Home renovation can quickly become more expensive than expected, especially if you don’t have a solid game plan going into the project.
Homeowners often find themselves overspending for materials/labour and relying on financing, which adds unnecessary interest to the equation. If you’re willing to spend a bit of extra time searching for the right tradespeople and materials, you could be rewarded with significant savings.
With that said, here are five ways you can bring down the overall cost of your next home renovation project:
1. Repair Instead of Replace
It’s easy to do a quick sweep of a new kitchen and decide to replace every existing appliance with brand new replacements. However, if the appearance of a broken appliance is still up to par, it may be wiser to have it fixed by a local service. With the cost of modern appliances on the rise, it may be cheaper to pay for a couple hours of repair labour and few cheaper parts as opposed to buying new.
2. Search for Second-hand Materials
Paying for brand new materials can take a huge chunk out of your budget, when in many cases you can find similar solutions on the second-hand market. Using local classified ad sites like Gumtree, you can find plenty of great deals on appliances, flooring, roofing, timber, and all sorts of other building materials and tools. Before you settle for paying an exuberant price for brand new materials, check to see if you can get the job done with used or reclaimed components instead.
3. Compare Multiple Labour Bids
Choosing a contractor should be a very straightforward process, yet so many people settle for the first or second contractor they meet with. Of course, there’s a spectrum between cheap labour and quality work, so sometimes it’s better to pay more if it means you’ll be dealing with a more reputable company. If you visit checkatrade you can read reviews from the jobs contractors have previously carried out! As a rule of thumb, you’ll want to compare quotes from at least three contractors before making your decision, although you may have fewer options in rural areas or more near large cities.
4. Consider the DIY Route
While critical jobs like plumbing, roofing, and electrical work should be left to the professionals, if you have some decent handyman skills there are many kinds of renovations you can do yourself. Obviously, the monetary benefit of going DIY is that you would save on the cost of labour for any projects you can complete yourself. Never try to perform any job that you’re not confident in your ability to complete safely and effectively. Fortunately, YouTube is a treasure trove of instructional videos that will walk you through most DIY jobs.
5. Adhere to a Strict Budget
Setting specific boundaries for the project beforehand is a great way to keep yourself from overzealously making a bunch of unnecessary investments. Funds should be allocated precisely to account for every single component and hour of labour required. It may even be wise to consult with a construction finance specialist if you’re planning on doing a complete interior or exterior overhaul. For properties that require extensive work, you may need to prioritise to determine which parts of the renovation should be handled first if the entire project exceeds your immediate budget.
Try Not to Cut Corners
While the above tips can certainly reduce the financial burden of completing a renovation, it’s important to exercise moderation in your saving efforts. After all, cutting too many corners could lead to unsatisfactory results that you’ll either want to change or need to fix later on.