Renovating Budget

Whether you want to make it a more comfortable place to live in or increase its market value, renovating your house is going to cost you big bucks. Staying within your set budget is the hardest aspect of any renovation project. Homeowners are also not willing to roll back on their dream project. Unfortunately, most people have no idea whether they are helping or hurting their dream project by spending more than they can afford.      

However, renovating your house doesn’t have to be expensive. As a matter of fact, there are plenty of ways to complete your dream project at the price you can afford. With careful planning and strategic thinking about building materials, your floor plan, and your priorities, you can save considerable money without compromising the quality of your renovation. Here are eight amazing budgeting tips for renovating your home:

  1. Clean up before Remodeling

Cleaning up your home before making any changes in it is the best way to get an overall idea of your renovation project. You can donate or sell some of your home accessories, appliances or salvaged building material that you don’t need. You can also rearrange your furniture to get a feel of the space and how it can be used to it’s maximum potential. Cleaning up can make your house more functional and clutter-free without spending a penny.

  1. Figure out Your Needs

Prioritizing your needs is the key to avoiding unscrupulous expenses. For example, if you are a parent of newborn renovating your house to make it more baby-friendly, then safety should be your first concern. You may need to put locks on kitchen cabinets, install safety gates, and change the doorknobs to make your house more baby-proof.

Make sure to assess the condition of your house before determining your remodeling budget. Take a close look at what the place needs to be more functional. You may have to compromise some of your requirements to fit your budget. So, make a list of the must-haves only and stick with it. Remember, you don’t have to buy what you don’t need.

  1. Decide on the Budget

Once you have figured out your priorities, the next thing you have to do is to check your budget. Homeowners often borrow money for home improvement. Several financing options are available for homeowners such as home equity loan, home equity line of credit, credit cards, and private loans among others. However, a home equity line of credit (HELCO) is the best way to borrow for a remodeling job. A line of credit allows you to borrow the money as and when you need it. Unlike a loan, you don’t have to borrow the entire amount in one lump-sum.

  1. Do It Yourself

The best way to keep renovation costs down is to do most of the work on the house yourself. You may need to hire a contractor for a major remodeling project. However, you can easily do simple tasks such as painting, fencing or a simple tiling job. Hire a contractor only for important jobs such as electrical, plumbing and structural work. Alternatively, you can pick up a few DIY skills by watching YouTube videos or reading online article and blogs.

  1. Scour the Internet for Free Samples

You can get a variety of free stuff online. You can try free samples of home décor and renovation products provided by different companies for free. Most companies offer these free samples to promote their product in the market. The freebies that you can find online will help you save big and get materials you need without spending a penny. Most of these websites have free email alerts. Make sure to register with one, so that you can avail the latest offers right away.

  1. Consider Buying Recycled or Lightly-Used Building Materials

You can save a lot of money with recycled or lightly-used building materials. From good-quality timber, window glasses, bathroom fittings to kitchen tops, it’s possible to find a wide range of recycled material for renovating your house. The Habitat for Humanity operates hundreds of stores and donation centers that sell gently-used furniture, home appliances, bathroom accessories, and building materials, among others. You can also visit local yard sales or auction houses to search for cost-effective, but good-quality furniture, fixtures, and accessories. Recycled building material, especially timber, is environment-friendly. Besides, it is a lot cheaper than brand new products.

  1. Use the Pre-Existing Plumbing

Unlike Canada and U.K., in the United States, plumbing is placed inside the walls. It is, therefore difficult to change plumbing structure. So, make sure to use pre-existing plumbing locations as far as possible. Use flow meters to check any leakages in your existing plumbing. Changing the position of your kitchen sink or toilet will skyrocket your plumbing costs. You can spend the money set aside for this purpose on upgrading the pipes instead.

Renovations

  1. Revamp Your Furniture and Home Accessories

If you can revamp the furniture and accessories in your bathroom and kitchen to create storage space, you can avoid the rebuilding cost. You can add inexpensive finishing touches such as changing the doorknobs, and the handles and the hinges of kitchen cabinets and bathroom doors. You can also change blinds or window curtains to brighten up your home interior.

Replacing space-hogging kitchen shelves with pullout drawers or concealed cabinets is a great way to gain more storage space without expanding your kitchen. Installing a lightly-used chandelier above the dining table or replacing outdated wallpaper with a new one can make a huge difference. These small, but effective changes can save your money as well as effort

Conclusion

Usually, renovation is necessary for increasing the functionality and the beauty of your home. However, renovation projects are notorious for going over-budget. Most homeowners usually end up overspending due to unexpected and often unnecessary expenses. But, with careful planning, you can renovate your house without cutting any corners. By using theses eight amazing tips, you can save a great deal of money when renovating your house.

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Author bio:

Ann Neal is a writer with a keen interest in fashion, tech, parenting and lifestyle topics. She is passionate about music and loves to play guitar in her free time with her cute pooch listening quietly ;). Tweet her: @Ann_G_Neal

 

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