Maximising Your Home Renovation Dollar

If you’ve done some preliminary research on that home renovation project you’ve been considering, you know it’s going to be expensive.  Both labor and materials costs have risen dramatically over the last two decades, and now even a small bathroom renovation can cost thousands of dollars.  Regardless of the budget you have available, everyone wants to get the most for their money.  What can you do to get more “bang for your home renovation buck”?

Perhaps you have already come across the phrase, “sweat equity.”  It is generally defined as contributing your own time and effort in an improvement project.  In the United States there was a television series called “Sweat Equity” which attempted to teach homeowners how to do certain home repairs and renovation projects on their own.  Consequently, many homeowners think of “sweat equity” only in terms of the actual construction aspects of a home renovation project.  But the true definition includes time invested.  If you have neither the time, the skill, nor the tools, to remove and install a toilet on your own, is there still a way you can use “sweat equity” to get more value for the money you’re investing in your project?

To answer that question let’s consider a brief example of the steps involved in a bathroom renovation project.  A relative has recommended a reliable contractor and you have a general idea of what you want:  a new toilet, bathtub, sink, electrical fixtures, and ceiling exhaust fan.  You meet with the contractor who measures the room and documents what you want done.  You ask for suggestions for toilet, tub, and sink styles you might use.  You also ask for recommendations on floor tile and wall coverings.  He agrees to get back to you with a bid, which you later agree to and the job begins.  He meets with you for you to select the fixtures you want from the suggestions he has made.  The work begins, first with removal of the old fixtures and then the transformation to the new.  What could you have done to save money on this project and invest it elsewhere?

First, the time it took the contractor to review products with you will be buried in the overall cost of the project, as will the cost of picking up and delivering them to the site.  Second, you may pay the same hourly rate for removal and demolition as you do for installation.  Third, the contractor may hire sub-contractors to perform parts of the project, like the electrical work, and charge you a commission.  Here are some practical ways to save money, with only an investment of time and minimal, unskilled labor.

First, do your own planning.   Use the Internet or your local library to study other bathroom renovations and determine the kinds of fixtures and finishing touches you want.  Invest your own time in shopping for the toilet, tub, tile, and lighting you want.  Waiting for sales is a great way to save even more money.  Many Home Improvement Centers offer free delivery on some items, or you could rent a small truck and pick them up yourself.  The money you would pay the contractor for these steps can be used to buy higher quality fixtures, or for other needs.

Second, act as your own “general contractor.”  The first step in this renovation is demolition, which is something you can do yourself with a little education and a few simple tools.  If you’re not comfortable doing this, hire some inexpensive laborers instead of paying a higher rate to the contractor.  When ready, hire your own electrician, floor tile installer, and plumber to finish the project. In summary, you’ve saved money by bringing in professional tradesmen to install specific products in a space that is ready for them.

If the idea of hiring separate contractors is too much for you, you can still save by selecting your own products and having them available on site when the professionals arrive.  Good luck with your renovation!