No matter what your renovation plan is, be it to maximise the value of an investment property or a simple single room make over, the costs of such a venture can quickly spiral out of control. The need for a proper plan is crucial in a successful renovation, as a poorly planned one can become a time consuming, financial disaster. Whether you’re looking to improve the value of a house, or just change up your living space, here’s how to save on a renovation.
Funding, Budgeting and Planning
The very first step for every renovation is to understand exactly what you can afford. Renovations are notorious for budget blowouts, and many times this is due to the simple fact that people underestimate the costs of a total renovation.
When figuring out how much money you will need, you should consider a variety of factors, including how large your renovation will be, what area of the house, the materials used, the desired style and who is doing the work.
You will also need to think about additional costs. For example, if you’re renovating your entire house, it’s likely you won’t be able to live in it while the work is happening. Things get quite dirty, noisy and chaotic with workers moving around. Thankfully, sites like Gumtree allow you to find local and affordable places to rent, without having to go through an agent. On the other hand, if you only need to clear one room out, you can find local storage solutions on a community sharing site like Spacer.
If you’re on a budget, you probably won’t be looking at an entire home renovation. Instead, you should go through your entire house and prioritise what needs the most work, while also keeping in mind how much each part will cost. You should find how much you are willing to spend and improve only the most important things that fit within your budget. This will help ensure there’s no blowout due to additional and unnecessary purchases.
It’s worth noting that certain things are cheaper to fix-up than others, but at the same time, can provide just as dramatic improvements as more expensive improvements. A fresh coat of paint can revitalise a room much cheaper and quicker than knocking out the wall. This isn’t to say don’t go for the big jobs, but consider what really needs to be done.
Choose what you do carefully
So, essentially you have prioritised what’s most important and what will make the biggest impact at the lowest cost. Now you should consider what you can and can’t do or maybe what you should and should not do. Your first thought might be that doing it yourself, rather than employing a professional will be cheaper, though this isn’t always the case.
Sure, certain things such as plumbing, electricity and gas fittings require a professional to do the work by law. The requirements vary between states, but jobs involving these things have potential dangers, so regulations should be followed.
On the other hand, things like tiling, painting and the removal of furniture and other fittings should be considered carefully. While a professional will give you the confidence of a quality job, huge savings can be made in this area if you are confident with completing them yourself.
When deciding if you will paint yourself, of course consider the costs and savings, but also think about how much time you’re willing to invest if you paint the entire room yourself. A professional painter might be expensive, but it will save you time, effort and money, while also giving you peace of mind that the job will be done correctly. Weigh up each option and work out what’s best for you.
Research your material options
You’ve got your budget, and you know what you’re doing and what will be left to the professionals, now it’s time to begin choosing your materials. Dramatic savings can be made here.
Firstly, you should decide what must be high quality and what can be cheaper. You may need a highly durable floor for example, and in that case, you shouldn’t skimp out on it. In other cases, lower grade materials don’t always mean a downgrade in aesthetics. Many times, you can drop down in quality and price while still finding materials that give a similar visual affect, while also having no ill effects on the future of your home.
Researching and shopping around is key here. Second hand goods, factory seconds and end of line floor stock are generally sold at greatly reduced prices and much of the time, only have cosmetic damage which can be hidden. Get creative and you could save a huge amount.
A renovation, whatever the size, can be an exciting and stressful time. You want to ensure you make a noticeable improvement to your home, but you also want to leave some money in the bank. This can seem like a difficult juggling act, but with a bit of planning, some researching and creativity you can have your dream renovation at an affordable price.