More and more households are looking at ways to renovate or upgrade their current property due to the high costs of buying and selling. However, with the cost of renovating also rising, homeowners need to find cost-effective ways to do the work. Here are three ways to minimise your renovation costs.
A well-thought-out plan is the first step toward executing a cost-effective renovation. Before you start swinging a hammer, take the time to carefully plan your project. Begin with a thorough inspection of your property to identify the areas that require attention and prioritise them based on their importance and potential return on investment.
To minimise costs, it’s essential to set a realistic budget. Over-ambitious budgeting can lead to financial stress and unfinished projects. Consider factors such as labour costs, materials, permits and unexpected expenses. Allow for a contingency fund of around 10% of your budget to cover any unforeseen issues that may arise during the renovation.
One of the most valuable ways to minimise renovation costs is to prioritise and focus on cost-effective upgrades. Concentrate on projects that add significant value to your property without breaking the bank.
Kitchen and bathroom upgrades are known to have a substantial impact on a property’s value. But so too is the cost of renovating these rooms. So, if the cost is too high, consider re-facing or painting cabinets, updating fixtures, and refreshing the overall appearance.
A fresh coat of paint can do wonders for the overall aesthetics of a property. Similarly, updating flooring with cost-effective materials like laminate or vinyl can provide a new look without a hefty price tag.
Simple cosmetic changes like new lighting fixtures, fresh curtains or blinds, and landscaping can enhance your property’s appeal without major expenses.
Depending on your skill level and the complexity of your renovation project, you can save money by taking a do-it-yourself (DIY) approach. Simple tasks like painting, minor repairs and landscaping are often suitable for DIY enthusiasts. However, it’s important to be realistic about your capabilities, as botched DIY projects can lead to costlier fixes.
For more complex renovations, hiring professional tradespeople can ensure quality work and, in some cases, save money in the long run. Professionals have the expertise to complete projects efficiently, reducing the risk of costly mistakes.
A great way to save money is to act as a project manager. Instead of hiring a renovation company to take care of everything, take the lead and hire the right trades and schedule them yourself. This will save you a lot of money, while still getting the right people to do the job.
If there is anything we can do to support you in your property buying or renovating journey, please contact us.
*This information is general in nature and does not take into consideration your individual circumstances. Please contact us for further information.