5 tips for getting the most out of your home renovation budget

If you’ve ever watched a home improvement TV show, then you know that it can be quite easy to blow out a budget when you’re renovating a home. Accidents happen, the scope of renovation gets bigger or things just end up costing much more than anticipated. If you’ve decided to renovate your house into a home, then you may want to consider these tips to help you get the most out of your renovation budget and avoid any nasty surprises.  

1. Plan with extra padding

Failure to plan can mean planning to fail, so break out the lists and start designing your renovation.

The unexpected can happen- trades may not show up, the weather may interrupt or things may be a lot worse than they appear once the work starts. Avoid catching renovators-regret by overestimating your expenses and allowing wriggle room in your budget. Revisit your budget and expenses often and continuously make adjustments to keep on track and don’t forget to allocate funds for incidentals, such as paint brushes, cleaning supplies and buckets.

2. Do the prep work yourself

You may be able to save some money in labour costs if you’re willing to get your hands a little dirty. Clearing out old rubbish, sanding back surfaces, patching up plaster and ripping up carpet are just a few examples of pre-work that can be done before your professional trades arrive.

3. Call in a professional

It can be tempting to try and complete work yourself, especially if it seems simple, but playing around with electrics and plumbing could end up costing you thousands if done incorrectly. Uncertified works may also get you into trouble with your local council or home insurer, so protect yourself and your home by enlisting the expertise of a professional to complete specialist tasks.

It’s also a good idea to engage your tradespeople early in your planning process to ensure your ideas and designs are feasible and within your budget.

4. Learn to DIY

There are lots of savings to be made with a little bit of creative thinking and quite often, a small change can make a huge impact. Perhaps you can attend a DIY workshop at your local hardware store to up-skill or search online for DIY tutorials that you can try out at home.

Some ideas could be:

• Repaint existing kitchen cupboards
• Replace cupboard and wardrobe handles
• Paint tiles instead of replacing them
• Repaint the walls

5. Shop Savvy

Sales can be a great way to get new fixtures, fittings and furniture. Make a comprehensive list of all the things you will need during your revamp and keep an eye out for clearance sales and end of season discounts. If what you are looking for is not on sale then try asking for a discount, asking for a price match or obtaining multiple quotes.

Online marketplaces, second hand stores and public auctions can also be great places to track down a bargain. Consider signing up for online newsletters and mailing lists to get early sale notifications so you don’t miss out.   
 

Ready to start testing paint swatches? Consider an Unsecured Personal Loan to get your renovation dreams rolling.