With the real estate market so tricky and new homes going for astronomical prices, renovating a fixer-upper home can help you save money while also getting the feeling of a new living space — not to mention being a great investment! Many potential buyers have decided to invest money in home renovations rather than buying new.
While redesigning your home is typically cheaper than starting fresh, it can still get costly if you don’t budget appropriately. In this blog, we will explore our top tips for budgeting your savings to achieve your renovation goals with your Howard County fixer-upper.
In order to stay within a reasonable budget, you can’t do it all! Try to decide what spaces in your home take priority when it comes to your renovation plan. For example, if your bathroom or kitchen needs repairs, this should likely come before tackling your living room to achieve a cozier aesthetic.
Making these tricky decisions will help you space out your wants versus your needs so that everything gets done within budget. The projects that require the most electrical and plumbing fixes will likely be expensive! Get these done before moving on to less time-sensitive projects so that you can be confident you won’t go over budget in case of surprise costs sneak up on you.
If you are contracting a company or individual to come in and do work on your home, it’s important to shop around before deciding on one provider. Each business will offer different deals, services, and pricing. In order to make sure you are making the most economical decision, speak to at least two or three contractors and compare their prices and services to make sure you’re getting the best deal possible.
In order to accomplish all of the projects on your to-do list without breaking the bank, you’ll need to get down and dirty yourself! While you should leave electrical and plumbing projects to the pros, trust yourself with smaller projects such as refinishing furniture or adding a fresh layer of paint to the walls. There are countless online tutorials out there that can help you build up some confidence and develop a game plan before tackling projects on your own. Explore videos, podcasts, or local classes in your area to make sure you’re well-equipped for the job.
Keep in mind that not only is the housing market intense at this time, but the demand for materials is extreme, too. Just like you would compare the costs of services from contractors, don’t be afraid to shop around when it comes to purchasing materials for your home improvement projects.
Some local hardware stores offer the same materials for a fraction of the price compared to larger franchises. The same goes for bulk ordering through a contractor! Be sure that you are involved in each step of the process to ensure you are getting the best price available. If a certain material is in high demand or at a much greater price than normal, feel free to rearrange your renovation schedule to accommodate your tight budget!
We hope this article helps you come up with a few thrifty ways to best plan your budget for home renovations. Remember, many of the projects on your to-do list can be tackled solo! In the market to buy or sell a home in Howard County? Contact VSells & Associates today!
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Whether you are buying or selling, we at VSells & Associates make it our mission to guide our clients through the whole process. We make moving simple, straightforward, and as stress-free as possible.