Home improvement projects can be expensive, but there are ways to save money fixing up your space. Here are a few tips for how to save money on home improvements, whether you’re paying with cash or using home improvement loans.
1: Get At Least Three Quotes from Qualified Contractors
Home improvement projects can be expensive, so getting at least three quotes from reputable contractors is essential. By comparing prices and services, you’ll be able to find a contractor that fits your budget and needs. Your quotes should be itemized, too, to have a detailed work list of what your contractors plan to do. That way, you can cut costs if you’re running over budget and will have a history of the work done should your original contractor ghost you or do a shoddy job.
2: Use Home Improvement Loans Wisely
Consider using a home improvement loan if you’re looking to spend money on a home improvement project but don’t have the cash on hand. Loans can help cover the cost of extensive repairs or renovations, so make sure to compare interest rates and terms before deciding which loan is right for you.
3: Save On Materials by Shopping Around
One of the most common ways to save money on home improvements is by shopping around for materials. Not only can you get deals on supplies, but you can also find high-quality products that meet your needs at a lower price. Compare prices and brands to find the best deals on the products you need.
You might also find better deals if you check outlet stores or manufacturers’ sites as they’ll sometimes offer “open box” or leftover materials from previous projects at a significant discount.
4: Ask Family and Friends for Help
Many homeowners often forget that they can ask their friends and family for help with home improvement projects. Someone handy with a wrench may be able to lend a hand with a minor repair, while someone with extra paint can offer their expertise in choosing the right hue for your walls.
5: Plan Ahead and Begin Prep Work Early
If you have planned out your home improvement project in advance, you’ll be able to save time during the renovation process by doing things like prepping the woodwork or installing trim before you start drilling holes or painting walls. Plus, doing those minor tasks ahead of time will save you high labor costs should you need to bring in a professional.
6: Try to Make Home Improvements “Offseason.”
Contractors are often in high demand during the spring and summer months and will usually charge a premium to ensure they’re not overwhelmed. The same goes for material costs, too; when the demand is high, and supply is low, the prices will increase. If you can wait for fall or winter to do your home improvement projects, you may save more than you think simply due to supply and demand.
7: Use Public Resources
Many municipalities offer rebates or tax breaks for homeowners who invest in home improvements that improve their energy efficiency or add new features to their homes. Contact your local government office to learn more about these programs and how to apply.
The Bottom Line
By following these seven tips, you can save money on your home improvement project and make your home more comfortable.
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