How to Save Money When Renovating Your Home

Home renovation projects aren't always cheap. A Joint Center for Housing study conducted by researchers at Harvard University found that Americans spend more than $125 million on home renovations every year. While some of these projects are minor are involve nothing more than replacing or remodeling existing structures, others are larger and more comprehensive. But regardless of your planned renovation project, there are steps you can take to cut the costs.

Energy-Efficient Renovations

Consider energy-efficient renovations for your home. Installing light-emitting diode (LED) bulbs, for instance, can lower your monthly power bill. Other ideas include low-flow faucets and showerheads, energy-efficient windows, added insulation, energy-efficient appliances, etc. In addition to lower utility bills, some of these renovations may even offer tax credits, further saving you money.

Do It Yourself

Hiring a contractor to renovate your home can be expensive. So if you want to save money on your renovation project, consider doing it yourself. Thanks to the advent of the Internet, you can find step-by-step tutorials for most home renovation projects online. YouTube is a particularly beneficial source of renovation information. Using video tutorials as reference, you can see exactly what you need to do to accomplish your renovation goal.

And if you run into any problems, don't be afraid to ask for help. Most big name home improvement stores will help guide you in the right direction, assuming you ask for their help.

Ask for Quotes

Of course, there are some home renovation tasks that require a professional contractor -- and that's okay. Rather than hiring the first contractor you come across, however, call around and get quotes from at least three contractors who service your area. You can even tell them the quotes you've already received, which may prompt some contractors to lower their price.

Look for Free Supplies

No, that's not a typo. With a little luck, you may be able to score some free supplies for your home renovation project. Local dumps, for instance, are a great place to find unused paint and building lumber. Just remember to ask the attendant if you can take them. Most will gladly oblige, as it helps to clear away some of the space for other items. You can also find free renovation supplies by looking on Craigslist. The secret to using Craigslist for this purpose, however, is to act fast, as free supplies go within days, sometimes even hours.