8 Home Renovations Where You Can Cut Corners To Save Money, According to Experts
Written by
Martin Dasko
Edited by
Molly Sullivan
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According to the National Association of Realtors, Americans spent $420 billion on home renovation projects in 2020. With people spending more time at home, the cost of living rising and interest rates dropping, there was a spike in demand for home renovations.
With stubborn inflation figures and aggressive rate hikes from the Fed, homeowners may be more cautious about spending money on projects around the house in 2024. The good news is that there are certain projects that you can cut corners on to save money.
Where can you cut corners to save money on a home renovation?
Look For What Features Sell In a Community
If you’re looking to invest in a home renovation to list the property to flip it for a profit, you’ll want to ensure that you only make relevant improvements based on the trends of that community. You want to earn a decent return on the funds you invest in your home.
“We recommend that any investor research the local market and target audience,” said Kurt Carlton, president and co-founder at New Western. “Understanding neighborhood trends and the specific desires of your end buyer is key when rehabbing a property. Know what features are popular in the area and analyze recently sold homes in the neighborhood to understand what upgrades add the most value.”
Before you spend any money on a home renovation, you want to take some time to research the local market to see which projects are worth investing in at the time, as the preferences constantly change. If you’re performing the home upgrade to enjoy your property more, you can also look for cheaper alternatives, which we will explore for the remainder of this article.
Painting
“Except for your home’s exterior, you can almost always cut corners by painting your house on your own,” explained Seamus Nally, CEO of TurboTenant.
Painting is one of the easiest DIY projects that most people can complete. If you have questions, you can look up tutorials or ask for feedback at the hardware store.
Nally elaborated, “While it may take a little longer than it would if you hired a professional painting company, it costs far less. The service itself probably costs more than the total cost of materials you’d have to buy for yourself, not to mention you’ll also have to pay for things like labor costs and potentially tips for the individual painters.”
Flooring
“Consider alternatives to expensive hardwood flooring, such as laminate or vinyl plank flooring, which can mimic the look of wood at a lower cost,” said Jaclyn Anastasakos, a real estate agent at LUXE Properties LLC.
You can also save on installation costs by looking into DIY tutorials online to do this on your own.
Kitchen Cabinets
“Instead of replacing all kitchen cabinets, consider refacing or repainting them for a fresh look at a fraction of the cost,” shared Anastasakos.
If you want to save some additional money, you can research affordable ready-to-assemble options for kitchen cabinets. This project can change the entire feel of your kitchen without spending a fortune.
Countertops
Anastasakos noted, “Opt for cost-effective countertop materials like laminate or butcher block instead of granite or quartz.”
There are alternatives for countertops that look stylish and are a more budget-friendly option.
Light Fixtures
The lighting in your home can alter the atmosphere and the layout, so you want to spend some money on property lighting. Fortunately, you don’t have to break your budget when upgrading your lighting fixtures.
“Instead of splurging on expensive light fixtures, shop for affordable options that still complement your home’s aesthetic,” Anastasakos noted. “You can often find stylish fixtures at reasonable prices through online retailers or home improvement stores.”
Landscaping
Changing up your landscaping can improve the curb appeal and give your home a new look. Simple upgrades to the driveway or your backyard could go a long way.
“You can save money on landscaping by doing the work yourself or opting for low-maintenance plants and landscaping designs,” said Anastasakos. “Focus on enhancing curb appeal with simple improvements like mulching, trimming, and planting affordable perennials.”
Bathroom Updates
“Rather than completely renovating the bathroom, focus on cost-effective updates such as regrouting tiles, replacing outdated fixtures, or updating the vanity with a fresh coat of paint or new hardware,” shared Anastasakos.
You don’t have to replace everything in your bathroom to upgrade its look as you can focus on cheaper projects that will make a large impact.
DIY Projects For Minor Repairs
The real estate experts we spoke with agreed that many home renovations can be done on your own. Tasks like minor repairs, painting, or installing fixtures can be turned into DIY projects to cut back on costs. Doing more things on your own can also significantly reduce your labor costs.
“While cutting costs on renovations can be beneficial, it’s crucial to prioritize quality and safety to ensure that your home maintains its value over time. Always research your options thoroughly and consider consulting with a real estate professional or contractor to determine the best approach for your budget and goals,” Anastasakos said.
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