6 Tips to Keep Renovation Costs Under Control

With COVID causing many people to have reduced incomes, it’s more important than ever to cut costs where you can. Keeping renovation costs in check should always be a priority, but now’s a good time to tighten the budget even more. If you manage your own rentals or flip homes, here are six tips for keeping renovation costs under control without sacrificing quality.

1. Use a Standard Color Palette

Rentals will be more appealing when they aren’t painted white throughout. Adding in some color helps to add warmth and interest. But if you spend too much time trying to come up with complementary colors every time you do a renovation, you’re just wasting time. Decide on a standard color palette that you’ll use with every renovation you do. That way, it’s a given color that you can use to make other renovation décor decisions and you’ll be able to use up every last drop of extra paint on your next rental.

2. Reface Versus Replace

Wherever you can, reface items in the rental instead of replacing them. Most kitchen and bathroom cabinets can be readily refaced by applying a new coat of paint. If it comes to replacing the doors on cabinets, though, you need to weigh the costs of the time it takes to unscrew hinges and reinstall new doors against just buying an affordable new set of cabinetry. Other things you can reface include kitchen counters, oven doors, refrigerator doors and bathroom sinks, counters, showers and tubs. Remember that when you reface instead of replace, you’re also saving the time going to the store, choosing new items, bringing them back on site, unboxing them, etc. It may seem like small savings, but it does add up if you’re paying someone else for that time.

3. Rip up Old Carpets

When it comes to carpets, it’s almost always better to rip them up than to try steam cleaning and stain removal. Most carpet stains that are miraculously gone the day of steaming reappear miraculously a few weeks later. Also, after it’s steam cleaned the carpet has to dry, which means no work can be done in that room, which can make the renovation take longer. Instead, just rip up the old carpet and deal with the new flooring situation. Either lay new carpet or refinish hardwood or lay new tile or laminate. Just don’t waste time and money trying to refurbish carpet that will never look as good as what you can replace it with.

4. Source Used Light Fixtures

You’ll find hundreds of inexpensive used light fixtures at places like Habitat For Humanity’s ReStore. Just make sure you plug it in first to make sure it’s in working condition. This will save you a lot of money over time and you can pick up several extras to have on hand for future renovations. If any of them look obviously past their prime, pick up some cans of gold and silver metallic spray paint to renew their look.

5. Keep Labor Accountable

Presumably, if you can’t oversee the renovation in person, you have someone else on your team doing that for you. However you’re doing it, though, make sure you keep the labor accountable. Over time, you should get a sense of how long it takes to do certain things. Review time sheets or labor accounts and compare them with the progress being made. If it looks like you have some slackers, don’t be afraid to call them on it. Usually just letting them know that you’re paying attention and questioning their use of time is enough to motivate people.

6. Don’t Deviate From the Plan

If you have a particularly attractive rental, it’s tempting to add some nice extras or upgrades. But these are the budget busters you have to avoid if you want to keep renovation costs under control. If the renovation is solid, the rental looks clean and attractive and the price is reasonable, that’s all you need to get a good tenant in there. Let the tenant provide the embellishments if they want.

Remember, never skimp on important necessary repairs or replacements. You should only strive to save money during these tough times on cosmetic issues that won’t affect the health or safety of your future tenant.