Whether you have a big or a small budget, the cost of home renovation escalates quickly. Apart from lending your home a new look, remodeling also makes your house more functional and accessible. From changing the doors, repainting the tiles, replacing the tiles, and installing modular kitchens, there is a lot you may have to undertake during a home renovation. But the universal truth about home improvement is that little things add up too soon. If you have a shoestring budget to follow, you need to decide how to get ahead with the remodeling task.
Here are 5 effective tips to follow to save money on home renovation.
1.Create a budget and stick to it
Before you know how to save money on home renovation, it is essential to understand that budgeted remodeling does not mean cheap. Whenever you spend money, keep track of how much of your total income can be used for the purpose. When preparing the budget for your renovation project, it’s a good idea to keep some money for unexpected expenses. Keeping about 10% of the budget for flexible expenses is what can serve your home modeling requirements within a shoestring budget.
2.Use cash for payments
It might sound a bit naïve but paying in cash will save you a significant amount of money compared to paying interest, if you take out a loan. Taking a loan makes sense only if you can get a significant return on investment and the loan can be paid off quickly. If you cannot afford to pay off the loan now, you may need to trim the budget and pay with cash. Paying in cash also helps you keep track of your expenses more easily than using other modes of payment.
3.Remodeling in different phases
Usually, people tend to renovate the entire home in one go but it can turn too expensive sometimes. If you aim to save money for renovation, try to complete the work in different phases and spread out the expenditure. When remodeling the home in one go, you may fall short of money and your expectations may go haywire. That is why you need to calculate the amount to be allotted for the renovation and streamline the planning.
4.Reusing the materials
One of the biggest ways to save money on home remodeling is by reusing kitchen cabinets and some appliances. For instance, refacing doors is less expensive than replacing them and allows you to leave the cabinet body intact. Besides, you can also buy fixtures and furniture from auctions to get reasonable prices.
5.Blending preferences with realism
You can make your home smart with several options and accessible with several different decorative items that are not pricey. Things get better if you have artifacts or items from the past to be used for decorating the house during renovation. It will save you money towards hiring an interior designer or making payments to purchase new items for your home. Even if you have a lump sum amount to be used for remodeling the house, make sure you spread it comfortably to save money wherever you want.
6.Hiring professional help
DIY home remodeling is still a dream for several households. Unless you are an expert dealing with such projects all the time, hiring professional help is essential. But be smart about seeking help. Try to get quotes from a few places and analyze the potential of the service provider before agreeing to work with them.
Home renovations get exciting but are also one of the trying times when you need to juggle different roles. You must get your queries replied to by professionals before the remodeling project takes off.
