There’s no doubt that renovating a home or investment property can be an expensive ordeal. In reality, you can save money without giving up on quality workmanship, however this is rarely achieved without sticking to these main strategies.
1. Budget like your life depends on it!
Research is key here. Know the intricate details of your renovations before you start, price up the worst-case scenario and get quotes. Renovators often set the budget, then try to fit everything into it, but usually have a blow-out. By working the other way, and knowing the price of things, you then set the budget you need, and can work towards finding that budget.
It’s also vital to put aside an SOS fund to account for unforeseen costs.
2. Renovate in stages
Blow-out costs occur when you change your mind, or if you don’t truly know what you’re working with. For example, you may need to update electrical or plumbing if renovating a n old kitchen or bathroom – does this mean the whole house needs rewiring or re-plumbing?
Reduce stress by breaking the project into smaller tasks by laying out step-by-step plans of your overall renovation goals, and know the costs of each step so that you can manage your budget as you go.
3. DIY where you can
If you’re capable of manual labour or know a licensed trades person, you can save considerably. However, be mindful that a DIY gone wrong, can end up costing more in the long run.
Even cleaning up yourself can save you money!
4. Take your time to do it right
Researching takes time when done right. But, when done right, can save a lot of money. Small blow-outs add up, so if you’re budget conscious, make sure you have time up your sleeve to know what you need to know!