Remodeling on a Budget? Here's how you can save some cash...

Remodeling doesn't need to cost you an arm and a leg, but you need to also be realistic about the true cost of your project. (Click here for a survey of average remodeling costs in the Portland, Oregon area.) A full blown kitchen remodeling project simply can't be accomplished for under $10,000. Of course, there are degrees of remodeling, from a "spruce up" to a full tear out and renovation. And if you're moving plumbing, walls and other utilities, the cost will rise in a hurry.

Working with a qualified, licensed contractor is also the best path. If you're doing things that you don't really know how to do, the cost of making them right can cost more than hiring the right person from the beginning. Know your limits and don't be frugal to the point of causing yourself headaches, safety and bigger money problems down the road.

All this being said, there are many steps you can take to save on your remodeling budget.

Reduce Need for Second Mortgages, Personal Loans, and Credit
When financing your remodeling project, it's nearly impossible to avoid a home equity line of credit or second mortgage if you're looking at a full remodel or addition. But you can avoid it for the smaller projects. Avoid personal loans and be careful of credit cards. Cash is always the cheapest choice.

Use Structural Elements as Finish Surfaces
Perhaps you have interior brick walls, ceiling beams, concrete floors, or wood floors that have acquired a certain "character" over the years. If this is your intended decorating style, refurbishing these surfaces will always be cheaper than building up new finish surfaces.

Build the Addition Up or In
It's almost always more expensive to build your addition outward than upward. Foundation work for building outward is expensive (and it's even cheaper to build inward than upward). Repurpose spare rooms for other uses. If function rather than space is what you're looking for, consider building inward.

Avoid Moving the Plumbing
After you get the plumber's bid, you may have second thoughts about moving the kitchen sink five feet to the left. Plumbing work is expensive on its own; moving the plumbing can double the cost, or more.

Do Some of Your Own Work
Weigh the values of doing some of the work yourself versus hiring a professional. In many cases, the learning curve is so steep or the need for specialized tools so great that you end up hiring the professional anyway. Siding and hardwood flooring installation often fall into this category. But since our only concern here is money, not time or misery--yes, it's almost always cheaper to do some of the work yourself. Just know your limits and what you're willing to sign up for in terms of time and frustration!

Use Existing Electrical Whenever Possible
Like plumbing, electrical work is expensive. Swapping out a standard light switch with a slider is one thing. But if you're considering rewiring or adding elements that require it, always consult with a pro. The hazards are too great to attempt it yourself.

Live at Home While Work Is In Progress
Paying a mortgage on the house you're renovating plus renting an apartment or other temporary housing... Well, you can do the math. It does help to take certain measures. Try to keep the building work outside of your living space as much as possible. This may mean moving a makeshift kitchen to a basement or elsewhere, using a living room as a bedroom, or other accommodations. Inconvenient yes - but you'll save significant cash.

Avoid Big Remodeling Contractors
By working with smaller, independent contractors (like T.H.E. Remodel Group), your costs should be lower in general. Big companies have big bills to pay, and those expenses are passed on you (i.e. unemployment taxes, worker's compensation, advertising, sales commissions, and more). Large or small, make sure the remodeling contractor is licensed. Always make it a requirement to get as many local references for your contractor as possible. Ask if it's possible to visit examples of the contractor's remodeling work, or see before and after photos. The contractor should be open to you talking to some of their clients, as well. If a contractor is hesitant about showing examples, cross that contractor off the list.

Get Samples of the Things You Like
Go to the big box hardware and home improvement stores to see samples of flooring, counter tops, cabinets and more. This is a good way to get your ideas refined. If possible, get product samples. Bring a camera when you go to look so you can show things to your contractor that you can't get samples of. This can save a lot of up front time and guess work on the part of your designer and contractor.

 

Inspired Design. Impeccable Service.
Call T.H.E. Remodel Group today at 503.869.1290 to find out how we can help you get the most out of your remodeling budget!