Home renovations are notorious for having the potential to burn through your hard-earned cash fast. Whether your budget is big or small, the cost of a home renovation can quickly get out of control. There are ways, however, to avoid overspending unnecessarily, with careful forward planning and know-how. Here are some ways you can save money on a renovation.
1) Use your existing layout
New homes are designed with the latest fashions in mind. However, you may actually be better served by sticking to your existing layout and aesthetics. A majority of homeowners find they don’t need a radical redesign and can work with what they already have. If you are planning to move within five years or so, however, it would be best to start from scratch in order to take advantage of today’s design trends.
2) Plan your renovation
If you decide to embark on a major renovation, it is always best to plan ahead. Know exactly what you want to do before you start so that you avoid wasting time and money along the way. Deciding how your budget will be split is essential; for instance, will most of the budget go on the structural renovation work, or on the internal fixtures & fittings? Before spending money on anything, whether big or small, establish the savings set aside. Don’t forget to budget for the unplanned as well, with around 10% of your budget reserved.
3) Go for simple transformations
It is simple to modernize your kitchen without removing all the cabinets. Keep the carcass if you’re comfortable with the design and storage options, but change the doors, knobs, worktops, sink, taps, and splashbacks for a brand-new appearance. There’s nothing more likely to make a builder mark up his quote than lots of labour-intensive details, as he’ll need to learn how to fit them.
4) Get your DIY on
Although certain chores are complicated, there are things you can do yourself to get the job done for less. Cleaning up, painting, and prepping surfaces will put you ahead and reduce your labour costs as you pay by the hour.
If you have moderate DIY skills and want to take it up a notch—now’s the time! YouTube is your friend. As long as you have the availability to learn a new skill, and take your time to do it right, your determination is your biggest asset. If you don’t have the tools required, renting them from a local hardware store will still save you quite a bit of money, versus hiring someone to do the work for you. Plus, rental tool due dates is great motivators to finish a job!
5) Get your quote for all facets of the job, not just structural work
You’re spending your money and you want to get the most for it. Relying solely on a structural quote means you’ve only budgeted one-half of the cost of renovation. Knowing exactly how much preparation work will be included in the build can have a significant impact on your budget, allowing you to make more informed decisions about what is included in your contract.
Saving money on a renovation may seem impossible, but with careful planning and smart decisions, it is possible to save a significant amount. The key is to plan ahead, know your budget, and ask questions to get you the best deal for your money.
