20 Genius Ways to Save on Expensive Tool Costs for Your Home Renovation

Probably the best and cheapest way to cut costs on your renovation and remodelling tools is to borrow from your family, neighbours or friends. But make sure you give the tools back!

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If it turns out that your neighbours are doing similar renovations, suggest to them that you split the cost of the tools you’ll need. Whether it’s for a specific tool or everything from your remodelling tools checklist, splitting the cost will certainly help you save money. When everyone is finished with their renos, either keep the tools to use another day or sell them and split the proceeds.

If you’re looking for the must-have tools that Bryan Baeumler says you need in your toolbox, you can find pretty much everything at a yard sale, estate sale or auction. Yard sales will likely be the cheapest, but you can often find great deals on lightly used tools at estate sales and auctions as well.

You’ll find plenty of renovation tools for sale online on sites like Craigslist and Facebook Marketplace. Make sure you know what you’re getting and if you’re meeting someone, try to do it in a public place or bring a friend along for safety.

Related: These Are the Biggest Hazards to Watch Out for When Using Tools at Home

Pawnshops are another source of cheap second-hand tools. You may not find all the tools you need on a single visit, but since the stock is always changing, chances are that you will find what you need after a few trips.

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Renting tools is always an option. There are large tool rental companies that stock every conceivable tool for every conceivable purpose. If you want to save money on rentals, look at a longer rental period or sharing the rental with a neighbour.

Rental companies like to have newer tools to rent, so when their current stock is looking too used, they’ll sell the tool and replace it. Most of these tools are in great mechanical shape, so this is a great money-saving option if you’re looking to keep the tool for the long haul. As with any new tool, you should know the biggest hazards to watch out for.

Most DIY stores also rent many of the renovation tools you’ll need for your projects. You may even score a deal on the rental rate if you buy your materials from the same store.

If you’ve decided that you want to buy tools just for yourself, plan ahead. Take advantage of buying tools when they’re on sale, well in advance of your planned reno. This will also help spread out the costs prior to the big project.

Related: 10 Reno Projects Every Homeowner Should Know How to Do

If you’re doing a bunch of renos, you may be tempted to create a huge renovation tools list. But try not to be like a kid in a candy store. Make a bare minimum list of the tools you’ll need to buy and stick with it. Rent or borrow everything else.

You can save a lot of money on your renovations tools list if you buy items that are on clearance. Most large stores have clearance bins where you’ll find returns, last year’s models or demo tools with a significant markdown.

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If you’ve bought specialized renovation and remodelling tools, consider selling them once you’re finished. If they’re in good shape, chances are you can get back close to what you paid. If you bought them on sale, you might even be able to get more than you paid back.

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Take an inventory of your tools. If there are any that you haven’t used in a long time and don’t plan to, then sell them. Use the proceeds to buy new/used tools that you’ll need or to cover the cost of rentals.

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If your renovation project requires a lot of your time and buying or renting specialized tools, it might be better to just outsource the project. Scott McGillivray has some great tips for hiring a contractor when you don’t know where to start. That way, you’ll know the work will be done right and it will come with a guarantee.

It’s true that you get what you pay for, but that doesn’t mean you have to buy the absolute highest quality tool for the job. Most store brands are cheaper than the big brands and will work just as well.

If you’re using battery-powered tools, stay within the same brand ecosystem. There’s no point in spending money on different brands that aren’t compatible with each other. Make sure that you get the latest battery technology as it is improving all the time.

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Chances are you can buy much cheaper third party batteries for your rechargeable tools. This can help save money when your existing batteries start to lose their oomph. Make sure you do your research though, as some third party batteries are of low quality and might damage your tools.

If you’re in a big enough city, chances are that there’s a community tool lending library you can take advantage of. Here you’ll find a wide variety of tools, plus books and how-to videos. Some groups require a membership and a deposit before you can borrow any remodelling tools.

Related: 10 Rookie Flooring Mistakes to Avoid During Your Next Reno

If you’re already sharing tools with your neighbours, you might think about growing the group to include others. If you keep it informal, you should be able to keep managing the group from taking up too much time. Make sure you have written rules and a way of tracking who has what.

Many rechargeable tools come as kits. This is fine when you’re buying into a rechargeable ecosystem. But once you have a couple of batteries and chargers, you don’t really need more. Buying just the tool, without a battery and charger, can save you serious money.

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