Keep those costs from spiralling.
If there’s one message that comes across loud and clear from the various home renovation TV shows now it’s that renovations cost money. Not only that but costs and budgets often spiral wildly out of control – even when you’re working with the professionals. So, unless you have a very canny eye and you’re totally in control of the costs, you could end up paying up to a third extra for a planned renovation (more in some cases). How do you save money on a home renovation project and make sure that doesn’t happen?
If you have tastes that vastly outstrip your budget – a solid wood floor, a marble bathroom for example – instead of buying new, try purchasing what you need second hand. There are numerous ways to track down and buy reclaimed materials now, from auction sites like eBay to reclamation yards and sales. Not only will you save cash but you’ll get a better quality product and one that’s more environmentally sound than materials that just rolled off the manufacturing line too.
Don’t do it yourself
At least, if you don’t have any experience and your budget is really tight then don’t do it on your own. Or not entirely on your own.No matter how smart and prepared you are, it’s experience that allows the professionals to see potential issues, identify savings and know how to keep the project to time. If you’re really determined to be the one in charge then at least try to work with contractors who have some years on the clock.
This applies both to the plans that you make and the expectations you have. There are so many home renovation projects that appear to go over budget but actually weren’t realistically budgeted in the first place. Make sure you get plenty of quotes so that you have a good idea of what you’re aiming for will actually cost and also make sure you know what home improvements deliver the best return so you know you are making a good investment for your hard-earned cash. Get a second opinion on the budget you’ve created and consult with some experts on your plans – if they tell you that your idea will cost a lot more than you thought then take their advice seriously to avoid disaster down the line.
Keep the project on track
You can keep your costs down on a home renovation project and avoid having to borrow more money on a unsecured loan if you’re able to ensure it runs to time. It’s when contractors go into extra hours or additional people need to be brought in that the price can start to shoot upward. Although it’s not always possible to finish a project to the exact estimated date there is a lot you can do to manage it well and this will help to save money overall.
Mix and match
If you’re looking for a renovation with real character but you don’t have much budget you’re going to need to make some compromises. Work out where those compromises can come without having a seriously negative impact overall and work out where you can spend more. Mix and match expensive work and materials with lower cost options to achieve the same final results at a lower price.