How to Save Money on Home Improvementssubmitted on 19 January 2016
Home improvements are carried out for all kind of reasons. For example, you might decide to add a conservatory because you don’t have enough living space. Alternatively, you may have invested in a property with the intention of doing it up to sell on for a profit. Either way, you probably don’t want to spend any more money than you need to and therefore it makes sense to try and save cash where possible. So if you have a home improvement project in mind, here are a few tips to help you maximize your budget.
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Prepare a Detailed Budget
It is foolhardy to begin a major home improvement project without a budget in place. In order to save money, you need to know how much money you are likely to be spending. Work out in advance what materials and labor will cost then look at the figures and work out if there are any areas where you can make cost savings.
Invite Contractors to Quote for the Work
Always get at least three quotes for a planned project. Different contractors charge different rates, so there will be a variance in the priced you are quoted. Ideally ask for recommendations from friends and family, as you will have a better idea of the quality of work to expect. Don’t automatically pick the cheapest contractor to do the job, as he might be cheap for a reason. Examine each quote carefully and ensure it is a ‘like for like’ price before you make a final decision.
Do It Yourself
It is possible to make considerable savings by undertaking some or all of the work yourself. However, unless you have the right level of experience, don’t attempt plumbing or electrical work. Mistakes will be costly and it will be expensive hiring a contractor to rectify any major problems caused by yours truly. Nevertheless, jobs such as tiling or laying wooden flooring are all within the remit of a competent DIY enthusiast, and with so many helpful online resources available, you can’t go too far wrong.
Hire Don’t Buy
Specialist plant, machinery and tools can represent a significant chunk of any home improvement budget. You could buy any specialist tools and equipment required, but unless you expect to be using the equipment regularly, you won’t get your money back on the cash outlay. Instead, consider hiring tools and equipment instead. Daily rates from a local equipment hire rental store will be reasonable, and for small projects this is a more economical way of doing things.
Watch Costs Closely
Always keep a close eye on your expenditure as the project unfolds. Costs usually have a habit of spiraling out of control if you don’t keep your beady eye on them. Spreadsheet programs are useful in this regard, but feel free to use a notebook and a calculator if it suits you better.
The right home improvements can add value to a property, but only if the work is done to a high quality, so pick your contractor wisely and don’t let costs escalate too much.
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