Renovating a home can be an exciting and rewarding experience, but it can also be a costly one. With so many different aspects to consider, it's important to stick to a budget and make smart choices when planning your renovation project. In this blog, we'll share 10 cost-saving tips for renovating on a budget.
1. Prioritise your renovations
The first step in renovating on a budget is to identify the most important areas of your home that need to be updated. Focus on the areas that will have the biggest impact on the overall value of your home, such as the kitchen and bathrooms. Prioritising your renovations will help you stay focused and on track with your budget.
2. Shop around for materials and labour
When it comes to renovating on a budget, every penny counts. Be sure to compare prices between different retailers and contractors to find the best deals on materials and labour. Also, explore alternative materials that are less expensive but still high-quality.
3. Do some of the work yourself
Another great way to save money on your renovation project is to do some of the work yourself. Identify tasks that you can handle with some DIY experience, such as painting, tile work, and installing hardware. By taking on some of the work yourself, you can save a significant amount of money on labour costs.
4. Reuse and repurpose existing materials
Another cost-saving tip is to reuse and repurpose existing materials in your home. Upcycling materials that are still in good condition can save you a significant amount of money on your renovation project. Consider repurposing old furniture, light fixtures, and other items that can be used in new ways.
5. Negotiate with contractors
When it comes to hiring contractors, it's important to communicate your budget and desired outcome to them. Negotiating on price and services can help you get the best deal possible. Don't be afraid to ask for discounts or negotiate on certain aspects of the project - the worst that can happen is that they say no!
6. Look for sales and discounts
Keep an eye out for sales and discounts on materials and labour. Take advantage of clearance deals, overstock items, and other promotions that can help you save money on your renovation project.
7. Consider a phased approach
Another cost-saving tip is to break your renovation project into smaller, manageable phases. This can help you budget for each phase separately and make it more manageable physically and financially.
8. Get multiple quotes
Be sure to get at least 3 quotes from different contractors to compare prices and services. This will help you find the best deal and ensure that you're getting quality work for your money.
9. Finance smartly
When it comes to financing your renovation project, it's important to explore all of your options. Consider loans or credit lines, but also think about the long-term costs and benefits of each option. Driva offers renovation loans to help you split and manage the cost of renovations, allowing you to find an offer that best suits your needs.
10. Avoid the most expensive mistakes
Lastly, it's important to avoid the most expensive mistakes when renovating on a budget. Some common mistakes include changing the layout of your home, overspending on high-end materials, and not getting permits. By avoiding these mistakes, you can save money in the long run.
In conclusion, renovating on a budget is possible, but it takes careful planning and smart choices. By following these 10 cost-saving tips, you can make your renovation project more affordable and achieve your desired outcome. Remember to prioritise your renovations, shop around for materials and labour, and do some of the work yourself. Reuse existing materials, negotiate with contractors, look for sales and discounts, consider a phased approach, get multiple quotes, finance smartly and avoid the most expensive mistakes.
Managing a home improvement project can also be made significantly easier with a home renovation loan, which allows you to take your mind off large upfront costs and lets you make repayments over a longer period of time. Driva can help finance your next renovation, getting you personalised quotes within minutes without impacting your credit score. Plus, you can rest assured we compare 30+ lenders on our panel to make sure you’re getting the best deal.