While Home Depot reassures consumers that they can handle most projects on their own, statistics show that 4 out of 5 people hire a licensed specialist or a tradesman for the work, while another third hire a construction manager, and 20% hire a designer. While most Americans love watching TV shows about home improvements, most don’t consider themselves skilled enough or have the time to do certain projects. Here are some tips to save money on home improvement projects.
Cost of renovations
The cost of a home renovation can run into the tens of thousands of dollars, so it’s important to understand your options before you start the project. Renovation projects can involve changing the foundation, adding a new bathroom, changing the floor plan, and even remodeling the kitchen. Depending on your goals, you might need to spend as much as $75,000 or more, depending on your needs. You can also spend less money on repairs to the foundation and electricity. Newer homes will typically be in better condition and are built to current construction codes.
When choosing the materials and contractors, consider your budget. Winter renovations can cause delays and extra costs. For example, work that requires replacing windows may cost more than you expect. When planning your renovation, try to choose a dry month so that the work can be done without interruption by bad weather. The more expensive materials you choose for your renovation, the more money you’ll spend on heating your home. Make sure you research before choosing the materials.
Cost of negotiating with contractors
It is important to keep in mind that every home improvement project has some amount of change orders. To avoid overpaying, it is advisable to set aside at least 10% to 15% of the bid amount for such change orders. While it is difficult to avoid change orders altogether, you can negotiate for them and agree to change order pricing. This type of pricing includes 15% for general contractor management costs and 5% for profit. This way, contractors will be motivated to keep change orders to a minimum.
If you are planning to have a large scale home improvement project, it may be wise to schedule it in the winter when temperatures are lower. In addition, if the contractor is working during the colder months, you should avoid calling contractors in the summer or early autumn. As a result, you should be aware of the costs of all materials. Whether you decide to pay for the subcontractors yourself or purchase them through your contractor, remember to do research to avoid being ripped off by a high price.
Cost of a credit card for home improvement
If you are considering doing some home improvement work, you might want to consider a credit card. Many credit cards offer benefits such as cash back or discounts on purchases and even long-term financing options. Choosing the right credit card for home improvement depends on how much work you have planned. You may be looking to replace old appliances, improve the decor, or remodel your entire home. Whether you’re renting or owning, credit cards are an easy way to pay for your home improvement projects.
Although a credit card with a low introductory rate might seem like a great way to finance a home improvement project, you should also keep in mind that interest rates can be much higher than for a home equity loan. Moreover, credit cards with a long introductory period may end up costing you more money in the long run. To avoid these pitfalls, it’s best to look for a credit card that offers strong rewards.