How to Save Money on Your Next Home Improvement

Does the new year have you dreaming of home improvement? Before you jump into your next project, read through these money-saving tips from American Investment Planners, LLC. They’ll help you achieve the look you want without breaking the bank:

Focus on upgrading efficiency, not space.

Considering knocking down a few walls to expand your space? Maybe you should reconsider, as these are among the mostly costly types of renovations. Instead of adding more space, focus on maximizing the space you already have. Some space-saving cabinetry for your kitchen is less than half the cost of an expansion and delivers the same results.

Consider Resale Value

Even if you aren’t planning on selling your home anytime soon, you should always consider how a renovation will impact resale value. Remodeling Magazine’s Cost vs. Value Report will help you determine which projects are worth taking on, so you can recoup costs in the event you do sell your home.

Be Cost-Conscious

Know when to splurge and when to save. Here are a few tricks to help minimize your cost of materials:

• Broaden your horizons. Take a look at outlets such as Lumber Liquidators instead of traditional big box hardware stores.
• Shop the sales. Even the aforementioned big box stores have clearance sales; use them to your advantage. The best time to look is during the fall and spring, when retailers are making room for their new inventories.
• Opt for stock sizes. Stock-sized cabinetry can be up to 80% cheaper than their custom-made counterparts.
• Imitation is the sincerest form of flattery. Similar to stock sizes, imitations can save you an immense amount on your remodel without sacrificing much quality.

Know when to DIY.

Don’t be afraid to roll up your sleeves and get a little dirty. Labor costs can account for up to 30% of your renovation – trim these expenses by taking on tasks that you can do yourself. However, it is important to know your limits, and avoid biting off more than you can chew. Which brings us to our last point...

Don’t skimp on contractor costs.

There are many places you can cut costs on your home improvement project, but the contractor isn’t one of them. Your project will only turn out as good as the contractor who installs it. For this reason, we highly recommend seeking out an experienced contractor – getting the job done right the first time will help you avoid additional expenses down the road.

American Investment Planners, LLC offers financial planning services to individuals and families across the country. Whether you are saving for your first home or looking to renovate it, we can help you create a financial plan that meets the needs of you and your family.

To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.