Looking to cut costs when renovating your home? Home renovations are arguably the most costly home projects you will ever undertake, and so many homeowners end up going over their proposed budget. Here are eight tips to ensure you save money and don’t overspend during the renovation process, so keep on reading to familiarise yourself with them.
- Establish needs over wants
At least initially. If you’ve got a damaged roof, there’s no point wasting your budget on some fabulous new worktops while your roof is left to deteriorate further. This will only result in you needing to pay more in the long run so make sure you prioritize mandatory renovations first. If you’ve got money left over once the issue is fixed then you can get those new worktops.
- Way out the pros and cons
Before starting anything, consider whether this renovation is going to up the value of your home. This is particularly important if you ever plan on selling or renting out your property in future.
Consult your real estate agents to gather insight into what potential buyers are looking for in your area, and act accordingly based on that information. You could also speak with an architect to find out if the spatial layout of the property can be upgraded without you having to increase the square footage. If you move internal walls and doors around you could be able to achieve a better flow.
- Plan your renovation
Renovations never run smoothly if you just go with the flow. Effective planning is important for working out how much the renovation will cost you and for staying within a set budget. Ask yourself questions such as:
- What is most of my budget going to?
- Will my budget cover all the renovations I want?
- Can I afford to go over my budget a little?
- Is the renovation worth it?
- Invest in a professional, affordable company
No, that is not an oxymoron. It is possible to find both a professional and affordable renovation company. You need to source out a reputable business that can get the job done for you, but you must look for key things. For instance, if you plan on getting a window replacement renovation opt for a company that specialises in that field and that has experience, good customer service, and affordable rates. American Vision Windows is a good example of a company like this.
- Get a minimum of three quotes
You don’t want to plan your renovations to what google said you will pay because you may be shocked when you find out that the cost is actually a whole lot more. Try and get a minimum of three separate quotes in order to compare prices. Remember to study the quote so you understand what exactly it entails.
There are opportunities to save money with quotes. For instance, some companies provide discounts if they are doing multiple renovations or are completing projects in stages.
Don’t opt for extremely low prices. You’ll be disappointed in the end result and will need to hire a professional company to fix the damage that the amateurs did.
Obviously, we don’t suggest you try a DIY roof renovation (that’s silly) but anyone can do simple things like putting up wallpaper or adding a lick of paint to a room. You’ll save a lot of money by doing some renovations yourself – and it is super fun too! Read more on DIY home renovations.
- Stick to your budget
Once you’ve planned your budget – stick to it. We know it can be tempting to buy one of two affordable things here and there, but this becomes a habit and it certainly adds up. Therefore, it’s best to avoid overspending at all. Create a chart or list so you can keep track of where your money is going and what funds remain in your budget.
- Utilize second-hand goods
Second-hand doesn’t necessarily mean low-quality. There are plenty of unused building materials on eBay that are just as good as new. You can also get your hands on an entire showroom kitchen at a fraction of the retail price because former showroom kitchens are often put up for sale when they are no longer needed in the store.
What to do after renovating
When you’ve saved a bunch of money on your home renovations by implementing these helpful tips, what do you do with it? Well, we suggest you read ideas on what to do with your extra savings.
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And thanks for reading! 🙂