Whether there’s a patch of missing paint on your wall, faded colours behind the kitchen cabinetry, a few old handles that need replacing, or an entire bathroom in desperate need of some renovation – every house has an ever-growing list of items that need to get done. It’s as if your house starts coming up with problems as soon as you move in, but you never get around to them all in time, so some might even escalate. Aesthetic or functional, these renovations can cost a fortune, but you can work your way around costly repairs.
With the help of a dedicated strategy and a budget plan, you can tailor-make your renovation ideas to both give your home a fresh look and feel, but without breaking the bank. We’ve covered a few budgeting tips to help get you started and to allow you enough wiggle room to adapt your own renovation plans accordingly. Here’s what you should do!
Create a top-down list of priorities
Before you start making random decisions and calling repair people, you need to create a detailed list of what you want to do. Sometimes even small alterations can make your house look and feel new, but sometimes you need to make larger changes even though they might not be clearly visible. Think: replacing old pipes, increasing the insulation, or upgrading your roof.
Since the list can include both aesthetic and functional features, make sure to create a list of priorities to focus on repairs that will boost your quality of life, and not just the look of your house. Prioritise repairs that carry the risk of causing more damage if left intact for the time being – so that you put your expenses in perspective.
Determine a sensible budget
Now that you know what needs to be done immediately, spend some time researching. You can find out the costs of those repairs online and ask for the pricing of your local experts. Then you can get a more realistic picture of how you should structure your budget and where your investments need to go.
Go over the costs of each part of your renovation to see how you can pay the workers, what portion of the work can be transformed into a DIY project, and the like. You might discover that you can save up here and there if you take on some of the work yourself, such as repainting the bedroom, or restoring an old coffee table.
Look for smart payment options
Although you will need to pay your workers in time and according to your agreement, there are different ways to structure the entire payment scope of your renovations. For example, various payment providers offer interest-free instalment programs that allow you to buy something and pay it in increments over a period of time.
For example, if you want to introduce solar panels and make your home more sustainable, you can shop iinergy & pay later with Humm, without incurring any interest fees in the process. This kind of flexibility in your budget helps you cover more renovation ideas. You can pay for must-haves immediately and pay off larger projects in instalments without actually increasing the cost of the overall project.
Ask for multiple bids on bigger projects
Never settle for anything less than you want or need – that’s the core principle of renovating your home when you’re leaving someone else in charge. Contractors are professionals, and even though they might have experience and knowledge, you have all the right to shop around and find someone who understands your preferences and has a price to match your needs.
When you wish to completely revamp your home’s exterior, for example, that project alone can cost a fortune, and you likely cannot commit to it on your own. That is why you need to look for reputable professionals in your area, ask for recommendations, and choose someone who is able to work within your budget.
Choose projects that cut costs
Yes, all renovations cost money, but some of them can be for the purpose of increasing your savings potential in the long run. Simply put, renovating your home can often lead to reducing your bills and cutting your expenses for maintenance and upkeep in the months and years to come. That’s why it’s vital to do the math before you make up your mind, so that you can find renovations and projects that both fit into your budget but also grow your financial stability in the future.
For example, you can renovate your home to reduce energy use with the help of solar panels, smart water systems, or sensor-activated lighting. All of these solutions might be more expensive than their traditional counterparts, but they come with the right level of future benefits for your energy use and sustainability.
Renovations can take a while and have a price tag to match. Thankfully, with the right approach to all your plans, you can tackle the process more easily, reduce the overall costs, and above all, make the process much less stressful. You can finally enjoy the renovations in your home and maximise the use of your budget with the right plan in your hands – so use these tips to create a strategy that will help you accomplish your own renovating goals!