Here’s what happens with construction projects: they always go over timeand over budget. This happens for a variety of reasons. If you’re trying to save money pursuing a pure DIY approach, you’ll learn things you didn’t realize halfway through the renovation, life will pause work for a day or two while you handle some small issue, and the list goes on.
If you’re going to maximize the Return On Investment (ROI) you get for your remodeling efforts, you need a game plan, you need margins for error, and you’ll need to be flexible enough to expand in directions you didn’t expect. Following, we’ll cover four tips to help you conserve your assets and even profit from home. renovations.
1. Strategically Plan Renovation For Profit
Your basement or attic could increase property value through low-cost renovation. Finish that basement. Install the sheetrock, finish the plumbing and electrical. You can do this cost-effectively in a DIY sense, consultation helps here. Paint, infrastructure, decor—all can make a big difference in a room.
You can turn the basement into a theater, or the attic into a guest room. Figure out strategic renovations that bring value, and are affordable. From there, plot out expected costs and give yourself a 25% margin for error. Little changes like this right before you list can add tens of thousands of dollars to a property for only a few thousand in DIY repairs.
2. Landscaping, Solar, Wind, Water
A seed can be sourced for free, and husbanded for only the investment of your time. Granted, you’ll need water; you could use rain barrels, utility bills will be slight in terms of water, though, and the payoff from an orchard in your backyard growing real fruit will be much greater than your water bill in the fullness of time.
Gardens, irrigation, sprinklers—these landscaping features can make your property into an estate, but they do require continuous management. Meanwhile, solar energy can be installed for $5k if you go the DIY route, and under $10k if you don’t. That’ll get you a 3.1 kWh solar energy array which will bring an average of $16k+ in property value.
Whether you go DIY in solar, or get contractors, you’ll see property value increase; recommending this move as a wise way of deferring real estate agent commissions or other closing costs. Also, just using it internally will offset costs inside ten years in terms of electricity.
Wind energy and water energy is additionally around $5k per installation, and will bring similar levels of property value and prospectively tax breaks depending on your state. Of course, there are zoning ordinances against some wind turbines and water-based electricity generators, so know your locality before pursuing these additional “green” options.
3. RTA Cabinetry For Kitchens Or Bathrooms
Ready To Assemble (RTA) cabinetry allows you to specifically choose what sort of furniture you’ll put in a room. Kitchen and bathroom remodel becomes necessary incrementally, because these are some of the most used rooms in your home. Expect to get such rooms renovated every ten to fifteen years or so, minimum. RTA helps maximize your budget.
Also, you’ll likely get more complimentary furniture options through RTA solutions. You’ve got choices that conform precisely to the dimensions of the space where you need the furniture; if you’re doing a kitchen remodel, just measure your kitchen, plug the numbers in online, and get exactly the cabinets you need.
4. Consultation, Metered Help
Sometimes DIY costs more due to inexperience or lack of physical ability. Sometimes it doesn’t. There’s a balance here. Consultation helps you determine what renovations are wisest, which you can do on your own, and which will be most cost-effectively approached through the utility of a contracting crew or agency. Ask friends, family, and professionals for advice.
Renovating Your Property And Preserving Resources
You don’t have to over-spend to renovate. Now, granted, this isn’t necessarily wrong, either; especially if you’ve got imagination and resources. However, it could cost you more. A better solution for profit, or at least breaking even in terms of equity, involves consultation, metered assistance where appropriate, RTA options, landscaping, solar, wind, and strategic planning.