How to Save on Remodeling Costs

Saving on remodeling costs means following a few simple guidelines.

Build Up or In, Rather Than Out

Additions involve costly foundation work. If your existing house will take a second story, this is cheaper than building outward (and taking up more of your yard). Also, look for ways to build within the existing house. Are there little-used rooms that you can convert to another use?

Take Advantage of Free Consulting Services

Plenty of people want to “help” you. It’s all a ploy, of course, to get you to buy their services or products. But we’re all adults; we understand the situation. Use those Home Depot or Lowe’s kitchen planner people. They’ll work up a kitchen plan for you, even if you never intent to use them. Have those siding contractors estimate how many “squares” of siding you need.

Use Cash

Avoid additional mortgages and especially avoid taking out high-interest personal loans. Nothing is cheaper than cash–no interest, no late penalties, no fees.

Reduce Need for Contractors

Contractors charge 15% to 25% on top of the remodeling costs. This is very simple math. While you can’t entirely avoid the need for contractors, try to reduce your need. For example, you may use a contractor to build your addition. That’s fine. But don’t add on other things that are easy enough for a non-contractor to hire out. Things like building that brick patio and landscaping don’t need to be rolled into the contractor’s costs.

Don’t Move Plumbing

Moving plumbing will run up your costs in a hurry. If moving the plumbing is absolutely essential, then by all means do it. But search your heart and decide if your life will be improved by having the kitchen sink six feet to the left of where it is now.

Use Existing Electrical System

If the electrical system works and can handle the load, there is no need to replace it. Instead of abandoning existing electrical work, consider running new wires and adding onto it.

Avoid Doubling Your Living Expenses

Living in the house while doing work obviously saves money. But you also need to consider your sanity. It’s hell living in a house that’s being worked on. Got any relatives you can sponge off of?

Use Structural Elements as Surface Finishes

This depends on your decorating style. But if you can use unfinished ceiling beams, existing wooden floors, interior brick walls “as is,” or with a little clean-up, you’ve saved a considerable amount of money.

Do Your Own Work

Your own labor costs will always be cheaper than those of the plumber or the electrician.

Look for the One-Guy Operations

Avoid the big operations with their overhead, advertising, unemployment taxes, and sales commissions. Go for the one- or two-guy operations. They’ll work with you. Make sure they are licensed, though.