Every homeowner has a never ending list of improvements that they would like to make. Whether it’s as simple as updating the carpet in the bedrooms, or it’s more complex like refinishing the basement, affordability is what usually keeps these items in the “to-do” list instead of getting marked as done. There are ways to afford these projects if you’re willing to think a little outside the box. Here are the top tips to afford the home improvement upgrades you have planned.
Check if Your Insurance Covers It
You never know what’s happened to your home. Some events, like hailstorms, can provide the perfect opportunity to get a new roof or new siding. It’s important to check with your insurance company to see if they can cover some or all of the work for improvement projects. What you might think as just a home improvement upgrade may actually be a repair that can get paid for by the insurance company. If you know what is covered by most home insurance companies, you can check on getting improvements done as an insurance claim.
Get More Than One Estimate for Work
Too many people want to say yes to the first contractor who gives them an estimate. While it’s not always wise to go with the cheapest option just because it’s cheap, you do want to get multiple estimates to be sure you can afford the home improvement upgrades you are planning. You should also compare these rates to national and local averages for the kind of work they will be doing.
Do Your Project in Stages
One way to make a project more affordable is to do it in stages. Refinishing a basement, for instance, means you’ll need to frame the walls, install electrical, run pipes for plumbing if you are adding a bathroom or kitchen, and more. Pricing and hiring out for one part at a time can give you more time to afford the work. Plus, if you can DIY some of it, this will make it even more affordable.
Account for the Unexpected
Things happen when you are working on a home improvement project. If you plan for those unexpected issues, you’ll have more money to cover them when they arise.
Buy Materials in Bulk, Not at the Local Hardware Store
Depending on how big your project is, you may benefit from buying supplies in bulk instead of getting them in small quantities at the hardware store. The hardware store adds a lot of markup which can mean that you aren’t getting the best price. By buying bulk, you can save some money that can make your projects cost less.
Save Up Enough Before You Start
This is a big one. When you want to do home improvement project, count the cost. Literally. Once you know how much it’ll cost, start saving up for it. You can pick up a gig or freelancing side job to save up the money you need, or you can set aside a certain amount per paycheck. Once you have enough for the project, then you can buy the supplies or pay the down payment to the contractor. You’ll also want to account for the potential for inflation to drive up the cost of supplies while you are saving.
Buy Refurbished or Used
Buying refurbished cabinets, sinks, and other materials can help you save 50% or more on your project. While there are some things, like lumber, you’ll want new, refurbished items are a great way for you to afford your home improvement ideas.
Get Stock Items and Then Upgrade Them With DIY Projects
You may want the custom cabinets, but it’s amazing what a stock base can do when you upgrade the doors, drawers, and pulls. Getting the stock items can save you up to 30% or so off of a similar item that’s customized. You can then add your own paint, knobs and things to give your cabinets a custom and high end look for a fraction of the cost.
Conclusion
There are many ways to afford home improvement projects. The key is to figure out all the different phases in the project to make your home improvement dreams come true. Then price out a contractor or the materials you need to purchase to bring your ideas to life. Then with some time to save up and maybe a side gig temporarily you can take your projects from “to-do” to done.
