Ways to Afford Your Dream Remodel
Ready for a fabulous home improvement, but not ready for a hefty price? Our 5 Ways to Afford Your Dream Remodel infographic provides tips on spending smart on home improvements and extracting the greatest return on your investment. Here is some of our best advice:
Factor in the equity.
Paying for a home improvement isn't a sunk cost. Well-executed remodels typically add to the resale value of your home. When considering the cost of a remodeling project, don’t forget to factor in well-researched estimates about the additional equity it will create.
Procure your own materials.
Items sourced through contractors may carry a steep markup you don’t really need to pay. By taking the time to find and purchase the materials you want, you may avoid unnecessary upcharges and fees.
Buy at the right time.
Avoid paying the suggested retail price for materials by sussing out surplus sales, buying from direct-to-consumer wholesalers, and finding items on consignment. If you know where to look, and find special deals at the right time of year, you can even beat prices enjoyed by contractors.
Materials designed to save energy and create healthier environments may save money in the long- or short-term. Choosing energy efficient appliances and choosing natural products may not only lighten the load on your wallet—they will make your home more attractive to some future prospective buyers.
Do it yourself.
Contract labor is expensive, yet not all of the work that contractors do requires formal training. Taking care of some of the light demolition, painting, landscaping, clean-up and other straightforward tasks yourself can help you save big bucks. Leave specialized work like roofing, tiling, plumbing, electrical work, and brick laying to the pros.
And, if your dreams are bigger than your wallet, consider learning whether getting financing for a home improvement makes sense for your project. Visit our personal loans page to learn more about borrowing options for home and room remodels.
* Please consult with your attorney, financial consultant/planner, accountant, and/or tax advisor for advice concerning your particular circumstances. The information contained herein is for general informational and educational purposes only and should not be construed as professional, tax, financial or legal advice or a legal opinion on specific facts or circumstances. The information or opinions contained herein should not be construed by any consumer and/or prospective client as an offer to sell or the solicitation of an offer to buy any particular product or service.