How to Reduce the Cost of a Home Renovation

Published: 05th May 2010
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Whether large or small in scale, home renovations bring increased enjoyment and home value to homeowners. From remodeling an outdated bathroom or kitchen to adding a deck or finishing a basement, the increased value and overall enjoyment of new space is usually well worth the investment. Most homeowners know this but often it's the investment that stands between dreaming of a home renovation and actually starting one. Even at a time when budgets are tighter, prices are higher, and many homeowners fear the costs of remodeling, there are still ways to reduce the cost of home renovations.

One of the number one ways to reduce the cost of a project is to perform all the labor yourself but for most homeowners, that's not a real possibility. Renovations are time consuming, complicated, and usually require some knowledge of construction which ultimately eliminates the possibility of doing the work yourself. In fact, attempting a major renovation on your own could actually end up costing you more in wasted materials and time. You may be able to save some money by performing simple labor, like painting or installing cabinet hardware, but unless you're skilled and capable of doing the work, look for other, more practical ways to reduce costs.

When considering a major renovation like kitchen or bath remodeling, assess the individual costs of all the materials you need. Cabinets, countertops, flooring, faucets, appliances, and light fixtures are all individually costly and when added together, equal quite the total investment. Ask yourself whether you can settle for mid-grade products like faux countertops instead of real stone or consider vinyl flooring instead of ceramic. If you have your heart set on a specific design style, consider reducing the cost of cabinets, appliances, or lighting by using mid-grade products so you can afford real stone countertops, or scale back on countertops and appliances to afford higher-end appliances. Just make sure that the overall finished project remains in scale in terms of overall design.

Another way to reduce the total cost of a project is to evaluate the different ways to use existing space rather than adding new space. For instance, if you have unused space in a basement or attic, consider the ways you could use that space to create a new living area, home office, or home theater instead of adding to the home's structure. This can save you money on permits, construction costs, and other expenses without changing the architectural footprint of your home which may mean a savings in property tax as well.

While looking for ways to reduce the cost of a home renovation, be sure to shop all the available products. New products become available every year, some of which mimic high-end products but cost less because they are made of composite materials. Laminate countertops for kitchens and baths can be made to look like granite; vinyl flooring that mimics real wood, stone or ceramic is also available at a fraction of the cost. You may find you like the look of these products almost as much as their high-end counterparts. Also consider those products that are energy efficient as they can save you money in energy costs.

If your goal is to save money on your home renovation, you'll have to be open-minded to suggestions and alternative possibilities. If a picture window is less expensive than a bay window but the savings allow you to complete an entire room addition within your budget, then your goal will be met. Similarly, if you have to give up a certain aspect of your project to cover the cost of an unexpected expense, be prepared to make concessions to keep your project on budget. Unless cost is no object, you will have to be open to the possibility that changes may have to be made along the way.

Contacting a professional may be the most cost-efficient thing you can do before starting a renovation. When you consult a professional remodeling contractor, you can discuss plans and products that can help reduce the overall cost of a renovation without sacrificing your satisfaction with the end result. A professional contractor will respect both your vision and your budget. Though you can't plan for everything, with careful planning and cooperation with your contractor, your home renovation can be completed on time and within your budget, providing you years of enjoyment and the benefit of added home value.Conklin Developments is a renovation company that specializes in complete calgary home renovations. From the simplest basement renovation and design to more complex projects such as a complete kitchen renovation, additions to your home, or that custom home theater you have always wanted. We can do it all for you, and all you have to do is sit back and enjoy the fruits of our labour.

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