According to February’s US labor report, retail jobs increased by more than 50,000, outpacing almost any other industry in the economy. Many economists attribute this growth to an uptick in home remodeling projects, as building supply stores added 10,000 new employees in that month alone.
The housing market remains a strong seller’s market, as home prices have surged to near record highs in two thirds of American cities. With a low inventory of homes across the country, many people are turning to remodeling to improve their existing homes, rather than purchase a new one.
In places across Texas, home flipping has become a hot market. Flipping a home for sale in El Paso could produce a two times larger return on investment (ROI) than Austin. The ROI of choosing to remodel versus purchasing a new home primarily depends on your local area.
Regardless of your prerogative, home remodeling can add significant value to your home, although your return will depend on the initial investment you put into remodeling. That’s why we’ve outlined a few tips to help you save money on home remodeling costs while also retaining your home’s value.
Take Matters Into Your Own Hands
This should only be done after a lot of consideration, but completing a DIY demo can end up saving you thousands of dollars. It might be ideal to leave your demolition to a professional to avoid any electrical or structural incidents, but I understand that some people are headstrong. With a little research and some help, you can complete a demolition in a day and save a significant amount of money.
Shop Around For Good Contractors
If you decide to leave your home remodeling project to a professional, it’s key to find one you trust. Start close to home and search for recommendations from other people who have recently undergone home remodeling projects. Ask questions to see how much the final cost compared to the estimate, as well as how much the finished project matched their initial vision.
You can look for reviews of contractors over sites, such as Google, Kukun’s Find a Pro and Angie’s List. Once you narrow down your list to a few contractors that you trust, ask about pricing and compare bids across the list. This way, you’ll find a cheap contractor that’s also guaranteed to complete a project under your vision and guidelines.
Use Salvaged and Refurbished Materials
For a DIY demolition, you should really consider working with refurbished or recycled materials to save a pretty penny. There are plenty of recycled stores across the country, with the most notable being Habitat for Humanity. Of course, some contractors won’t work with refurbished or used materials, so it’s key to request this information during the vetting process.
Photo by Charles & Hudson on flickr
Remodel During the Winter
Did you know that home remodeling during the spring could cost much higher due to the nature of the housing market? While materials will mostly be the same, the increased demand that contractors receive during the spring and summer months for remodeling means that prices could rise by anywhere between 5-10% for a single project. That’s why many professionals recommend remodeling during the winter and fall months when it’s cheaper. Of course, just ensure any demolition project doesn’t end up jacking up your utility costs in the process.
Optimize Space, Don’t Increase Space
Finally, you can save so much money by simply redecorating or remodeling your home to maximize space, rather then expand it. Depending on where you live, an interior decorator can offer more professional service and better pricing.
Even just updating your cabinets and walls with new paint or gloss can add value to your home and offer a fresh perspective. You can consider remodeling your kitchen by ripping out cabinets, purchasing new countertops, or swapping out doors. With a few simple adjustments, you can create the look and feel of a larger kitchen or bathroom without having to hire a demolition crew.