Whether you are investing in an extension or kitchen remodeling, a home renovation is going to be one of the most costly home projects you are going to embark on, but one that will bring value and joy to your home. A renovation can take a long time to complete and is not something that you can afford to get wrong the first time. That is why you must take steps to stay on track with your budget and save money where you can.
Here are some top tips to help you save money with your house renovation.
#1 Identify the value
Before you begin your renovation, you should identify the value you are going to be adding to your property, especially if you are only renovating your property to sell it afterwards for a profit. Have a look at properties in your area, and speak to local estate agents to find out what buyers in your area are looking for. You could also speak with local professionals, such as an interior designer and an architect, who can assess your home to better advise you on what improvements can be made. This will ensure you make the most of your budget and get a good return.
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#2 Conduct research and make a plan
One of the biggest mistakes you can make when renovating your home is not having a clear plan. This could lead to delays and a variety of surprise costs.
A good plan will tell you what budget you have to work with, what scope of work this covers, how the budget is going to be assigned, how you can get the most out of your budget, and a plan for unforeseen costs. The initial research that helps you to create your plan will inform you to make the right decisions. For example, you may be able to create more space by using rooms that are already available, or by knocking down a wall, instead of extending your home. It will ensure you don’t rush into any decisions and save a significant sum of money on unnecessary changes.
#3 Speak to a professional
You must speak to a professional while conducting research and making a plan. This will ensure that you obtain reliable advice on what is possible for your renovation, and what is not. They will be able to advise you about possible issues, risks and complications that may arise so that you can budget accordingly. You can also speak about costs, so you do not underestimate the cost of the building work that needs to be completed.
#4 Shop around
You should always shop around when trying to save money. If you visit showrooms to cost up your renovation, you are likely looking at the most expensive option for the project. It is a good idea to look around in different shops, and search the internet to compare costs for materials, furnishing and appliances. You are going to save a lot of money this way, without neglecting the quality.
You should also shop around when it comes to hiring contractors to complete the work. Make sure you always obtain at least three quotes for the work and spend some time with each contractor. This will give you a better idea of their quality of work, communication and attention to detail.
Saving costs on your renovation project does not mean you have to compromise on quality. With the right knowledge, you can save money and still have the renovation of your dreams.
