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4 Ways to Save Money When You’re Renovating to Sell

Posted On Tuesday, 17 March 2020 12:35
4 Ways to Save Money When You’re Renovating to Sell

Buying and flipping a house is an incredibly rewarding project, but it’s also a lot of work. If you’re prepared to put in the time, and have the working capital, renovating a home to sell can be quite lucrative, particularly if the home needs some love and attention and you can snag it for a good price. With renovations costing so much, you’ll need to save some money where you can during the process, so let’s have a look at some quick and easy ways to do so.

Do as Much as You Can Yourself

One of the biggest costs, and one that can quickly add up depending on the size and complexity of the project is labor and builder costs. Where possible, you’ll want to learn how to and do as much as you can yourself. Home renovation should be a very hands on project, and if you’re not getting your own hands dirty on it, it’s going to end up costing a pretty penny.

Naturally there are some things you won’t be able to do yourself, like plumbing and electrical contracting should it be needed, but you should be able to do most of the painting and tiling yourself with enough dedication.

When it comes time to sell your house, you’ll have a few options. A popular option that many homeowners take is to go the traditional route and work with a realtor and real estate brokerage. However, if you don’t feel like waiting for your house to sell you can also sell your home to a company that buys homes for cash like SFL Partners. These types of companies will usually give you a cash offer for your home in about a day or two. While the amount they offer may be a bit lower than what you could get with a real estate agent, you don’t have to deal with things like realtor commissions, financing companies, or waiting for a qualified buyer to come along.

Try to Reuse Before You Scrap

If you redo the kitchen cabinets, don’t simply throw the old countertops or doors away. You can reuse them in other areas in the house. An old kitchen countertop might make a perfect workshop bench in the garage or shed. Kitchen cabinet doors might clean up nicely if you can sand them down and varnish or repaint them and might not even need replacing.

Before you buy new fittings and features, why not visit a salvage yard or thrift store to see if they have anything you could incorporate into your renovation project before you purchase new?

Try Not to Expand the Structure

Working within the footprint of the existing structure is going to be the biggest cost saver of all because structural building is incredibly expensive. If you can avoid changing too much about the walls and even the overall footprint of the house, you’ll save yourself a lot of money during the renovation.

Limit Your Use of Tiles

Modern design trends find tiles – floor and wall to ceiling tiles - falling out of favor and replacing them are wood or laminate flooring and partially tiled walls. If you can avoid using a lot of tiles, you’ll stand to save some real money. Tiles are expensive, and tiling is a labor intensive job. Particularly if you aren’t doing it yourself, it’ll quickly become an expensive addition to the renovation project.

Being smart and using these tips to your advantage can maximize the profitability of renovating a house to sell. There are many other ways you can shave a few dollars off your renovation bill, so be smart and use all opportunities to do so – just don’t go too cheap on things that matter, or they might come back to haunt you later in the renovation project!

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