numbers on their website, be certified by the EPA, and carry proper insurance and bonds. Check out our guide about How To Prequalify Home Remodelers.
Insist on Written Contracts: A detailed contract is your best protection against misunderstandings or unexpected costs. It should outline the scope of work, timeline, cost description, and payment schedule.
Be Cautious of Low Bids: If a quote sounds too good to be true, it probably is. Lowball offers typically reflect unskilled workmanship, upselling along the way, and lengthy, vague timelines.
Check Their Vibe: Remodeling projects require close collaboration, so make sure the contractor’s personality and communication style match yours. Trust your instincts—if something feels off, it’s okay to keep looking. You’ll be working closely with this person, and a positive relationship will make the entire process smoother.
Remember, hiring a contractor is about finding the best quality option, someone who is dependable, trustworthy, and skilled in their trade.
2. Save Money Remodeling By Keeping Your Layout the Same
One of the quickest ways to blow your remodeling budget is to start moving walls, plumbing, and electrical work. These changes often require costly permits, inspections, and additional work.
Avoid Major Structural Changes: Moving walls or changing the location of plumbing, HVAC systems, and electrical wiring involves substantial labor, material costs, and expensive permitting and inspections. So, if you don’t need to move these elements, we don’t recommend it. However, if your home requires these structural changes and fits into your budget, doing so can increase your ROI.
3. Save Money Remodeling By Understanding What You Value
One of the most overlooked aspects of remodeling is understanding what matters most to you. Whether it’s the durability of materials, the design aesthetic, or the functionality of the space, being clear on your priorities will help guide your decisions and keep costs in check.
Focus on Long-Term Value: When choosing materials, think beyond the immediate cost. For example, investing in high-quality luxury vinyl plank (LVP) flooring with built-in underlayment might seem more expensive upfront but can save you money in the long run due to durability and easier installation.
Prioritize Key Areas: Deciding where to allocate your budget is essential. Investing more in high-end appliances or countertops might make sense if you cook daily. Maybe you’ve dreamed of a creamy white soaking tub with an elegant floor-mounted filler in your bathroom, so you prioritize investing in these elements.
Consider Lifestyle and Use: Make decisions based on your lifestyle. Durable, easy-to-clean surfaces might be more important than trendy finishes if you have kids or pets.
This clarity will prevent costly impulse buys and ensure that your spending aligns with what truly enhances your home and life.
4. Save Money Remodeling By Having A Contingency Plan
No matter how well you plan, remodeling projects can incur unexpected expenses.
Prepare for the Unexpected: While it’s typical for older homes to have outdated wiring, asbestos, and lead paint, a newer home can have been hastily built or have had an ambitious previous owner.
Stay in Control: A contingency fund allows you to handle these issues without derailing your entire project. Without a cushion, unexpected expenses can lead to delays or force you to cut corners on other parts of the remodel. And if you end up not needing the contingency, you can celebrate by either adding a hoped-for element or saving the balance.
Know Your Home’s History: Check your home’s history with your building department. They will have your home’s permit records to see if any previous remodeling has been done.
By following these four key strategies, you can confidently approach your home remodel, knowing that you’re making smart choices to save money while still achieving the look and functionality you want.
Remember, remodeling is about balancing cost and quality, so plan carefully and hire wisely!
It's my pleasure to discuss all things home remodeling! If you're in the Coeur d'Alene—Spokane area, visit our Contact Page to let me know how we can help you achieve your home plans.
