Real Estate

How to Budget Your Home Additions and Renovations

How to Budget Your Home Additions and Renovations

It can be exhilarating when you plan a home addition. However, it can also be really expensive. Renovations are a way to get more room, but it does come at a cost. If money is no object, go ahead full steam and make your dreams come true.

For those on a budget, adding on to your home doesn’t have to put you in the poor house. Fortunately, you can be frugal and still get a fantastic addition. There are strategies to get what you want and save money along the way. Take your time and enjoy the process because spending smart is how you successfully build a home addition.

Here are six ways to get a home addition on a budget.

 

Set a Financial Limit

Additions cost money, and it’s easy to spend more than you originally wanted to. With so many steps in building, from foundations to finishes, you can easily double your budget.

Set a monetary amount that you want to spend and be rock solid on it. It doesn’t matter if you like fancier fixtures or nicer flooring. You have to work within your budget. Break down all costs and make sure you can afford everything and most important is you should pay for it with money you already have. Paying cash for your addition eliminates credit card debt and interest. If you can’t afford it now, wait until you can save for it.

 

Hire The Right Contractor Or Do It Yourself

When contacting contractors and sub-trades, make sure you get 3 or 4 estimates. This way, you will get a sense of the job costs and pick the best one. It isn’t always the cheapest bid that wins the contract, though. Check references and go look at some of the jobs they have completed. Pick builders like 76 Construction Management that do quality work for a fair price.

If you can, do some or all of the work yourself. A big part of the expense in a home build is labour. If you can do some framing or groundwork, it will save you money. Hire the professionals you need and do the rest on your own.

 

Don’t Spend Money On Your Existing Home

During a home addition, you are using new material, and it may not match the rest of your house. Often when people add a room on they also update other house parts to match the build. This is an extra cost beyond the addition.

Try to match your home as much as possible so it doesn’t feel like two different places. Use similar finishing material as well. This will keep the costs down, and you get the added space you need.

 

Reused or Reclaimed Material

Getting a new look doesn’t have to mean buying new. You can build your addition using second-hand material to save money. Things like used windows and doors are easier to find and cheaper than new ones. Shop for second-hand fixtures and hardware at your local salvage yards or used building material stores. You can check Craigslist and FB Marketplace for vintage material as well.

For kitchens, you don’t need to throw away kitchen cabinets. Paint and new pulls and handles can transform them into new ones again. You can also just replace the doors if you want.

Reclaimed material isn’t junk, and using what you can find, will help you keep within your budget.

 

Buy Bigger Items When They Go On Sale

When you begin planning for your addition, start looking for deals. Stores put on sales at different times during the year or when the seasons change, and you can take advantage of it. Big-ticket items like appliances can be bought on sale and put in the garage until you need them.

Check the flyers at your local building centre for discounts on building material. Even saving a few bucks adds up over time, and as long as you are patient, there are deals to be had.

 

Use Your Existing Structure and Footprint

Footings and foundations are some of the highest costs in building an addition, so if you can gain square footage without digging into the ground, it will save you tonnes of money. Consider building over your garage or closing in a carport. The groundwork is already done, and it will also get you up and running faster.

For room extensions, keep the plumbing and gas lines in place. Putting in electrical is cheaper and runs through the walls, which is pretty easy and inexpensive. Be wary of taking out load-bearing walls because you will have to replace them with beams and columns. If you can avoid that, it will keep the costs down.

 

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