If you’re a homeowner, you know that home repair, maintenance, improvements, and renovations can be expensive. You also know that a lot of maintenance and improvements are necessary to keep your home in good condition. Whether you need a not-optional roof repair or just really want a new kitchen, here are some tips on how to save money on all types of home improvements.
Know Your Financing Options
If you have time before a renovation or maintenance needs to be completed, start saving! Cash is always a great way to pay for anything since you won’t be putting yourself into debt, but it isn’t always possible.
If paying with cash isn’t an option for you, look around for different loan options. You can usually find lower home equity loan or home equity line of credit rates at credit unions than what you would find at a big bank.
Use Budget Finds and Money Saving “Hacks”
Find secondhand materials through local and online garage sales, Facebook groups and Facebook marketplace, flea markets, or secondhand renovation stores such as Habitat for Humanity’s ReStore or Goodwill.
Don’t do a complete remodel – refinishing your current cabinetry can save you up to 50% of the cost it would take to completely replace your cabinets. You could even replace the doors and leave the current cabinets in place if a coat of paint and new hardware wouldn’t satisfy you.
Get crafty and up-cycle cheaper materials by finding basic pieces at IKEA or somewhere similar. Use your creativity (and YouTube and Pinterest) to create a custom project that looks expensive but isn’t.
Do the Work Yourself, But Know Your Limits
An obvious way to cut costs on home renovations and improvements is to do it yourself. This an especially good idea for smaller projects with more simple work – like painting, changing cabinet hardware, etc. You can rent tools that you don’t have from a local hardware store to save yourself the money of buying them – this also gives you a good incentive to finish the project quickly.
DIY is great, but know your limits. With larger jobs, like putting up drywall, tiling, installing a new sink, etc., it is probably best to hire a professional. Some things, such as garage door repair and maintenance, require a professional in order to keep the warranty valid. There are also things you shouldn’t do without a license, such as electrical work, major plumbing, or structural changes to your home. More often than not, if you are to make a mistake on these types of work, you will end up costing yourself additional money in the long run.
Find the Best (and Most Price-Efficient) Contractor
There are a lot of contractors out there, but the first truck you see in a neighbor’s driveway might not be the best one for your project. Always be careful choosing who is working on your home, especially on home repairs you might not necessarily be able to see, like roof repairs and replacements. If someone is performing shoddy work on your home, you could be in for additional costly work in the future. Look at reviews on Facebook and other sites such as Home Advisor and Angie’s List to see how others in your area have fared.
The big name contractors aren’t always the best ones either. Shop around on Facebook to see if there might be an independent contractor that can do the job correctly the first time and for less money. Many times, smaller contractors have fewer overhead costs and can save you lots of money with the same or better expertise. Again, be sure to check out online reviews and recommendations to make sure they are doing quality work that holds up – you want someone you can trust!
Do the Prep-Work Yourself
Lots of contractors do work hourly, so if you do need to hire one, see if you can do the prep or finishing touches on your own. For instance, if you can demo the current work space safely, prepare surfaces, or do the painting afterwards, it could save you money.
Act Quickly When it Comes to Repairs
Sometimes it might seem like it is okay to wait to repair something that you know is broken, but it could end up costing more money in the long run. Do not wait until something that is broken is causing damage before you fix it. What starts as something very minor could end up being a disaster. For instance, a leaky pipe or leaky roof could lead to a rotten floor and a sagging garage door could lead to a broken spring and a worn out garage door motor.
Get a Low-Interest Rate Home Equity Loan at Patriot and Make Your Home Improvement Plans Happen
If you are ready to make improvements, renovations, or repairs to your home but need some assistance affording it, Patriot can help you make it happen! Call us at 717-263-4444, visit one of our branches, or go to our website to learn more about getting a home equity loan on your home with some of the lowest rates in the area.
The content provided in this publication is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Patriot Federal Credit Union does not endorse any third parties, including but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. Patriot Federal Credit Union does not warrant any advice provided by third parties. Patriot Federal Credit Union does not guarantee the accuracy or completeness of the information provided by third parties. Patriot Federal Credit Union recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.