Whether you're buying a home or fixing up a home you've lived in for many years, our REALTORS® know just how quickly the cost of renovations can rise through the roof. If you aren't careful, the simple, cost-effective renovation can end up taking a hefty bite out of your savings. Fortunately, there are some things you can do to ensure your renovation gets done without breaking the bank.
Create a Plan
Determine what renovations you need, which you want, and which will add the greatest value to your home. Always put the "need" renovations first, as these typically include plumbing systems, electrical systems, roofing, and other critical renovations for safety and comfort.
Next, consider the renovations you want. This may include features such as a walk-in shower, new cabinets in the kitchen, enhanced lighting in the living room, etc. Finally, consider which features would bring your home in line with other similarly sized properties and neighborhoods in the region. An excellent way to do this is to start by looking at Mansfield and Ashland homes for sale to see what the neighbors have in their homes.
Set a Budget
Determine how much you want to spend before you open your wallet. Remember, spending more won't necessarily add more value to your home. If your renovations are too opulent or too personalized, you could end up reducing your home's marketability and resale value. As such, it's always good to stay within the average range for your region when renovating bedrooms, bathrooms, kitchens, etc.
And pad the budget. Always plan for 10-20% more than your budget. This is especially true now, with supply chain disruptions and labor shortages causing many surprises for homeowners.
Research contractors and reach out to request bids. Anywhere from 3-5 is a good number to aim for. Choose contractors with a reputation for quality, consistency, and solid communication. This is essential because you need a contractor who can deliver on their promises and communicate about problems and potential problems as they arise. Remember that solid communication is critical for ensuring costs don't spike and surprise you suddenly.
Determine less expensive materials that offer the same finished appearance and durability you desire. Of course, never compromise on quality, but if you spend the time researching options, you will often find less-expensive wood, stone, flooring, paint, etc., that can create the end result you want to achieve.
Get to Work
While you may not be comfortable doing electrical or plumbing work, you might be skilled at painting or another task. If you are up for it, rolling up your sleeves and doing some of the work can significantly trim the cost of any renovation. Just be careful that you don't bite off more work than you have time for, and don't try and perform tasks you're not qualified for, as you could end up costing yourself even more to correct the mistakes you make.
Sell it Off
Just because you don't like your cabinets, sink, appliances, etc., it doesn't mean someone else won't want them. Carefully removing old fixtures, appliances, etc., can allow you to resell them. This is a fast and easy way to recoup some of your renovation costs.
Whether you are renovating your home to put it on the market or have decided to make a home you've lived in forever a little more comfortable, contact us, and we'll be happy to give you some suggestions on ways you can keep your renovations on track and on budget.