How to Keep the Cost of Expansion Projects Low

Posted November 1, 2020 by in Decor

Are you planning on making a few improvements to your home? If so, you are probably looking for ways to cut costs and gain some advice in terms of sticking to your budget. The good news is that expansion projects need not cost you a fortune if you know what you are doing!

Here are a few helpful tips to keep the price tag associated with home improvement to a minimum:

Do Your Research 

Decide what type of home improvement you would like to embark on first and research the various approaches there are towards getting it done. You are certain to discover that some are significantly cheaper than others! 

For example, if you are keen to let more light into your attic before transforming it into an extra bedroom for one of your children, you will probably be under the impression that a roof extension or dormer will be required. However, if you do a bit of investigating, you will come to find that opting for a Velux roof window or two is a much more economical and simpler investment to make. 

This is because a top hung or center pivot roof window is a type of Velux loft conversion that utilizes the already-existing space underneath the rafters. This makes it a type of home improvement project that is infinitely more affordable and faster to complete than you probably originally anticipated! 

Think Carefully About Resale Value 

Before getting started on any home improvement project, think carefully about how long you intend to live in your house. If you are planning on selling it in a few years’ time, it is vital that you consider each home improvement project and its subsequent resale value.

In other words, you need to calculate how much the project will cost to complete and how much value the completed project will add to your home (i.e. what would be an accurate selling price?). 

In most cases, you will only recoup between 40-60% of what you spend, so in order to justify the project, you should continue living in your home for a significant amount of time before putting your property on the market.

Also keep in mind that some expansion projects contribute more value to a home than others.

According to Remodeling Magazine’s Cost vs. Value report, a master suite addition would only result in 52% of project costs being recouped following the sale of the property, while a minor kitchen remodel would recoup around 78% of the initial capital outlay! 

Watch Out For Deals 

Decide which home improvement or expansion project you would like to undertake and quickly start looking for deals thereafter. If there aren’t currently any in your region, it is always worth waiting until some new opportunities present themselves.

After all, you could save yourself thousands of dollars with the right special or discount!

See? With a bit of research and forward thinking, remodeling and expansion does not have to cost the earth. Happy saving!