While buying a home is a significant expense in and of itself, homeowners will also often spend a great deal of money on renovations, additions, and maintenance after they buy. It can be easy to overspend on renovations and remodeling expenses, but there are plenty of ways for homeowners to save money. Consider these tips to help you save money when remodeling, repairing, or maintaining your home.

Don’t Bite Off More Than You Can Chew

Some homeowners aim to remodel their entire home in one fell swoop to minimize their home’s downtime, but this can require a significant amount of cash or a home loan. One way to reduce the financial strain of a home remodel is to start each project only when you have saved enough money to do so. Although doing one project at a time will take much longer from start to finish, this approach is often the most financially sound. 

DIY Doesn’t Always Save Money

Sometimes doing a project yourself is the most cost-effective option, but this isn’t always the case. While some things like painting a room, replacing an interior door, or staining cabinets can be doable tasks for savvy homeowners, it is often wise to leave the heavy lifting to professionals. Anything involving significant plumbing, electrical, or structural work should be done by a qualified contractor to avoid costly mistakes. The result of missteps with these projects can be catastrophic, and paying an experienced professional is often worth the price.

Shop Around For Different Contractors

If you are looking to have work done on your home, it is always a good idea to see what estimates or bids are on offer from different local contractors. While the cheapest bid isn’t always the best investment, looking at different offers can give you an idea of what the work should cost — and help you avoid contractors that produce wildly inflated estimates.

Save Money Long-Term By Spending Up-Front

When planning a remodeling project, do your research on the different materials, processes, and options available for the work you are getting done. Materials and labor are not always the best places to save money. For example, a vinyl-lined swimming pool typically costs a fraction of the price of a fiberglass pool. Installation is faster, too. However, vinyl liners do not last nearly as long as fiberglass. You may end up purchasing two or three vinyl liners (and paying for the labor to replace them) in the time it takes for a similar fiberglass shell to wear out. Investing in high-quality, long-lasting materials — though not necessarily the most expensive or high-tech ones — is often preferable to saving a buck during installation.

Invest in Maintenance and Upkeep

Finally, make sure to protect your investment by staying on top of maintenance and upkeep. If you’ve added a wood deck, make sure to seal and refinish it regularly. Have any plumbing or electrical problems fixed promptly, and be sure to follow all seasonal maintenance guidelines for your region. Keeping your property well-maintained is an excellent way to save money on repairs!

Take Control of Your Finances with EveryIncome

EveryIncome is dedicated to providing our clients with career and finance management tools to help them create a stable financial future. Regardless of where you are in life, our system of tools and guided learning is tailored to fit your specific needs. Take control of your financial health today. Contact the team at EveryIncome online or give us a call at (571)370-5400. For more tips and tricks to foster financial wellness, follow EveryIncome on Facebook, Twitter, and LinkedIn.

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