How can I save money on my renovation?

Question

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

Theresa Harris · Answer

-paint go to a paint store and see if there are some mis-tints.  I got a 5 galloon container of a nice beige because a contractor didn't like the colour.

A lot of the problems from the photos are the contents.  I agree painting the kitchen cabinets white (get the right paint) will pull everything together.  Otherwise do the flooring,  and paint the trim (and doors) white.

Zach Westerfield · Answer

@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.

Andrew Freed · Answer

@Zach Westerfield - Great questions! My overall budget is $4-5k. I am attempting to maximize profit. This is part of a 3 unit building, each unit is exactly the same. This will be a rental and I plan on holding it for at least 10 years. I 100% agree with your philosophy and am attempting to create that product in a smart and effective way. By creating a premium product in this market, I can increase my monthly rent by $200 - $300 dollars.