Last modified: 2019-03-13 | Approximate reading time 4 mins
A renovation project can quickly lead to astronomical spending. If we do not monitor the amounts that tend to accumulate, we can quickly end up exceeding the original budget.
In some cases, it is almost inevitable to spend a lot of money because of the nature and scope of the work. On the other hand, in general, it is possible to limit expenses to avoid reaching an overtly exaggerated amount.
Sometimes, it can be hard to know what you want to achieve with renovations and how to manage the whole process. However, you should always try to have a clear idea of what will be done and how much time it will take; otherwise, you may lose a lot of money from wasting time and changing ideas.
Therefore, take the time to think about all the details - materials, drawings, work schedule, rooms and items to renovate, dimensions, etc. -before you start renovating. The more organized you are, the more likely you are to be satisfied with the results and the total price.
In order to help you plan your project and calculate your budget, here are two articles that could be useful:
You can also try our cost estimator to get an idea of the average cost of your renovation depending on the size of it and on the type of material.
Before you buy anything, take the time to shop wisely. Whether it is for materials, tools or even contractors, do an in-depth research and compare prices. This field is so competitive that if you take the time, you’ll find great value for your money.
Use recycled materials to save more money: they are often as good as the new ones in addition to being a lot cheaper. Just keep in mind that savings should never come before quality: bad quality materials will end up costing you more in the long term.
If you want to save money, why don’t you decrease the number of things to renovate by making a plan and doing things gradually? There must be some things that less important to work on, like installing a mosaic in the bathroom.
If that’s the case, re-evaluate your goals depending on what really needs to be done and postpone the rest. For example, if you decide to renovate your bathroom, you could go step by step, starting with things that truly need to be replaced.
It’s a good compromise that will allow you to achieve the most important renovations and save money at the same time. When you have more savings, you‘ll do the rest without worrying about your finances.
If you have free time, plenty of patience and a certain level of knowledge about renovation, why don’t you do a few things yourself? You could manage the work site, hire subcontractors, order the materials and even complete a few tasks yourself, like painting walls or installing ceramic tiles.
That could help you save up to 20% of the renovation costs. Be careful though; don’t overestimate your abilities. Some tasks have to be done by professionals – electricity, plumbing, etc.
Check out our numerous blog posts for tips, step-by-step instructions, and presentations of the most popular construction projects and materials in the field of home renovations.
However, be careful not to overestimate yourself. Some work must absolutely be completed by professionals (insulation, electricity, etc.). To find out which ones, check out article 7 renovation projects that should always be left to professionals.
For those who doubt their ability to commit themselves to a complex renovation project, it's best to call a skilled contractor. They will find the workers and manage the whole project for you. However, don't skimp out and hire cheap labour, especially if that person doesn't have the proper licences.
Contractors with licences must prove that they have the right skill set for the job and they are also more likely to have insurance. Therefore, chances are that the success rate of your project will be higher.
Even if it is a bit more expensive, a good contractor can really help you save money in the long run. Many owners are left disappointed after dealing with unqualified but inexpensive people. They end up losing more money on repairs and on legal proceedings. Don’t make the same mistake!
There are many grants and tax credit programs available at all levels of government. Check with your municipality, your province and also the federal government to find out if they are available for your project. If you would like more information on the possible means of financing your renovations, here are a few articles that could be useful:
RenoQuotes.com can help you get quotes for your home renovation project. If you submit your project to us, we’ll put you in contact with contractors that are most suitable for you. Fill in the form on the homepage (it only takes a few minutes), and you will receive quotes from home renovation specialists.
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