Cost saving tips for renovating on a budget
There’s no better reward and satisfaction than taking a step back at the end of a renovation to admire your hard work. Whether you’re looking to update a few features or plan on stripping an old room down and creating something from the ground up, read on for our top cost saving tips whilst renovating.
Your renovation on a tight budget
Improving the aesthetics and functionality of your home will require money to be spent so it’s important to prioritise where to spend your money. You want it done properly so instead of spreading your funds across two or three areas in your home, consider putting all of your available funds into one space that needs the most work and that you and your family will get the most out of. To start off, use our budget planner calculator to see what extra money you have to put towards your renovation.
If you need a helping hand a Horizon personal loan can help to cover all or some of your renovation costs.
Get your design right
Getting the design right from the get go will reduce your waste and therefore the cost of removing it. In the long term, an environmentally friendly design that allows for natural light and ensures the house is properly insulated will also reduce your heating and cooling costs.
Look for ways to save
Taking DIY lessons before you start renovating will give you a basic understanding of tools which means there could be some jobs you can do yourself rather than paying someone else to do. This will not only save time and money but will give you practical skills for use in future.
Keep it simple, as changing major structures or moving plumbing are examples of things that are likely to blow out your renovation budget.
There’s no shame in getting a professional in. Not only do they have experience, they also have the right tools for the job. You might find that if you DIY it, you’ll need to shell out for expensive tools you won’t need beyond the job.
Shop around for fixtures and fittings
This takes a bit of time but sourcing your taps, light fixtures etc online or from wholesalers could save you money in the long run. Do your research on materials that will last a while and improve the quality of your home. Keep an eye out for sales and discounts along the way. Include the costs of fixtures and fittings in your budget planner or expense manager to keep track of all the items you’ll need for your renovation. Make sure you have all the essential materials and fixtures you need before starting the job. This will help you avoid inconvenient delays.
Gather friends and family together
Many hands make light work. Ask family and friends to lend a hand during the clearing out, demolishing and labour intensive parts of your renovations to save money on tradespeople.
Keep track of invoices and quotes
This is where a budget planner or expense manager is really useful to keep on top of what you were quoted for versus what you actually end up paying. This keeps tradespeople accountable and also helps you remember where you sourced your fixtures and fittings from for any warranty claims.
The important bits to take away
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Start by understanding all the associated costs of your renovations. Make good use of budgeting tools to help prioritize these to create a home remodel budget you can work with.
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Seek advice from licensed trades people and kitchen or bathroom designers to make a fully informed decision.
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Allow time for the planning, setup and installation of your new rooms and have a plan B if you can’t use your bathroom or kitchen for a few days or weeks.
Need some extra help with planning your renovation budget? Get in touch with the friendly team at Horizon Bank and ask us about ways to fund your renovation today.
Horizon Bank has a branch network spanning the Illawarra and South Coast with offices at: Thirroul, Wollongong, Albion Park, Berry, Nowra, Ulladulla, Moruya, Bega, Bermagui and Merimbula.
The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant Product Disclosure Statement and Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.
