Get a high-quality remodel for less

(MONEY Magazine) -- Ask any homeowner who has done an improvement on the cheap: You get what you pay for. Second-rate materials don't last and contractors who make low-ball bids rarely deliver fine craftsmanship.

Fortunately, there are a few effective ways to get good quality for less. One is simply to renovate during an economic slump like this one: Contractors who are eager for work tend to be more willing to cut deals. Here are five other time-tested strategies.