share Bookmark & Share

10 ways to save during your renovation

Notice how couples (who have just completed their renovation project) usually lament that it was hard for them to save during the renovation?

They find it hard to rein in their spending and thus, their renovation costs snowballed beyond control.

Now, there are actually many ways you can take control and save during your home renovation but here are just 10 ways you can employ to cut costs and enjoy some savings. 

1. Determine a realistic budget

Budgeting is one of the best ways to manage and save money. Most couples who do not have a budget for renovation end up overspending and take on unnecessary debts.

Thus, having a realistic budget helps to ensure that you spend within the scope of renovation work.

This is the first step in creating a simple spending plan for your renovation needs. 

For instance, if you know that you would be spending around $40,000 after determining the renovation scope, then based on your savings of $20,000, you will need a home renovation loan of another $20,000.

Hence, you will be mindful that once you spend beyond $40,000, youwill have to scramble to find money from else where. 

But the budgeting doesn't stop there!

Once the renovation project has started, you will be keeping a close watch on the amount spent and also look out for unprepared expenses.

Also, start forecasting whether you have enough money for the renovation in the following months too.

2. Be clear on needs and wants

Once you have a budget to adhere to, you will have to make choices and prioritize between your needs and wants during the renovation. A 'need' is something that your renovation project must have in order for a home to be functional.

A 'want' is something that you would like to have in order to enhance your home. It may not necessary be functional. 

To cite an example, getting a door is a need for any home renovation project. Installing a designer door made of the finest material and finishing however, is a want.

By distinguishing your needs and wants, you will be able to rein in your spending during the renovation and strike a good balance between them.

3. Do It Yourself (D.I.Y)

You should carefully scrutinize your scope of renovation works and determine the areas which you can D.I.Y.

A general rule of thumb is to leave the more specialized tasks (which involves gas, electrical, structural and plumbing works) to the qualified renovation professionals.

 

For instance, you can save money by taking on simple tasks such as painting or putting up simple shelves. However, beware that you might end up spending more money to recover from your mistakes if you are someone who is not good at D.I.Y.

Therefore, always do your homework and look up the internet for instructions. 

4. Compare quotations prior engaging the renovation professionals

Make sure you compare the quotations from different renovation professionals. By comparing prices, chances are you will be able to save quite a significant amount.

5. Purchase own materials or supplies

If possible, get your own materials (such as paint, switch covers, lights and bathroom fixtures) for your home renovation. This allows you to control the cost of your materials and ensure that you will be spending on only what will be used.  

6. Refurbish and reuse 

Rather than demolishing structural elements or trashing stuff which are still in working condition, consider refurbishing them for a fresh look to give them a second lease of life.

For instance, if you have brick walks or concrete floors, refurbishing will be cheaper than hacking away and rebuilding them.

Overhauls which involve relocating plumbing and electrical works are expensive and therefore, do consider working within the existing plumbing and electrical configurations. 

7. Purchase second-hand items

You can also get second hand items for your furnishing needs from garage sales, thrift shops and second-hand stores to save some money.

8. Sell off old stuff!

Most homeowners make the mistake of throwing away furnishings and items instead of reselling them.

You can get back some cash by selling off old clothes, furnishing, furniture and even electrical goods during garage sales, second-had stores or even to the rag-and-bone (a.k.a Gurung Guni) man. 

9. Work with your family and friends

Ffamily and friends can chipp in by giving you items (such as cutlery, Tupperware, and kitchen appliances such as Juicer and an Oven!).

These could be housewarming gifts to welcome your newly designed house!

10. Setup housewarming gift registry

Lastly, most house warming guests will not turn up empty handed.

So instead of letting them go through the hassle of getting something which you already have or do not want, your gift registry will let them have an idea of what your home is still lacking. 

Do not worry if this sounds a little condescending. Most people would appreciate a little direction so they don't have to think too much on what to buy! 

Article is contributed by

    share Bookmark & Share