Trim Your Home Remodeling Budget In 5 Simple Ways

Home remodeling can cost thousands, or a lot less if you plan your budget carefully. You don't need marble kitchen tops, a bidet, and tennis courts to attract those reluctant and picky buyers. Here are five ways to cut down on costs as well as maximize your potential profits.

1. DIY
Do it yourself home remodeling is obviously the easiest way to save hundreds, if not thousands of dollars on your project. However, mistakes can end up costing more to fix. If you can't tell apart a hammer from a drill, it's best to leave it to the pros. But if you do have a bit of experience or the time to learn, small projects can cut down on overall costs. Maybe you can't tear down a wall, but you might be able to re-tile a bathroom or put in some new shelves.

2. Right Projects
Just because a project is expensive, doesn't mean that you will make a significant return on your investment. Pools, for example, may seem like a great idea, but it's a fairly niche market and with few buyers overall, you may end up losing quite a bit of money. Kitchens and bathrooms are generally always solid home remodeling projects with a good return. However the biggest profits come from keeping up with the Jones'. If most homes of a similar size in your neighborhood have three baths and you only have one, splurge for the second and make it spacious. A big, modern kitchen and two to three full baths are the moneymakers.

3. Multiple Estimates
Contractors are foaming at the mouth for work at the moment. Since the housing market bubble busted, there isn't a lot of construction jobs to go around. That means that as a renovator, you'll have plenty of great options and competitive prices to choose from. Seek multiple estimates on your project as well as for materials. Don't be afraid to ask for discounts from suppliers as well, and check out auctions and salvage yards for deals. Remember though, that the lowest price doesn't mean the highest quality or most honest contractors. Beware of extreme lowball offers that sound too good to be true.

4. Start Early
People too often miss out on bargains because of "bad timing." If you happen to know a friend who is throwing out some practically new cabinets but you aren't planning on a kitchen renovation for another three years, take those cabinets. Make room or invest in a small storage shed where you can store it and anything else you find. You can end up saving thousands in materials.

5. Creativity
One bedroom homes that were given a cheap makeover by creative minds with a penchant for reassembling flat-pack furniture can wow buyers while those custom cabinets will be met with disinterest. If you have a creative flair for design, don't be afraid to think outside of the box when choosing materials and layouts. However, it is important not to alienate too much of the market, so use caution when busting out the Swedish-made shelves.