A number of options exist to build equity in your home. Unfortunately, many of them like rising home prices are outside the control of the average homeowner. However, savvy homeowners still have options: you can renovate your home to build equity. The trick is that these home renovations should have a high return on investment. If you’re in the process of renovating your home, here are some affordable home renovations and tips to keep in mind.
Do It Yourself
If you can avoid hiring a contractor to do your renovation work, you’ll save a bunch of money. However this doesn’t mean that you have to go without helpful advice completely. Many home-building professionals like Hilary Farr of Rules of Renovations are accessible on social media sites, blogs and TV shows and give DIYers tips and tricks for affordable home renovations. Use these free online resources to have your renovation questions answered as well as to find out ways to save cash.
That said, completing a renovation alone may make you nervous. If that’s the case, you can call around to see if you can find a contractor who will partner with you. Some won’t., but if you find one your could save as much as $700.
Recycle and Reuse
This Old House recommends using recycled materials to save money on home renovations. The site does point out that some contractors won’t work with secondhand materials due to the liability issue. However, if you’re doing the job yourself, this is a great way to get some solid materials for pennies on the dollar.
To find second-hand materials, we recommend shopping at the Habitat for Humanity ReStores for pieces and parts. However, you can also hit auctions in your area or scour sites like Craigslist to locate materials. Using these recycled materials will help keep your home renovation costs down.
Renovate the Right Rooms
Not all home renovations are created equal. Some renovations like replacing the insulation in the attic have a higher ROI than a bathroom remodel will. Here’s the comparison. The insulation addition nets you a 116% ROI compared to the 57% ROI on the bathroom renovation. Granted, if a room like the bathroom really needs to be renovated to even sell the house, then do that. Just know you need to keep costs down in order to achieve affordable home renovations that have a high ROI.
Demolish It Yourself
Although the demolition of your property won’t cost as much as your remodel, doing it yourself will help you achieve an affordable home renovation. However, if you opt to do this, make sure you have a solid grasp on what you’re doing. Otherwise, you could inadvertently knock down a feature of your home that you need. (Think load-bearing wall.) However, if you do know what to do, doing this part of the project yourself could save you as much as $500.
Sometimes, a faux finish looks enough like the real thing that you don’t need to invest in the more expensive, real materials. If you can get tile that looks like shale, but is really vinyl or that looks like wood, but isn’t, you’ll save a lot of cash. Going this route may save you over $400.
Affordable home renovations are possible and can help build the equity of your home. By doing much of the work yourself, reusing materials where you can, buying cheaper versions of items if they exist, and working with a willing contractor will help you get the job done properly and on budget. If you take these steps, you’ll have a home renovation that will make your home easier to sell and a wallet that still has a bit leftover.
Guest Author Bio: Anica Oaks is a freelance writer and web enthusiast. She recommends Rules of Renovation for home renovations tips and tricks.