Save Money on Your Next Construction Project

September 16, 2022

Construction or renovation projects can be daunting money-wise. We all know that the cost of materials, equipment, and labor can get pretty (or really) expensive. If not planned well, your project might cost more than you expect.

Luckily, there are ways to save money on your next construction project. Check out these tips on how to have your place built or renovated without spending too much.

  1. Gather and Compare Quotes

When you’re excited about the project or if the weather calls for it, you might get tempted to jump on the offer of the first contractor you meet. You don’t know what you’ll miss if you do. As a rule of thumb, it would be wise to gather at least three quotes from different contractors and see which one gives the most “bang for your buck”.

Then again, don’t be too hard-pressed with saving money that you settle for a suspiciously low quote. Subpar work can cost you more money than you think.

  1. Discuss the Project in Detail With Your Contractor

Go through the contractor’s quote and clarify things you don’t understand. There might also be details or features that you can do without. Perhaps you don’t need that nook in the living room that the builder is proposing.

  1. Do Your Shopping

Sourcing materials of your own instead of getting everything through your contractor can save you lots of money. You can probably get a suitable (and affordable) shelf for your study from a used furniture shop instead of having a custom one built. One recent trend is using reclaimed materials for construction. Reclaimed wood, for example, can be obtained for free or bought for cheap.

  1. Do It Yourself (If You Really Can)

If you are a handyman, you can take on some jobs yourself, instead of adding another guy to the payroll. For instance, painting the walls doesn’t require sophisticated tools or years of experience. 

Then again, if you are not really up for the task, you better delegate it to someone who is. Having a skilled worker perform the job mitigates the risk of costly mistakes.

  1. Rent Tools and Equipment Instead of Buying Them

This tip applies to both contractors and do-it-yourselfers. For the former, renting equipment helps them avoid huge upfront investments. It also means fewer maintenance costs and better cash flow for them.

For an average homeowner/DIYer, it's impractical to purchase expensive or bulky equipment just for a one-time construction project. Scaffolding and specialist power tools, for example, can just be rented from equipment rental companies or hardware stores for a small fraction of their actual costs.

For construction equipment rentals in Eagan, MN, contact Eagan Hardware Hank. We have a wide variety of hand tools, power tools, and equipment for rent to contractors, builders, and do-it-yourselfers.