Everyone aspires to turn the home of their dreams into a reality, and one way to do so is by doing some renovation work. However, a project of this magnitude can cost a small fortune, making it a daunting prospect for homeowners working with limited financial resources. Fortunately, it’s more affordable than you might think. And you’ll be surprised at how far a modest budget can get you. With that said, here are some home renovation budgeting tips that will keep costs at a reasonable level without compromising your vision.
1. Come up with a number you’re comfortable to spend
Before making any purchases, come up with a number that will cover your home renovation costs. After all, you need to know what you can comfortably spend if you want to undertake the project economically. By setting a budget, you’ll know your limits and will be less likely to go over them. Be thorough when listing everything you’ll be paying for, from materials, equipment, tools, and labour to cleaning services and permits. Finally, don’t forget to create a financial cushion of at least twenty per cent of your budget to cover unforeseen or unexpected expenses.
2. Plan your renovation early
It’s a rule of thumb to plan early when it comes to projects like home renovations. When you get down to it, it’ll give you enough time to consider all the details so that you can avoid wasting money later on. Moreover, it’ll give you the opportunity to explore your options, from any modern appliances you’re looking to purchase to steam showers you’ve always wanted. As a result, you’re far more likely to find inexpensive alternatives and better deals that will help keep your budget intact, especially for a big ticket item like a steam shower.
3. Use cash as much as possible
It might seem obvious, but using cash to pay for your home renovation project can net you significant savings that you would otherwise lose out on due to interest associated with using your credit card or taking a loan. Before you dive into these payment methods, be sure to think everything through first. If you’re unable to afford to do a renovation now, don’t force it. Instead, try to save up for the project so that you don’t end up struggling with it.
4. Choose your DIY work carefully
Home renovation involves many different tasks, from cleaning and demolition to painting. While there are things best left in the hands of professionals, you can do some of the work yourself and save on labour costs. However, be sure that you choose which tasks to DIY. If you don’t, you could end up making more mistakes and costing the project more than if you hired specialists.
Undertaking a home renovation isn’t easy. In reality, these projects are as time-consuming as they are costly. But by following these budgeting tips, you’ll keep expenditure at a minimum while still getting the results that you want instead of having to cut corners and compromising on the outcome.