6 Ways To Cut Down On Your Home Renovation Costs

If you’re thinking of selling your home later this year, you should be acquiring information right now on how to best present your home for sale and what renovations and improvements could be made to ensure you attract maximum buyer interest and the highest possible price. Renovation costs can be prohibitive, however, so you need to take a carefully targeted approach to any home renovation you tackle prior to listing your property for sale.

Every home improvement you make needs to be carefully targeted at the preferences of local buyers in your area. What would attract them to spend more money for your home in preference to similar homes? The best person to call on for the answer to this is your local Century 21 real estate agent. He or she knows the local market and can advise you on exactly what buyers are looking for and which improvements will add value to your property (and which won’t).

Depending on your locale and the type of buyers who would be interested in your home, your Century 21 agent may advise a kitchen renovation, bathroom renovation, repainting the interiors, adding a deck or other outdoor entertaining area or simply updating your lighting and ripping up your old carpets to reveal the beautiful hardwood floorboards beneath.

When renovating prior to selling, there are several points to keep in mind:

  • You are renovating to attract buyers, not to suit your own tastes.
  • You need to invest wisely to gain the largest possible profit margin. A guideline is to set the budget at no more than three per cent of your home’s current value, with the expectation of achieving a return of $3-5 on each dollar you spend.

Renovation costs can explode at an alarming rate if you are not careful, and blow that profit margin altogether, so here are some ways to cut down on your home renovation costs.

1.     Keep an eye on your budget

There are various online renovation cost calculators you can use to set your budget and keep a close eye on your spending. Try out a few to see which one suits you best.

2.     Get quotes and more quotes

For jobs that need a professional, get as many quotes as you can. Even in a small local area, the differences in pricing for a job such as tiling a bathroom can be mind-boggling.

3.     Choose affordable finishes and materials

Seek out the most affordable materials to get the effect you want.  This especially applies to flooring covering a large area. For example, a travertine floor could cost thousands of dollars, a marine ply floor a few hundred. Plain white tiles at $10 per metre for the kitchen splashback look fresh and clean and are much cheaper than a glass splashback.

4.     Seek out bargains online

Scour the web for the best prices on appliances, paint, taps, tiles and just about anything else you will need. The savings can be really substantial. Don’t forget sites like eBay and Gumtree as well for factory seconds, second-hand finds and more.

5.     Don’t move any plumbing

If you are renovating a kitchen, bathroom or laundry, design it around the existing plumbing. Moving plumbing is an added expense you won’t need if you stick to the same layout but with new cupboards and fixtures.

6.     Keep what you can

If your bathroom is looking tired but the fab 1970s floor tiles are in superb condition why not keep them and design the new look bathroom around them? Same applies if you have original hardwood floorboards beneath the carpets. Simply lift the carpets and have the floorboards refinished. If your kitchen cupboard carcases are in good condition, you may be able to simply replace the doors to give your kitchen new life.

Cutting costs while giving your home a fresh new look that will attract buyers will ensure you get a great return when you come to sell. Speak to your local Century 21 real estate agent for advice on where to start and what to do in terms of house renovation well before you list your property for sale.

Posted by Administrator on 08/03/2017 at 2:58 PM | Categories:

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