While home improvement projects and the high costs that they accrue are an often unavoidable part of home ownership, there are ways of saving money and thus, making the process much less financially and emotionally taxing. While some may be as easy as picking a less expensive style of carpet at installation, other steps may be more nuanced and not readily known to the average homeowner. So whether you are selling or looking to spruce up your current home, here are a few different ways you can save money on your next home improvement project.
Be Your Own General Contractor
Normally, a general contractor will oversee the entire project and hire out subcontractors to do specialized tasks like installing cabinets, countertops, etc. These general contractors typically have companies that they have formed relationships with, and know who to get in touch with to have specific jobs done, with their name and company reputation held as collateral, so to speak. This convenience does come at a cost, which is typically 10-20% of the entire project, no paltry number.
In short, you can cut this expense out entirely and function as your own general contractor. The only problem is that you will have to hire your own subcontractors and schedule your own appointments.
As to the legalities behind this approach, you solely will be responsible for worker’s compensation, the paying and filing of state and federal taxes, and any other legal liabilities that a general contractor would normally take up.
Get Multiple Quotes
If you do decide to be your own general contractor, it will be even more crucial for you to get multiple quotes from subcontractors on various jobs to ensure that you are not only getting a good price, but also good quality work as well. Without the connections of an established general contractor available, it will be up to you to do your own homework and find the best firm to hire what you need to get done. Even better if you compare their prices between competitors in a bid to have them outprice each other.
Create and Stick to a Budget
No matter how tempting it may be to go all out, it may not even make sense to install high-end appliances and other upgrades if you are not going to use them. Set this to a reasonable medium ballpark number and do not deviate from it.
Consider Doing Smaller Projects Yourself
If you need to caulk a sink, or install a vanity mirror, it would be wise to install these items yourself. Also, if you work from home and perform them yourself, any improvements and/or renovations to your home office are considered tax-deductible.
How FAMCO Can Help
We are FAMCO, one of the Pacific Northwest’s largest manufacturers and distributors of HVAC supplies and accessories. If you are looking to update your home’s ventilation system or needing some supplies for your next big job, give us a call or send us an email. We would be more than happy to help.