Home renovations are going to cost money—there’s really no way around it. Whether you’re changing out the kitchen backsplash or completely gutting your bathroom, things can add up when it comes to materials, time, and services. But that doesn’t mean you need to spend to the max and get yourself into financial trouble. 

We spoke with Laurie Cole, owner, builder, and principal at New View Designs By Laurie Cole Inc. in Fredericton, New Brunswick; and Erin Rochon, owner of Erin Rochon Designs in Ottawa, Ontario, to get their expert tips on how you can save money when doing your home renovations.

Be realistic and honest with yourself

It would be lovely if there were no limits to any of our renovations. Vault those ceilings, go with hardwood floors, gut that kitchen and turn it into something envied by the pros! But being realistic with what your family needs can help save money in the long run, says Cole. 

“Decide what’s realistic for your family. You may want hardwood, but if you have kids or pets, having hardwood may not stand up to the wear and tear of a busy family life. A good quality laminate or vinyl plank floor are great options and can not only save you thousands of dollars, but last longer.” 

This realism also applies to your budget. Cole says unrealistic expectations of labour and material costs is a common reason people go over budget during home renovations. Consider options that might be one step below your desired quality level and see if they’ll work with your plans.

“Even though you may want quartz countertops and expensive backsplashes, your budget may not allow for it so explore other options such as laminate or concrete or other man made products,” she suggests. “You don’t need all high end materials to pull off a luxurious or high end look.”

Identify your priorities

Some areas of the renovation may be more important to you than others, which is why it’s important to decide what exactly you want to accomplish with your renos and where you’re willing to spend more.

Cole says it’s best to “decide what items you absolutely cannot live without, then select other less expensive items to work with them.” She also recommends looking at your long-term plans for the home and how your renovations may play into them. 

“Think about what you want to achieve with the renovation. Do you want a new look? Is your lifestyle or family life changing? Or perhaps you’re getting ready to sell. All of these things will play a part in what type of renovation you want and the budget you will need. Do some research and decide which upgrades will best suit your home.”

It’s a good idea to speak with a REALTOR® from your area to get a sense of what renovations may be more desirable to buyers. Jennifer Queen, a real estate agent and REALTOR® with The Queen Team in Winnipeg, Manitoba, previously told us there’s a ceiling price for every neighbourhood. 

“We need to be careful not to over-improve and assume a buyer will be willing to pay for stone countertops and luxury appliances when the norm for the neighbourhood is a laminate countertop with mid-range appliances,” she cautions. “Always consult with your REALTOR® before taking on any renovations, as they’ll be able to advise on what buyers are expecting to see when they tour homes in the neighbourhood, and what renovations are worthwhile.”

For design and décor, Rochon says “take time to evaluate where you can save and where to splurge.”

“Splurge on fundamentals like sofas and accent chairs, and save on items like dressers, textiles, or side tables. Make sure to shop sales to find great deals!”

Plan ahead and keep things simple

You may have a loose vision of what you’d like to achieve with your renovations, but without a solid, easy-to-follow plan, you run the risk of going over budget and creating an uncoordinated space. Create a plan and stick to it, Cole stresses. Oh, and don’t change your mind midway through—she says this is one of the most common reasons people go over budget.

“Having a solid plan before beginning your project is crucial in getting what you want out of the project,” Cole stresses. “You can do one room at a time, but having an overall plan in place will allow there to be consistency throughout the home. And keep it simple! An overcomplicated design can end up looking too busy and cost you more than you planned.”

Planning ahead also means getting in touch with a contractor well before you want to start your renovations. The more time you give the professionals to figure out your vision, the better.

“Many people reach out right before they want to start their project,” Cole continues. “This is unrealistic because 1) it takes time to come up with the right plan and 2) many contractors are booked months in advance and not able to do the work. The more time a contractor has to plan and the more flexible your schedule is, the more likely you will get the contractor you want.”

Rochon agrees that a lack of planning can cause you to go over budget. She emphasizes the importance of having a clear vision before getting started when it comes to designing your space. 

“Create a realistic budget with a small allowance to cover any unexpected issues. Lastly, create a mood board to give a visual and help you stay focused on the goal for your space.”

Confirm all your materials and appliances ahead of time

Your plan and vision may include specific materials or features, but if they’re not available when you go to do your renovations, you could end up having to make an expensive pivot. 

“Ensure the materials you’re using are readily available before you start,” Cole says. “You should always get extra material in case you miscalculate or materials get damaged.”

It’s a similar sentiment when it comes to appliances or other features being added. Follow the old adage of, “measure twice, cut once.”

“If you’re buying new appliances make sure you know the sizes before you begin,” Cole says. “There’s nothing worse than getting to the finish line and then realizing your appliances won’t fit.” 

DIY is possible, but make sure you’re really prepared to do it

Depending on the work that needs to be done, taking the do-it-yourself route could be a way for you to save money—but only if you know what you’re doing. Now is not the time to try it for the first time, at least not if you want to cut down on costs. 

“If you’re a DIY’er, make sure you have the time to devote to it and are practiced at the skills you need to complete the project so there are no do-overs,” Cole says, noting this is another scenario where you need to be honest with yourself. “Are you handy, do you have the necessary skills, time and patience to do it yourself? Although you may think you’re saving money by doing it yourself, really consider the sacrifice of time you are willing to make and if you’re skilled enough to do the reno the way you envisioned it. If the answer is yes then go for it. If not, hire a professional.”

Even if you’d like to execute the work yourself, she suggests hiring a designer to work with you during the initial planning stages.

“These people are trained and skilled in making the most out of your space and able to help you achieve the vision you have for your project. This important step will save you money in the long run.”

Wondering if you should DIY your kitchen renovation? We got some tips from the pros on how you can decide whether it’s doable. 

Going the DIY route is a bit easier when it comes to the design and décor elements of your project. In fact, Rochon suggests a great way to save money is checking out your local thrift stores and working with what you already have. 

“A fabulous way to save money is to consider thrifting and DIY-ing furniture or home décor to style your space,” she says. “Thrifting is a great way to find unique and inexpensive home décor. Think of DIY-ing furniture that may not work with your new design rather than buying new. A new coat of paint can easily transform an outdated piece of furniture.”

If you’re opting for the DIY route, make sure you avoid these six common DIY mistakes.

Consider hiring professionals to help save money

Cole and Rochon agree that hiring a reputable professional is the one area you should not skimp on when it comes to completing your home renovations. Though it’s an upfront cost, it can save you massive headaches down the line. 

“With the current construction boom, some people are deciding to go their own way, but they may not have the expertise or experience required to complete a renovation project properly,” Cole explains. “It’s always good to check out who you are considering for the project by looking at their previous work, ensuring they have insurance, training, and experience.”

It’s important to make sure you and your contractor are on the same page. Check out our REALTOR.ca Living Room article on 10 important questions to ask a potential contractor.

From a design perspective, Rochon suggests hiring an interior decorator to make sure your plans are doable, saying “they’ll help you plan, provide guidance, and can save you from making costly mistakes!”

Ultimately, the way to save during home renovations comes down to a few important points: plan, budget, and commit to doing it right. Though you may think there are ways to cut corners right now, these things could come back to bite you in the future. Speak with the right professional to get an idea of what will go into the project, and set realistic expectations for the entire process. After all, the whole point of renovating your home is to leave it better than it was before!

Source: By How You Can Save Money When Renovating - Tips From the Pros - REALTOR.ca