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Saving on Home Renovations
Saving on Home Renovations3/14/2018

Is your home in desperate need of a facelift?

Two men cutting wood outside of a homeAs you probably know, renovations don’t come cheap. In fact, the average kitchen remodel tops $60,000 and bathroom overhauls can cost $18,000! With some careful planning, though, you can shave thousands of dollars off these price tags.

Here are 7 ways to save:

1.) Don’t do a complete remodel

Instead of knocking down walls, give the outdated area a fresh coat of paint, new light fixtures and some minor décor upgrades.

Potential money saved: $30,000.

2.) Shop around for a licensed contractor

Find someone professional, reliable and willing to give you a decent price. Make sure that they are licensed with the State you are in. An easy way, if you don't know anyone or have referrals, is to check Angie's List. Check out at least three different contractors before making your decision. Ask for references and meet with each contractor in person to get a feel for their professional conduct and character. Also, be sure to sign a detailed contract.

Potential Money Saved: several thousand dollars. And a lot of headaches.

3.) Consider long–term benefits

It often makes sense to pay more now if it’ll save you big down the line. For example, if you’re installing clapboard siding, you’ll save in the long run by paying more for pre-primed and pre-painted boards. Using the prefinished claps means you’ll need half as many paint jobs in the future.

Potential Money saved: $1,250 (for a 10x40 area).

4.) Pick decent but midgrade materials

When long-term functionality is not a criterion, choose the midgrade option. One area where you’ll see this at play is in carpeting. Olefin and polyester carpeting will run you $1 to $2 per square foot .while wool costs upward of $9 to $11 per square foot.

Potential Money saved: $400 (for a 40-square-feet area).

5.) Bring in natural light without windows

Looking to bring a splash of sunshine into your kitchen? Instead of adding a window, consider installing a "light tube." It slips between the rafters on your roof and works to funnel sunshine down into the living space below. Adding a double-pane window can run you $1,500; a light tube costs $500.

Potential Money Saved: $1,000.

6.) Lend a hand

Save big by doing some of the demolition work yourself, painting some walls, or even sanding walls to prep them for painting. You can also lend a hand with the cleanup instead of hiring a crew.

Potential Money Saved: $200 or more.

7.) Increase efficiency, not size

Cramped kitchen? Don’t assume you need to push out walls to make it work. Instead, reorganize your kitchen for optimal efficiency and save tens of thousands of dollars. Upgrade your cabinets with lazy susans, pullout drawers, dividers and more. Consider hiring a professional organizer to show you how to maximize your space - you’ll still save big overall.

Potential Money Saved: up to $60,000.

We Can Help You Finance Your Renovations & Save Even More Money!

Before making any decisions, be sure to call, click or stop by MCCU today to learn about our fantastic rates on a Home Equity Lines of Credit (HELOC)! 

 

Your Turn: Have you recently remodeled? How did you save money? Share your best hacks with us in the comments!



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