Buying a house is quite comfortably one of the most significant purchases we’ll ever make, whether it’s our first house or our fifth. However, even many seasoned homeowners often neglect to fully consider the expenses of renovating a house and making it into a proper home once they’ve moved in. With that in mind, we’ve put together a step-by-step guide to planning your renovation on a budget and preventing yourselves from spending a fortune.
Assessing the project
If there is a specific renovation project you have in mind, it is best to evaluate whether this will add any value to your home. Because you might not be ready to sell today or even in a few years but you probably will eventually. Any renovations that add value to the home will act as investments above all else so always keep that at the back of your mind.
Planning the project
Plan the project thoroughly from top to bottom. This will allow you to realise what is necessary, what works and what will be the best and most cost-effective way to approach the renovation. Carefully plan how much material you will need, as overbuying materials is one way that money can be easily wasted. Also, plan how much time it’s going to take and how disruptive it’s going to be to your daily lives. Major renovations can turn the house into a building site and that can be quite inhospitable.
Where you can, do it yourself. This way you will only have to pay for the materials and not a professional’s time and effort, which can be the most expensive part of a job. Projects such as painting are a great example and you can make the job seem more professional by investing in a palm sander to sand down any previously painted surfaces ready to be repainted. This way you’ll get a much cleaner finish free of bumps and imperfections. And if you need to strip any wallpaper count yourselves lucky as it’s surprisingly satisfying!
Avoiding extra costs
You might want to bring in outside help at some point or you might decide you want to add another extension onto the home as you’re working. It’s up to you but at every stage keep an eye on your expenses and cut costs wherever you can. For example, consider swapping out kitchen cabinets or giving them a new coat of paint instead of going for a completely new kitchen.
Focus on what needs to be done first and then worry about the little bits and bobs. Remember, this is probably not going to be the only time you’re renovating the house so there is always next time. Saving money on your renovation is all about taking stock of your outgoing costs and knowing when to say no. As long as the value of the home scales alongside what you’re spending on it then you’re onto a winner.