People who move from a condo to a house find maintaining a house to be way more expensive. This is not by chance. Any type of work around the house can quickly get out of control and cost much more than you’d anticipated. Something as big as a home renovation can easily punch a hole in your budget, draining it dry.
Luckily for you, there is a way to manage a home renovation even on a tight budget. Let’s see what you can do get the things done while saving some money in the process.
Not all renovations are the same. They differ in terms of scope and, therefore, in terms of cash needed. We completely understand if you have to renovate the whole place. But if you can’t spare enough money for it, why not break down the renovation into a few stages? Yes, we are talking about the renovation that works for both your budget and your home.
You should start by identifying the parts of your home that are crying for a renovation. We’re sure that you can pinpoint just one area. Maybe your bathroom needs more attention than your kitchen? Doing both at the same time will most definitely strain your budget and affect your lifestyle.
If you stick with just one, the renovation process will be a lot shorter and your lifestyle won’t be affected as much.
Since you want the best for yourself and your home, you have to learn how to create a budget for the renovation. But you can’t do that if you don’t know how much of your total income is allocated for the renovation.
To create an accurate budget, you will have to assess your total income and savings and then do a bit of research.
Where to start? It’s rather simple. All you have to do is to get a spreadsheet going. You need to put in all the materials needed for the renovation.
For instance, if you are renovating your bathroom, you need to put in your desired tiles, glue, bathtub, sink, shower, shower enclosures, screens, trays, and so on. Then you have to make calls to get quotes for both the materials and the labor.
After you are done, you’ll be able to identify the kind of materials and labor that are going to break your budget. Proceed by making adjustments and going for less expensive materials and cheaper home renovation services.
If your home requires immediate attention and you have nothing saved up, renovation loans are an option. When using a loan to finance your property repair or update, make sure that paying the loan off won’t affect your lifestyle too much. Contact several different renovation loan agencies to find the ones with the most convenient services and lowest mortgage rates.
If you are a war veteran, you should know that there are special renovation loans available for you. VA renovation loans are very attractive because they come with full financing and with low mortgage rates which is a benefit few people are entitled to. For years now, veterans have been using them to purchase cheap properties in a very bad condition and renovate them.
Planning a home renovation can get you all fired up. Enthusiasm is good, but in this line of business, it can turn into a costly adventure. This is why it would be better for you to stop and take a breather. The thrill has made you forget all those times of the year when you can get a lot more for a lot less.
For instance, appliances are usually significantly cheaper during the big holidays. If you are in need of power tools and electronics, then you might want to wait for the famous Black Friday. Shopping for outdoor furniture might be a much better idea by the end of the summer.
You get where we’re going with this. If you get good deals on materials and other items needed for the renovation, you will save a great deal of money, which you can put aside for the next renovation.
Don’t be a stranger to online shopping either. There are many online stores that offer great deals with or without coupons to their customers. You can easily find the ones with free shipping. Seize this opportunity to save an extra buck and start saving money.
Have you ever thought about what makes some renovations so expensive? The answer – the change of spatial functionality. If you need to move sinks, bathtubs, light bulbs, switches, and plugs, your budget is going to suffer. Why?
Because, first, you will need to hire a professional help to get the work done, and, second, you will have to purchase a whole bunch of new materials.
On top of that, if you want to change the functionality of your home, the renovation is going to take much longer. And, trust us, this process comes with many unpredicted and hidden costs. On the other hand, if you keep your home’s footprint intact, you’ll be able to determine the costs in advance and get things done before the deadline.
In the end, we have more of a money-making than a saving tip. Don’t look at all the old fixtures that you are replacing as garbage. There are many online websites where you can sell your fixtures at a reasonable price. This will help you accumulate more money and plan your next healthy renovation project.
These tips will help you plan and execute your home renovation smoothly, even if on a tight budget. Take your time and don’t give in to the excitement, as you are treading the business waters now, and this requires a cool head.