Saving Money on Your Remodeling Project

Saving Money on Your Remodeling Project

Keep a Flexible Timeline – There are certain times of year, most often during the winter, when even the best of home renovation and remodeling contractors are simply not that busy. If it is at all possible schedule your project during one of those periods; you may be able to cut a very nice deal financially with a contractor who wants (and needs) to keep busy during those lulls in business.

Obtain at Least Three Quotes – Home renovation experts repeat this over and over again. In order to ensure that you really are getting the most bang for your buck you should never go with just one estimate of the cost of your particular remodeling job. When reviewing the bids compare the materials that are being proposed for use as well as the overall dollar amount. While you want to save money, you do not want to sacrifice quality too much. Using better quality materials now will probably save you money on repairs down the line. Once you have selected the best bid do not expect it to be a final figure, there are always unexpected costs to be considered.

Consider Lending a Hand – While most remodeling projects are not suitable for DIY there are probably some tasks you can accomplish yourself, such as ripping up old flooring or adding the final coat of varnish to new wooden doors may save you money on hourly labor costs due to your contractor. Discuss the issue with your contractor; you may be able to strike a good deal. Even something as relatively simple as agreeing to sweep up the construction dust at the end of every day can add up to hours of labor costs saved by the projects end.

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Weigh Financing Options – When it comes to remodeling projects of any kind homeowners usually have a number of different financing options available to them. If you are lucky enough to have built up a decent amount of equity in your home a loan based on that may offer the best terms. A home equity line of credit can also be another great way to finance a remodeling project to make sure that you do not borrow more than you absolutely need to. The one thing that most financial experts agree on however is that you should avoid using your personal credit cards to pay for home remodeling or renovations – in many case the amount of interest you end up paying on such debts can end up doubling, even tripling, the eventual cost of your project.