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How to Reduce Home Renovation Costs

Being in the renovation business myself I can understand why someone would want to try and save some money when doing renovations in their home.

It can be very costly for materials and hiring tradesmen is not cheap. We all need to make a living and earning a salary according to your skills and the demand for them is a tradesmen’s right. Unfortunately there are some tradesmen who charge too much for the work they do and ruin it for the rest of us. I can also understand why homeowners might be nervous of hiring someone they don’t know, to work in their home because you are not sure if the work they are performing is worth the money they are charging.

One way to avoid this concern is to hire someone from word of mouth. If someone is not happy with the work a tradesman did on their home renovations they will definitely tell you about it. There are some great tradesmen out there that will work for a fair salary and do an amazing job in your home. Saving some money with home renovations can be as simple as discussing with a potential contractor what job duties you might be able to perform to cut costs down for you. You will find some tradesmen very receptive.

Before hiring anyone, ask yourself based on the job you want to accomplish in your home is there anything you could do to save yourself a few dollars. You might be surprised that you actually come up with something. Make sure to mention that you will be performing specific duties to a potential hired hand. You can save money by shopping around for the best deals on materials whether it is lumber or doors or any type of materials there is always a cheaper place in town. Ask your contractor if they get a discount at any lumber yard or Home Depot type outlet. Some contractors have accounts and get a small discount and possibly they would be willing to pass that along to you.

You can also ask the contractor what their hourly rate is and after finding that out ask them if they can do better than that for your job. Some will give you a bit of a break out of fear of not getting the job. Some things you might consider tackling yourself are jobs like the demolition and demolition removal part of the renovation. Simpler things like insulating and painting. If you just don’t have a clue on how to do anything that has to do with home Reno’s then invest in a book or two on the subject.

Go to your local Home Depot where they have quite a few great books to choose from that will help you to save money. I learned how to do electrical wiring by reading a Home Depot book. I was very impressed with myself when I wired a whole basement and the inspector passed the job without questioning anything. Borrow tools from your friends if you have to and you will save money that way as well. Even if you have to buy tools to do the work you will still be ahead of the game.

Another easy and common way people save money when doing renovations is to reach out and ask friends and family who have skills you can benefit from. If it costs you some meals and maybe the odd case of beer you are going to save yourself a ton of cash. Make sure not to pass out to much beer while work is under way. Something to consider and not forget is to make sure you have picked up the proper permits before performing any of the work.

If you are changing anything structurally or developing an area like a basement or working with electrical or gas you will most definitely be required to have the proper permits. Your city or township will want to inspect the job when you are done to ensure your work meets your areas building codes. That is basically it in a nut shell. A lot of skills that people possess for home renovations are acquired by just trying the task and learning from trial and error. Some times that is the best way to learn. If you have any urge at all to try doing some of the work yourself I say go for it. You will save yourself a good chunk of change and you will enjoy the results that much more if you did the work.

Doing home renovations on a small budget and saving money in the process is not hard to do, you just have to assess the situation and decide on whether you can handle any of the tasks yourself or if friends or family can help out and are you getting your materials for the best prices possible.

Image Credit » This photo was taken by and is the property of GrantsWorld

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Vickiw wrote on January 10, 2015, 12:01 PM

Good advice. I've learned most of this over the years, and we now have a good guy who works for us.

scheng1 wrote on January 11, 2015, 2:43 AM

A factor that is unique to Singapore is the timing of renovation. It cost lower to renovate after Chinese New Year.

GrantsWorld wrote on January 11, 2015, 10:16 AM

It is great to have a "guy" that you can trust. I wish everyone could have one. Being the "guy" is how I can work 16 hours a day if I wanted to. :)

GrantsWorld wrote on January 11, 2015, 1:41 PM

That is interesting. Why would the cost go down?