How can I save money on my renovation?

[Andrew Freed]

Any ideas on money saving tactics for this renovation? It's a 3 bedroom 1 bathroom apartment. I was planning on doing on the following:

-Paint all rooms, ideas for colors would be great

-Paint cabinets, replace cabinet handles

-Cover countertop with self adhensive granite laminate sheets

-Tile glaze bathroom

-Replace door hardware hinges and locks

-Upgrade lighting fixtures and install dimmers and speed controller for fans

-Screen or refinish hardwood floors underneath carpet

-Install luxury plank flooring for kitchen

-Replace filters, install smoke alarms in every room

[Zach Westerfield]

@Andrew Freed The first question is what is your overall budget? Are you trying to cut cost you make your numbers work or maximize profit? Is this a flip or a rental? Rehabs typically fall into different "levels" of finish, just like homes. There is no set definition or rule saying what defines each level. In my opinion, a low level rehab (ARV under 125K) would be carpet, rolled vinyl flooring, paint, Formica countertops or countertop covers, etc. The mid level would be LVT flooring or refinished hardwood, entry level granite countertops, entry level stainless appliances, etc. To me, you are mixing elements from both levels, which is perfectly okay. But if your goal (and market) dictate a low level rehab, just replace the carpet, dont bother with LVT, or go with rolled vinyl. The bathroom floors seem fine for that level.

It really comes down to comps in that market. Some people try to renovate for the lowest possible budget. My philosophy is create a product (whether rental or flip) that will demand a premium in the market, without going overboard.