There are several ways in which you can save on your upcoming renovation costs and below we have compiled a list of ways in which you can keep your home improvement well under budget! Home renovations can be costly, but they do not have to be. With some planning and a little knowledge you can significantly cut the cost of your reno project.
Be clear on the ROI
You need to first look at whether the proposed renovations will add value to your property. In order to make them worthwhile you will need to ensure that the improvement will add more value to your home than the cost of the project. You can speak to professionals in the business to ensure that this will be the case. Consider getting input from estate agents in your area to assess the value of the renovations and how much it could add to your property. An architect may also be able to tell you whether you are on the right track with your project.
Plan your renovations and set your budget so that you are only looking to complete what you can afford. Do not plan down to the last dollar as you will need to leave some room for unexpected costs or just in case something does not go according to the plan. Make sure to get some alternatives for the essentials as well as the smaller fittings.
If you are going to be working with professionals then you will need to assess their suitability to your project. Look into past reviews and consider their qualifications and experience of your construction workers and architects. This will help to weigh up the costs of their services against what you will expect in return.
Getting at least three quotes will allow you some choices in the matter. The cheapest is not always the best so you will need to consider your budget as well as the extent of the renovations and how qualified they are to deal with the improvements to your home. Using one main contractor to carry out the building work will help to create continuity and a well-rounded renovation.
Put in effort yourself
Oversee the project yourself to ensure that it is exactly what you want. There is no use leaving the renovations to the people that you employ. It may not turn out exactly how you want it and then it is certainly not worthwhile. Hiring local tradesmen and basically doing most of the work associated with a contractor will save you the money in the long run.
If your neighbour is looking for similar renovations then you can cut costs by doing the work at the same time. This will reduce costs and will surely make your builder happy when they don’t have to move too far between job sites!
Renovations can come along with huge amounts of waste. If you manage this efficiently then you can save money. Hire a skip bin rather than making several trips to the tip and this could save you heaps in the long run!
Sticking to the budget
Stick to your budget! You have already looked into the costs associated with your renovations, but ensuring that you do not overspend is essential. You may think a few dollars here and there do not make a difference but these costs can quickly add up!
You will want to look at the durability of the products you are buying for the flooring and permanent fixtures in the home. If you are renovating to live then you will want something that will last. If you are renovating to sell, maybe consider cheaper alternatives that may also give you the great look. For instance, laminate floors are much cheaper than wooden floors, but have almost the same look and feel.
Get Demo stock
If you are renovating your kitchen then you can save a lot just by purchasing an ex-display kitchen. These can sell at a fraction of the retail cost and generally do not have any damage. They have just been sitting in the display room and are replaced when the company decides to exhibit a new layout. You will be surprised how much you can save when you opt for the display model rather than something brand new.
You can minimise the amount of work and add exponential value when you go for smaller projects. Just ripping out old kitchen cabinets and replacing them or even just a paint job can change the entire look of the room and make it much more welcoming. Even fixtures such as taps, sinks or splash backs can be replaced to change the entire look at a very low cost. The labour costs will also be reduced as opposed to a whole revamp of the room and you will be amazed by the difference.
You need to look at reducing your plumbing costs. When renovating your bathroom you will want to keep the plumbing in the same location in order to avoid extensive plumbing remodelling. This can be one of the most costly renovation necessities. If you can minimise your plumbing needs then your bank account will be much better off.
There is a wide range of projects that you can actually do yourself. If you do a lot of the simple tasks yourself then you can obviously save a lot of money on your renovations. Do not take on too many specialised tasks and ensure that you have the right knowledge behind you in order to complete the task effectively. You do not want to come out the other end with a subpar renovation once you have spent a substantial amount of money.
But, where possible complete smaller projects yourself and even enlist help from qualified friends in order to keep costs low and reduce labour costs. You will be surprised at how much money you can save with a little DIY and you may even learn a new skill or two along the way!