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Where Should You Spend Vs Save On Your Home Improvement Project?

If you are looking to complete some sort of home improvement project this year, you might be concerned about costs. We hear you - home improvement projects are certainly not the cheapest thing in the world, but at the same time, you do not want to skimp and cut corners now which could cost you more in the long run. The reality is - compromises between your budget and your vision must be made. Yet how do you know which elements you should spend more money on, and which are OK to save on? In this article, we are offering our top tips that will help you turn your dream home improvement into a reality and all within your budget. 

Spend: on items that have a high ROI 

Spending a little more on items with a high Return on Investment (ROI) is often a smart move. For example, when a potential buyer sees a home for the first time, they will most likely be looking at the roof and windows. So, investing in a quality, durable roofing system and energy efficient windows is wise. And, even if you are not looking to sell your home anytime in the near future, it is still a good idea to spend some more money on high quality roofing and replacement windows as they can help you save money on heating and cooling costs throughout the year. Conversely, items such as bathtubs, lighting fixtures and faucets, which are easily changed out, may not be worth spending too much of your budget on. 

Spend: on areas you spend the most time 

A good way to know where to spend more of your budget is to think about where you spend the most time in your home. For example, if you love to cook and spend a lot of time in the kitchen, investing in quality countertops and appliances would be worthwhile. Or, if you enjoy having friends and family over regularly, then you might want to invest in upgrades to your living area. Spending money on good quality insulation in the rooms you spend the most time is also smart, as insulation ensures you and your family are comfortable year round. The more time you spend in an area in your home, the more wear and tear it will receive, so spending money on better quality, highly durable materials in these rooms is a wise investment.

Save: on branded items

We now know where it is a good idea to spend…so where should you try to save? For starters, you can save money on your home improvement project by ditching designer items. Branded ceramic tiles or lighting fixtures can put a massive dent in your budget. Look for items from less well-known brands that are of similar quality and durability, but come without the high price tag. If you want one or two statement pieces that will add value and life to the room - then go for it.  But it is wise to then opt for regular value and non-branded items for the rest of your project to balance the budget.

Save: on customizations 

Another area you could save is on customizations. While you may have a specific vision about how you want your house to look to reflect your unique taste and style preferences, customized materials often cost a lot more than their pre-manufactured counterparts. While we are not suggesting you should not customize anything at all, we do suggest you customize only what really matters to you. For example, you can add a few “special” tiles to the bathroom in a highly visible place, and then use pre-manufactured tiles in the rest of the room. The same rings true with cabinetry.  Custom cabinets will set you budget back significantly. Instead, look for pre-made, specialty pieces to integrate into your design. Also, style and preferences change over time, so the less you customize, the less you potentially have to change if and when your style changes. 

 

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Topics: Home Improvement