We've slowly been sharing about our move into a new house that we're really making a home now. For a little back story about our house, it was a house with two separate “apartments” and Tom and I actually lived in the basement before moving into our townhouse. We have done quite a bit of work and I wanted to share some of the best ways you can save money during home renovations.
Every time we are in Home Depot or Lowe's, I always check out the clearance sections. This is a great way to save on the big items like appliances, bathroom fixtures, and just about anything else you could need. You'll never know what you'll find in the clearance section.
I'll also put this one under clearance because they're marked down. Check the mistinted paint section! We buy gallons of paint for around five dollars and that is a steal! Painting an entire house is crazy expensive and if I can find even a few colors that I like in a mistint clearance section, that's a big win!
Just because something is used, does not make it trash. We have a Habitat for Humanity ReStore near us and that place is jam-packed full of great bargains for your new home! Seriously, everything from sinks and tables to flooring and light fixtures.
I also buy from our local consignment groups on facebook. Sometimes people are just upgrading their things and what they have is perfect for you! Just last week I saw someone post an entire set of kitchen cabinets, counters, and appliances for $3,000! What a deal!
Okay, so… maybe you're not exactly a contractor. I'm sure there are some things you can do yourself. For example, those used items you picked up, give them a refresh with paint and new hardware.
We always paint ourselves. We're certainly not professionals, but I think what we do is good enough. Our walls are not perfect, but the money we save by doing it is definitely worth it!
Remember how I said there were no stairs connecting the upstairs to the basement of our new house? Well, we ordered a custom set from Lowe's and my father-in-law and husband put them in for super cheap. They're not finished with the drywall yet, but at least we can go up and down!
Get Multiple Estimates
If you're going to hire someone for a renovation project, make sure you get multiple estimates. Make sure the estimates are broken down so you can truly compare what you're getting for your money.
Choose the one that you feel most comfortable with and then see if you can do anything yourself to lower that payment.
Even if you cannot complete an entire project yourself, you can save money by doing some of it first. I spent days pulling up carpet and removing staples before we finally paid someone to sand and poly our hardwood floors. Doing that definitely saved us money!
And honestly, know how much your time is worth. If you're only going to save a couple hundred dollars, but it's going to take you several weeks vs. a few days, I would just pay someone.
Look into a Home Equity Loan
Whether you’re remodeling your home or consolidating debt, Capital One is here to help with simply smarter tools that help you choose the right option for your situation.
Just by visiting capitalone.com/home-equity, you can get your customized rate offer and estimated loan amount – with no impact to your credit score! You can even begin the application process – it’s simple and there’s no application fee or closing costs.
According to a recent survey, nearly half (45 percent) of homeowners in Washington D.C. plan to renovate their home in the next two years. But… 13 percent of homeowners in Washington D.C. have not taken out a home equity loan or line of credit because the process is confusing, 10 percent indicated the rates or fees are too high and 10 percent expressed there’s too much paperwork.
Capital One has some great options that are easy to look into and get started. From contractor financing to construction loans or borrowing from your 401(k), there are numerous ways to turn your dream project into a reality. We have not taken advantage of a home equity loan yet, but it sounds like a great plan for when we do more renovations in the coming years.
I'd love to hear your tips on saving money during a home renovation. Leave me a comment if you have a great money-saving tip!
I was selected for this opportunity as a member of CLEVER and the content and opinions expressed here are all my own.