Home renovations are exciting, except when you reach the part where you have to consider the costs. Failing to budget correctly can lead to a lot of repercussions for you, your bank account, and your home. Imagine not being able to finish a bathroom refitting because you ran out of money, or settling for substandard materials just because you didn’t consider the shipping fee of the one you actually wanted.
While the entire renovating scenario can be daunting, it doesn’t have to stop you from getting the results you deserve. There are tested-and-proven methods of cutting down the costs without sacrificing your needs and preferences. Don’t worry, this doesn’t include the same old advice about cash cushions, canvassing for the most affordable contractors, and practicing self-control.
After all, it can be hard to skip the add-ons when the renovation is already underway. You already know all these pitfalls, so it’s time to move on to the budgeting mistakes that could spell trouble for your finances.
Focus on Efficiency
You’re not the only one who thinks a renovated house means bigger space. Immediately, you’re already on your way to inflating your costs if you start with this mindset. The trick is to start with a fresh perspective and focus on efficiency instead of enlarging your living space by adding square footage.
There are many ways you can renovate to make your space look bigger, starting by breaking down partitions and getting rid of outdated fixed cabinets. Go instead for floating shelves that have multiple functions. Consider improving your vertical space and using corners for stocking picture frames, books, and other decors. The better you plan based on efficiency, the more spacious your entire interior will feel.
Think Long-Term
It seems counterintuitive, but purchasing high-quality materials will cut down your cost. Maybe you won’t feel it now, but you’ll certainly experience the benefits in the future. Perhaps you found a cheap supplier of wood for the additional walls you want to put up, but your contractor advised that high-quality metal stud and track will be more efficient. Since it’ll affect the structural integrity of your home, by all means, invest in your best option.
The only condition is that you prioritize those that have a direct impact on your health and safety. This applies to your choice of paint, underfloor heating, plumbing, and electrical system, among others. Never compromise these, as they are costly to repair and replace, and they might be a cause of emergency if they’re not reliable.
Settle for Lookalikes
In line with the previous point, it’s important that you go for quality, but if you can’t afford the one you want, then settle for a lookalike. Even salvaged items can be refaced to replicate the aesthetic of your desired material or decor.
Remember that every little thing counts during a renovation, and the small expenses you ignore can amount to a huge sum. It’s best to plan early and consider your sources. As long as you’re settling for something sturdy, safe, and presentable, then it should suffice. In case you really want a certain item or material, ask yourself if it’s worth holding out for. Should the answer be yes, then go on and save up for it for future purchase.
Onboard an Architect
A lot of homeowners avoid architects because they assume paying one will eat up a good portion of their budget. While hiring an architect can be costly, the fee you pay them will likely offset the expensive mistakes you were about to make. This is especially true if you tell them on the get-go that you’re sticking to a budget, and you’re okay with compromises to achieve your goals.
You might be surprised at how big a difference professionals can make. They’ll see opportunities you might’ve missed, and they can find alternatives that will drastically cut down costs by eliminating unnecessary dismantling and replacements.
Consider Your Plumbing
Just because you want your bathroom or kitchen to look brand new doesn’t mean you have to change where the sink and the toilet are situated. Doing so will cause major alterations to your plumbing, and this can result in your expenses skyrocketing. Workaround them instead, but if you need to update your plumbing anyway, then feel free to consider these relocations a worthwhile investment.
Even an impressive renovation budget won’t get you very far if you don’t place your money where it will make the most difference. Avoid jumping into any project without first doing your research and foolproofing your budget. You won’t regret the effort you put in once you realize the difference it’ll make in your renovation journey.
