Undertaking home renovations can be an exciting but financially demanding endeavor. However, there are plenty of ways you can approach your home renovation to reduce costs without sacrificing aesthetics or quality.
From utilizing smart technology to repurposing and upcycling materials, these tactical choices can cut costs and maximize the aesthetics and value of your home improvements.
Below, home experts reveal six tips for saving money on renovation projects in 2024.
How to save money on home renovations in 2024
Whether you are renovating your house to create your dream space or to increase your home's value, with a bit of planning and practical choices, you can achieve your vision without breaking the bank.
1. Repurpose materials
Instead of buying everything new, consider what you already have.
'Before discarding any materials during a renovation project, evaluate if there's a way to repurpose or reuse them in the new design,' advises Karina Newman, home expert and owner of a real estate company iBuyers. 'This could include salvaging wood, tiles, fixtures, or furniture.
'Reusing materials not only contributes to sustainability but also significantly reduces the need to purchase new items, saving you money.'
2. Upcycle items
Instead of completely refurbishing and replacing items, consider how smaller changes can elevate existing items. For example, upgrading hardware instead of entire units or painting wooden furniture can give it a new look while saving money.
Ryan Calvert, product manager at Hiatt Hardware says: 'If a full refresh isn’t needed and you’re happy with your worktops, you can swap out cabinet doors and handles with barely any effort. Replacing five kitchen units costs approximately $1,000, but by only replacing doors and handles, you’ll be paying less than $180 if you shop around for the right retailer.
'The cost of replacing a full sink can set you back, yet if your sink is in decent condition, you can save money by replacing faucet washers. This refreshes the look of the overall area without breaking the bank.
'Additionally, adding a fresh lick of paint is a low-cost, high-impact solution to improve the initial impression of the home. Neutral colors are most appealing to house buyers as they give off the impression of a ‘blank canvas.’ Lighter colors such as white, grey, and blush pink can help increase the levels of ambient light in the home, making your kitchen space appear more spacious and giving your space a new lease of life.'
3. Invest in energy-efficient upgrades
'Consider investing in energy-efficient upgrades for your home. While the initial cost might be higher, the long-term savings on energy bills make these investments financially prudent, and you may even qualify for tax incentives or rebates,' says Karina Newman. 'This could involve upgrades such as energy-efficient appliances, lighting fixtures, or even solar panels.'
'Investing in smart lighting systems can further optimize energy consumption, allowing you to customize settings and schedules,' explains Tyler Horn, owner and lead designer at Luminism Design. LED bulbs require up to 80% less energy and deliver a longer lifespan than traditional bulbs.
Additionally, smart home devices can provide long-term cost savings. A smart thermostat can optimize your home's temperature for efficiency, reducing energy expenditure.
4. DIY what you can
When it comes to renovations, you don't always need to hire professionals. There are plenty of DIY projects that will elevate your home that you can attempt yourself to save some money and labor costs.
'Identify areas of the renovation that you feel confident tackling on your own. This could include tasks like painting, minor repairs and replacements, assembling furniture, installing fixtures, or even laying bathroom tiles,' says Karina Newman.
'Leverage online resources such as tutorials, forums, and videos to enhance your DIY skills.' Choose the right tools for the job and only take on tasks you feel sure you will execute safely and successfully to avoid any costly mishaps.
5. Opt for cost-effective materials
'Opting for cost-effective materials is another prudent choice,' says Dan Belcher, founder of Short Sale. 'Advances in manufacturing have led to the availability of high-quality alternatives that mimic the aesthetics of more expensive options without compromising functionality or style.
Choosing lower-cost options like laminate flooring instead of hardwood, or budget-friendly countertop alternatives, such as quartz instead of marble, can lead to large savings without compromising aesthetics or longevity.
6. Time your renovations wisely
'The timing of your renovation project can significantly impact costs,' explains Mehdi Khachani, CEO of JMK Property Management. 'Consider scheduling renovations during off-peak seasons when contractors may be more open to offering discounts, such as winter/spring when contractor demand is lower.
'If your budget is limited, you could also explore the option of phased renovations. Tackling one area at a time allows you to spread costs over multiple phases, making the financial burden more manageable.'
Additionally, utilizing sales and discounts can help to stretch your renovation budget. Retailers periodically offer discounts on various home improvement products, from fixtures to flooring.
'Many retailers offer promotions during specific seasons or holidays,' explains Karina Newman. 'Keep an eye on sales, discounts, and clearance events for the best time to buy kitchen appliances, fixtures, flooring, and building materials.
'By planning purchases around these sales, you can secure premium materials and finishes at a fraction of the cost, maximizing the value of their investment in home renovations in 2024,' says Dan Belcher.
You may also wish to consider purchasing items in bulk or exploring outlet stores for additional savings.
Finally, instead of building living spaces from scratch with costly extensions, explore options to repurpose existing spaces. Converting a basement into a living area or transforming an attic into a bedroom can save money, leaving more of your interior design budget to allocate elsewhere.
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