If you’ve been thinking about renovating your home lately you know going into it that it can get pretty costly. According to the 2017 Houzz & Home Report, homeowners spent an average of $73,100 on renovations in 2016.
You don’t have to spend tens of thousands of dollars when it comes to making sure you have a renovation you are happy with. There are a variety of ways to save money as you go along and update your home.
1. Buy Discontinued Flooring
New flooring can definitely give a room an entirely new look, but depending on labor and material, it can get costly. Installing brand new wood floors can cost around $8 to $10 dollars per square foot, whereas installing laminate costs about $5 per square foot.
If you’re looking to update flooring in smaller areas like a mudroom, entrance or a powder room, look for floors that have been discontinued in retail stores. Discontinued flooring just means it’s no longer being produced by the manufacturer. Retailers like to get these off the floor quickly, so you might only be able to find them in small quantities. When you’re purchasing the flooring make sure to buy a little bit extra. Anywhere from 5% to 10% to account for possible breaks or damage during installation or even transportation. You can save even more money if you’re able to install your discontinued floors yourself.
2. Look for Returned Paint
Paint is a great way to give any space in your home a fresh, new look. With paint prices averaging anywhere from $17 to $105 per gallon, your budget could start to suffer quickly.
An efficient and environmentally friendly way to save money on paint is to buy returned paint. Often called “mistint,” this is paint that someone else has ordered but is no longer wanted. There could have been a mixing error, or perhaps the buyer had second thoughts, but already-mixed paint gets sale priced. Investing in returned paint might not be the solution for every wall needing paint during the renovation. Use returned paint, like the discontinued floors, in small areas or for an accent wall.
3. Repurpose Old Furniture
You don’t have to invest in all new furniture when it comes time to giving your living spaces a new look. You can save thousands of dollars by thinking creatively about the furniture you already have and finding new ways for these items to function after your renovation is complete.
Often called “upcycling,” this crafty way of repurposing old furniture is not only fun but it’s great for the environment too. Remember: Repaint, Repurpose, Don’t Replace.
4. Don’t Make Costly Design Choices
When you’re setting up your budget for your renovation projects and thinking of ways to save money, think carefully before making any huge design changes. Not having to move or relocate gas and water lines can be cost- and time-effective.
If you have contracted professionals to help you during your renovations, be certain of your final design plans before construction begins. Changing your mind, or even running out of money during the project can lead to additional costs because of the added labor and supplies needed to either fix or finish the project.