Enhancing the value of your property is a great way to realize a positive return on your investment. However, improvement projects can quickly get very expensive if not properly managed. With rapid changes in material costs and the ever-present possibility of unplanned issues occurring during a remodeling job, modifying a house is often easier said than done.
Here are three tips for keeping expenses in check during a home improvement project.
- Perform demolition yourself.
Instead of paying a contractor to bring in a crew equipped with crowbars and sledgehammers, you can save money by doing any demolition work yourself. Removing existing features can be a fun activity for homeowners and friends – as long as the work is carefully mapped out ahead of time and the proper safety precautions are taken. Donating unwanted items may also save you money, especially if you would otherwise have to pay to have them shipped to a landfill. Habitat for Humanity and similar organizations oftentimes will remove fixtures and valued materials for use in other properties.
- Concentrate on efficiency.
While you may want a larger kitchen or bathroom, structural modifications can be very involved and pricey. Consider working with what you already have. Installing space-saving cabinets along walls can increase the amount of storage, and possibly free up space for additional appliances. It is also a good idea to plan for economical updates; improvements which enhance a home’s energy efficiency may garner federal funding and/or tax breaks.
- Use low-cost supplies.
Oftentimes, unique fixtures and accessories can be found at recycling centers or building-supply auctions. These high-quality, low-cost products may add uncommon design elements to your home even if they did not suit the tastes of the previous owners. You may be able to obtain used materials for a fraction of the suggested retail price. Saving money on materials can help you stay within your budget, and possibly free up more funds for additional improvements.
Financing Your Project
Owning a home is a big responsibility. Maintaining and upgrading your home should be part of your overall financial plan. Stay on top of your mortgage; you may be able to refinance at a lower rate and generate funds for home improvement. For more information about refinancing options, visit www.freedommortgage.com.