If you are planning to renovate on a budget, we have some great news for you. It can be done and it can be done well, provided you clearly understand your end goals and remain flexible on how to get there. Let’s run through some tips which will help you renovate your home and stick to your budget as you go.
1. Know what you want
Draw it, write it, photograph it, print it. Do whatever will help you understand your renovation goals so you can start planning the best way of going about it. It will better enable you to set your budget and realistically grasp what you can and can’t have. You need to be very clear on how much money you have to commit to the project or how much you want to borrow. Even simple things as decluttering, replacing the light fixtures and taps, or painting the cupboards in the kitchen can make a huge improvement on your home with very little cost involved.
2. Refurnish or reuse
Just because you are renovating, does not mean that you need to buy everything new. Renovating, reusing and even second-hand shopping can all be wins for the project. They will all save you money or enable you to keep your favourite pieces in your home for longer. Don’t forget about reupholstering sofas and cushions to give it a new and updated look. Keep an eye out for quality second-hand finds to save on money on large furniture items and whitegoods. This can help you save hundreds of dollars at the outset.
3. Finalise your budget
Do you need to move out of your home for a short period or find alternative storage while you go about the tasks? Remember all of these things add to the cost of the renovation and will help you decide whether you are using a line of credit or just drawing on your current savings. Once you have a solid figure in mind, add a small contingency to the amount for unexpected costs. These are unavoidable no matter how well managed a project is. If you find that you can’t quite manage the whole house then it may be worth picking one or two rooms and prioritizing those over the whole house renovation.
4. Source professionals
Your budget will determine whether you are using professionals or doing everything yourself. Shop around for quotes and approach more than one to compare. These estimates are very valuable and will help you come up with a plan. It never pays to sign up to the first one without at least some sort of professional comparison. Never skimp on the electrical costs and try to keep the plumbing points where they are to keep the overall expenses down. Remember, there may be tasks that you can even do yourself to save money.
5. Manage the project
It is important that you plan for everything down to the smallest detail and manage the project every step of the way to ensure that you don’t go over time or over budget. If you are using professionals, check in to see how they are doing and question if they need anything to complete the job quicker. Renovation projects will not run themselves, so unless you have time to commit to the project, it might be worth putting it off until you can commit fully and keep a close eye on what is going on to make sure nothing gets missed.