So, you decided to give your house the much-needed upgrade it deserves. The only problem is, of course, the cost. Renovating your home is not a cheap endeavour, but at the same time, you don’t have to break your bank account to get it done.
In this piece we’ll be looking at some helpful tips you can follow to help you save some money when you’re renovating.
The first thing you need to do is get some money together and figure out how much you will be spending and on what. Now, one thing to keep in mind is that the word budget isn’t synonymous with the word cheap. It just means working out what you want and how much it will cost. It’s at this stage you can get a better idea of expenses, figure out what you really want from your renovation, and what kind of alternatives you could consider in order to save a little more. Nectar has an easy-to-use budget calculator you can use to get started.
Looking for a cash injection to help jump-start your project? Get in touch with a local mortgage broker to find out if a renovation loan is right for you.
When it comes to getting materials, labour, tools and supplies, there’s a lot to choose from. But not all products, or services, are created equal. Look around, get quotes, find out what’s on sale and brush up on your negotiation skills. Don’t forget to check online for good deals. It may take some time, but it really is helpful on the wallet.
As you can guess, this is one of the best ways to save your money. Even if you think you’re not handy there are some simple tasks you can do like painting, clean-up, preparing the surfaces and maybe even tiling. If you don’t have any hands-on experience that’s fine, you can just go on the internet and look up some how-to guides/videos. Some DIY shops even provide workshops, so you could check with your local DIY stores and find out if there are any workshops scheduled. If you have friends who are experienced in DIY, now’s the time to catch up with them and have a chat!
You don’t have to do it all alone. Wherever possible, try to get your family and friends to help you out. Work out what each of you are good at, who will do what and what all of you need to do your allotted tasks. Just make sure you pay them back with at least some snacks and drinks!
Some tasks you and your loved ones may be able to do include:
There are some jobs that are better left in the hands of the professionals. Especially if it’s something complex, dangerous, or needs to be done up to code. These are the types of jobs that can cost you dearly if you do them wrong. These include jobs like electrical, plumbing, insulation or earthquake strengthening. While you do want to save money, there are tasks where skimping on price can cost you more later!
Saving for the short term is all well and good, but the best renovations are the ones that help you save in the long term too. Consider installing some energy-saving commodities like LED lights, solar panels, better insulation and rainwater tanks. Consider working on getting more raw energy i.e., natural light and ventilation, if you’re doing structural renovations.
Some lenders have special loan products for things like solar panel instalation and other modifications that improve the living conditions of your home. If you’d like to find out more, get in touch with a local Nectar broker for assistance.
Another good way to save some cash is to reuse and re-purpose what you already have. You’d be surprised what a little paint, maybe some new doors, could do for your kitchen cabinets. Keeping the main body and replacing some of the old features can make them look brand new! You can save more money by looking around for second-hand vanities and cabinets online, in auctions or garage sales, and then re-fit some of the components to your existing stuff.
If you can help it, try your best to keep your original plumbing points. If you want to change the sink, toilet, taps, showerhead and so on, that’s fine, but moving the pipes would require much more work and will be much more expensive. If you really need to reposition some things, try to keep them to a minimum.
One of the easiest things to do during renovation is switching materials. Not every room needs the same type of floor and not every wall needs the same type of cover. Instead, you can mix and match materials, putting the top-tier stuff where it’s needed, usually the kitchen and the bathroom, and using mid-range materials for the rest of the house. It could even give your house a new kind of aesthetic.
As you’re renovating, you’ll likely uncover a whole lot of stuff around the house that you rarely or never use. Rather than sending them to a landfill, you could try a garage sale or sell them online! You could also sell any metal you pull out to the scrap yards. That’s cash you would have practically thrown away, cash that you can keep and use later.
We hope you enjoy these tips and that they can help you achieve some savings in your renovation project. That’s money you can use to treat yourself or put aside for a rainy day.
Need help getting a loan for your renovations? Our mortgage brokers go to different lenders to find the loan most suited to your project and your financial situation. Speak to one today for a no-obligation chat.