Home Renovation On A Budget: Can It Be Done?

Home Renovation On A Budget: Can It Be Done?

Photo

There’s no doubt that renovating your home to a high standard is seen as a black hole of money. And while it’s true that it does involve some outlay, making your house into a dream home doesn’t have to be as much of a drain as you might think. Good quality home renovation can be achieved on a budget. With a few clever steps, you can restore your home and keep your finances in balance. Here’s how:

Reorganise Your Money

Building works and remodelling projects always require a capital outlay. So it’s important to be smart and informed about using your money the best way. First of all, asses your income with a view to maximising it. What non-essential costs can you cut? Could you find additional sources of income in order to generate more spare cash? Get help with a tax lawyer to make sure your money is working hard for you. If you have savings, familiarise yourself with the rate of interest you’re earning versus what you would pay on a loan. Making a financial plan upfront means you won’t be left panicking and turning to expensive options halfway through the build.

Evaluate The Service You Need

Employing lots of professionals is the most significant cost on many projects. So instead of automatically following that route, evaluate exactly what your project needs first. Do you really need to find an architect? Depending on the scale and complexity of your requirements, it may be far more cost effective to employ a draughtsperson instead. That’s a technical artist who will draw up building plans for a fixed fee. If you have some knowledge, you could also opt to use planning software to produce the plans yourself. But be realistic about what you can achieve yourself- plans need to meet strict requirements. If neither is an option, then consider saving money on project management fees. Managing the build project yourself doesn’t have to be daunting- in fact, you may find you like the aspect of choosing all the suppliers or sourcing materials for yourself. But don’t underestimate the time and energy it takes to project manage your own renovations either. Think about the scale of the project first. If you have a whole list of them, start with the smallest and considering hiring in more help as you progress.

Shop Around For Everything

Whether it’s suppliers, materials or even the last finishing touches to your interior, there is a huge variance in price to be found. So make sure you put in the research to get the best deal on every outgoing - even small savings here and there will add up in the course of the project. Don’t use one supplier for everything, even if it seems convenient, or you’ll never be sure to get the best deal on all your purchases. Bring your negotiation skills to the fore when purchasing materials in bulk and ask for discounts. And get a minimum of three quotes from any tradesmen you need to contract work to. Make sure you also beware of false economies - the cheapest supplier is not always the best if the work or goods aren’t up to scratch. Make sure your source recommendations and reviews to ensure you’ll get what you’re paying for and avoid costly corrections further down the line.

Leave a Reply

Your email address will not be published. Required fields are marked *