09 Sep 4 Effective Ways to Stretch Your Renovation Budget
Spring is already here in this part of the globe, and that means fresh start, new things and ideas for some home renovation to take place.
A renovation project, especially in your own home, can be a tricky process. More often than not, you literally pay for the unavoidable mistakes you encounter along the way. You may know what kind of look and style you’d like for your kitchen or room, but the options you choose may drive the price higher than you can reasonably afford.
Good thing, there are ways to stretch your renovation budget. Have a look at this 4 effective ways:
Create a plan.
Save money by planning ahead. Brainstorm with your contractor for design ideas and choose everything you want to include or modify, from rooms, doors, appliances, to furniture and floorings. This will define your budget and prevent hasty and costly changes later in the project. A lot of people fail to think through the renovation plan because they were too fixated at the finished product. Create a cohesive plan considering your family’s present and future needs. The secret is to stick to this plan to save yourself from spending too much.
Know your budget.
The plan you created must work with your budget and vice versa. If you have existing savings allotted specifically for this renovation, stick to this budget. Furthermore, if you’ve long been planning to revamp the look of your house but fails short on budget, you can opt to secure a finance as there are competitive deals in the market especially during spring season. Consult your local finance broker about your possible options to save effort and time. The process can be daunting so let your finance broker work out the most efficient deal for you.
Have a contingency plan.
It’s not enough that you have only one plan. Create a plan B, C, D, or even the rest of the alphabet. The idea is you’ll inevitably run into unforeseen costs while you’re renovating. You’ll tear into a wall and find pipes you didn’t know were there. You’ll discover faulty wiring. Or you’ll find rotting structural elements that need to be replaced. With a financial buffer in place (ideally 10-20% of your renovation budget), these unexpected setbacks will be less likely to make you tear your hair out.
Compromise and DIY.
One way to decrease the cost of your remodeling project is to pay attention to how labor-intensive some design features may be. For instance, if you originally visioned for some granite surfaces everywhere, aim for a similar look with a slate backsplash and composite countertops instead. Also, consider doing-it-yourself (DIY). If you or some of your family members can do it, that can save you cost for manpower labor. However, if you aren’t confident about picking up a hammer and doing the work yourself, there are other ways you can DIY to save money. Initiate a house clearing to give way to the builders. Spend a weekend clearing out the mess and even start tearing down whatever needs to go before the workers arrive.
Research, research, research. You can remodel your house without breaking the bank. Just extract those creative juices and be resourceful. To risk a cliché, if there’s a will, there’s a way!
Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.