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November 23, 2004 09:24 PM

Does It Pay To Save?


Excerpt: Most of my clients have been told they can save money on a project by doing part of the work themselves or by cutting corners on materials. Usually, these schemes end up costing more in the long run or throwing off the schedule irretrievably. If you're planning a renovation or the future holds plans for a major project, here are some pitfalls to avoid.


Remodeling is expensive. I can often help my clients manage costs, but not always in the ways they expect. Most of my clients have been told they can save money on a project by doing part of the work themselves or by cutting corners on materials.

Usually, these schemes end up costing more in the long run or throwing off the schedule irretrievably. If you're planning a renovation or the future holds plans for a major project, here are some pitfalls to avoid:

Reusing Fixtures and Materials
Some homeowners insist on reusing a tub, sink, countertop, or range to save, say, $300 to $400. The old stuff may not look bad in its old setting. But once you buff up the nearby areas with new walls and fixtures, an old refrigerator or range will look especially drab by comparison. In the vast majority of cases, people who reuse a tub or range, for example, end up regretting it.

Plus, older fixtures are apt to fail sooner than their new counterparts, and replacing them often requires tearing out new work.

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Exchanging Real Estate Tax Free (November 25, 2004)
No one likes writing Uncle Sam large checks. Yet many people needlessly send Uncle 15% of their profit when they sell a rental house or land. There is a simple way to avoid it. It’s called a 1031 exchange and it can keep you from ...
Home Equity For The Holidays? OK, With Caution. (November 25, 2004)
This season, many consumers will charge against the home for the holidays. They will use home equity debt to pay for gifts and travel. Some will do it directly, paying for presents and airline tickets with charge cards tied to home equity lines of credit ...
The High Earner/Poor Saver (November 20, 2004)
What You Want: Only a few years ago you had practically zero chance of getting 100% financing. Lenders were so nervous about it, the option wasn't even on the menu. But the refinancing boom of 1993 changed all that. Many potential refinancers had lost equity ...
Six-Figure Zip Codes (November 20, 2004)
NEW YORK (CNN/Money) - You've driven through some of these places, the bucolic, leafy suburbs where every house is huge, every driveway circles to the entry portico, and every yard is kept manicured more neatly than your Aunt Tilly's parlor. You think, "Boy this must ...

Read all 22 posts in the same category of Home and Mortgage:

A New Way to Hedge Your Home's Paper Profit - Dec 12, 2004
California, U.S. in a Housing 'Bubble,' UCLA Forecast Says - Dec 11, 2004
21st-Century Landlords - Dec 10, 2004
Get Real About Real Estate - Dec 09, 2004
Can There Be Too Many Homeowners? - Dec 06, 2004
Selling Your Home - Dec 06, 2004
Conforming Mortgage Loan Limits Rise For 2005 - Dec 04, 2004
12 Tips For Wise Use Of Equity - Dec 01, 2004
Housing Wealth Reverberates - Nov 30, 2004
More Mortgages To Be 'Conforming' - Nov 30, 2004
Realtors Engage In Turf Battle With Discounters - Nov 28, 2004
Expanding The American Dream Commitment - Nov 26, 2004
'Tis the Season to Fix Up Your House - Nov 26, 2004
Sell Your Home — Fast - Nov 26, 2004
Most Expensive Gated Communities In America 2004 - Nov 26, 2004
Exchanging Real Estate Tax Free - Nov 25, 2004
Home Equity For The Holidays? OK, With Caution. - Nov 25, 2004
The High Earner/Poor Saver - Nov 20, 2004
Six-Figure Zip Codes - Nov 20, 2004
Buyer's Home Feature Preferences Reflect Lifestyles - Nov 16, 2004
Pattern of Strong Home-Price Gains Continues in Most Metro Areas - Nov 16, 2004