Buying a home is a major investment. Indeed, it is probably going to be one of the most significant investments you ever make. That’s why more of us are opting instead to either invest in what we already own or buy a home with the intent of renovating it into something special. However, many do not think to calculate the costs of renovating their home and end up in over their heads with half-finished ideas and not enough money left in the pot to cross the finish line.
So, below we’ve gone through a few ideas to help you save money when renovating your home on a budget.
Assess the overall project
Sometimes you need to take a step back to see the wood for the trees. Before you start or make any serious investments, look at the renovation project as a whole. This will help you decide on all final renovations that you want to make, potentially cutting out ones that are not as essential, which is vital when on a budget. If you know what you want to achieve with your renovation overall, you’re also more likely to be able to settle on exactly what you’ll be able to do yourself and what you’ll need to hire people in for.
Measurements and planning
If you measure and plan your project correctly and accurately you can save money on materials, as well as time. The general rule of thumb is to “measure twice and cut once” but we’d take it a step further and say measure three times, if possible.
Do it yourself
If you can identify what projects or parts of the project can be done effectively by yourself, you can save huge amounts on labor costs by going the DIY route. This way, all you’ll need to invest in is tools such as SDS drills for your home renovation project. To assist you with your DIY, you may find it useful to watch a YouTube tutorial or read a blog post on how to do the job right. Or, if all else fails, ask your friends.
Use inexpensive materials where possible
Inexpensive doesn’t necessarily have to mean bad. Stick to composite or engineered wood, which is cheaper and stronger than traditional wood. You might also be able to save money on build costs if you go for upcycled or second-hand materials.
Stick to a set budget
Once you’ve set out your budget, while it might prove tempting to go over just a little bit if there’s something you really want, never waver. Sticking to a budget can actually make you more inventive and if there is any money left over you could always use it to pay for a nice holiday. Because you’ll probably need one once all those renovations are finally done with.