8 Smart Ways to Minimize Renovation Cost

Remodeling your house can be a long and challenging process. There is a plethora of tasks that you should take into account which can eventually affect the quality and cost of the whole project.

On top of that, the older a house is the more expenses will most probably emerge. That being said, you should be extra careful before you take any decisions that can hurt both the process and the budget of the project.

Nevertheless, there are many ways in which you can get a good result without breaking the bank. All you need is a solid plan and professional workers who can help you get the job done fast and smart.

Good news is that there is no reason to worry about it. We did our due diligence and present to you below ten powerful tips for minimizing cost in a renovation project without compromising on quality:

1. Know your budget

The budget is the basis on which every project is founded and developed. It goes without saying that this is where you should also start while putting together your renovation project. Knowing the exact budget that you have at your disposal will help you prioritize your tasks and see what your final project will look like.

It can be a long and demanding procedure but don’t get frustrated. Try to list somewhere all the changes that you have in your mind and then match them with the estimated cost. As soon as you do that, it will be easier to compare your list of wishes against your actual budget and start creating the actual project plan.  

2. Pick your suppliers carefully   

More doesn’t necessarily mean better in a renovation building project. Be extremely careful before choosing the suppliers you are going to work with. Make sure that you ask your network for recommendations and always try to get more than one offers prior to your final decision. Like that, you can be able to estimate which one is the most beneficial for you. Just remember: if it looks fancy, it doesn’t mean that it will be better. It will definitely mean, though, that it will cost more.

3. Be the manager of your project

Managing a renovation project isn’t as easy as some may think. It requires a wide array of skills and a lot of experience. But, in cases where the budget is your number one priority acting as the project manager might be a smart idea.

In that manner, you are able to have total control over the project, choose and hire the trades that you prefer and allocate the tasks according to your own needs and budget. By following this strategy, you can also choose which part of the job you will do on your own in order to minimize the cost.

4. Avoid the architect if not necessary  

Without doubt, the presence of an architect is more than necessary in a big number of renovation projects. However, that’s not always the case.

Small-scale projects, such as internal remodels and minor extensions, don’t require the help of architects. If you want to keep your budget tight there are other ways you can go about it:

1. Create the plans on your own.
2. Find a draughtsperson to help.
3. Ask your contractor to get on it.

In case where hiring an architect is necessary, you can create a flexible ‘pay-as-you-go’ agreement which gives you the freedom to use the provided services to the extent that you find it useful for your project.

5. Search for shopping alternatives

When it comes to buying the necessary equipment and materials, looking around in the market is probably the best you can do. You have no reason to buy everything from the same place if there is a chance to purchase the same equipment in a lower price from somewhere else.

Once again, asking your network can be a very wise decision. It is sure that someone you know might have been involved in a similar renovation project in the past. By asking around you have much better chances of finding the materials and equipment which combine good quality with friendly prices.

6. The more quotes the better

As a continuation of the previous point, while working on a renovation project it’s an excellent idea to shop around. One of the biggest mistakes that you could do is to make a final decision before asking for three or four different quotes.

What is more, try to find people that you trust or at least professionals who already have a good reputation in the market. Don’t forget also that the best quote isn’t necessarily the cheapest one. Try to take into consideration all the different parameters in order to offer is actually the best for you.

7. Say yes to reusable materials

Materials play a decisive role in every renovation project. Choosing the right materials can truly make a difference both in terms of quality and budget for your project. For that reason, it is always a good idea to reuse as many building materials as possible.

Many might be reluctant to this suggestion but truth is that it has multiple benefits both for the project and the environment. First of all, it can decrease the cost of the project. Furthermore, it can be an excellent way to connect the old with the new and create a smoother transition to the ‘post-renovation’ era of the building. Lastly, this technique can help minimize project waster which is one of the most critical problems that the building sector is facing right now.

8. Do it yourself!

DIY is an excellent way to go if you want to keep your renovation project on a budget. There are always tasks that don’t require special skills in order to be properly completed. This strategy can save you a lot of mine and it can allow you to make your place exactly as you have dreamed it.

However, there are certain tasks which should be done by a professional no matter what (eg. electrical work). In any case, before you take the brave path of doing things yourself keep in mind that sometimes a bad DIY job can cost more than having a professional doing it for you.

Wrapping it up!  

To sum up, it becomes evident that there are many different ways thanks to which you can avoid going over budget when you are getting a renovation project going. A solid plan, materials of good quality and a careful estimation of your budget are some of the most significant parameters in your effort to renovate your home in a smart price-friendly manner.

About the author: Anastasios Koutsogiannis is Content Marketing Manager at GenieBelt.