5 Tips to Keep Renovation Costs to a Minimum

56168Home renovations can be costly. If you’re looking to begin your dream home improvement project, you don’t have to spend a fortune to update your dwelling. You can start by having a flexible vision for your home. This allows you to spruce up your bath or kitchen by using materials that are readily available. Here are five additional tips to keep your renovation costs down to a minimum.

Online Shopping

Homeownership can be a costly venture. It can be especially expensive if you’re taking on a home improvement project. If you’re looking to gain your financial independence, there are cost-effective ways you can make improvements. You can save a lot of money through online shopping. Running from store-to-store in search of the lease expensive faucets or lighting fixtures can waste gas. The Internet allows you to shop from the comfort of your home. You can also search via web using the model number. The best prices on a product will pop up. Simply click on the link and order. You can save on shipping costs by ordering in bulk. If you’re ordering merchandise online, you need to do it well in advance. This gives you time to return an item if it arrives damaged or delayed.

Ask for a Discount

If you’re looking to update your home and borrow addition funds, an FHA 203k loan is a great option. Homeowners borrow money based on your future home’s future value. Once the renovations are done, you’ll have already acquired instant equity. You can also save additional money asking for a store discount. If you need a significant amount of siding for your exterior, ask for a volume discount. Many retail establishments offer 10 percent when you buy in bulk. You can also ask your contractor if there are areas where you can save money on your renovation. If you decide to go with a company, see if they can take 10 percent off the estimate.

Lower Taxes

Different counties, states and towns have varied amounts of sales tax. You could save hundreds of dollars by buying materials in a store with lower taxes. In certain towns across the U.S., you may find an Urban Enterprise region. This means that a store can sell their products at half of the actual rate of sales tax. Do your research ahead of time to determine what areas have the lowest sales tax.

DIY Projects

If you’re handy, and you have the time, you can tackle the projects on your own. DIY home improvements can save you a considerable amount of money on your remodel. If you’ve hired a contractor, you can negotiate price by offering to do the prep and finish work. Your local hardware store can be instrumental in offering suggestions on how to tackle your projects. You can also enlist the help of handy family members or friends.

Price Matching

Many retail stores will offer price matching on a product if you show the flyer or advertisement. It pays to peruse online emails or retail flyers each week. Because the establishment wants to earn your business, they will do what they make the sale. You can tell them that while you want to pay less for a product, you prefer shopping at their store. Some stores may even knock another 10 percent discount off your merchandise. Before you seek out price matching, you want to bring in the evidence. Your smartphone, iPad or flyer can prove instrumental. You can also take a photo of the display at the competition showcasing the actual price of a product. If you’ve already purchased the product, you can save your evidence. Stores may adjust the amount if purchased within a specific timeframe.

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