Home renovations are performed for different reasons. Maybe your old house already has cracks on the walls because of bad weather conditions, or your roof has termites. Or, you want to do some cosmetic makeover to the house you’ve just bought. But whether you’re doing a home redesigning or extending, it’s essential to be smart when it comes to the fund for the project.
The last thing you want to happen is not having enough money on your wallet or account to complete the renovation. Sit down and map things out. How can you actually save enough funds for the home renovation? Listed here are a few practical tips you can follow.
Create a budget and stick to it
You need a budget for everything, especially for a house renovation. Start with the basics: check your total monthly income and expenses. You can then figure out your wants and needs for the entire project. Do you want to get need kitchen cabinets and countertops? Are you planning to get new roofing sheets? Do you need a replace your old plumbing system?
If you plan for several major renovations like these, it’s best to create project buckets to make the break down easier. You’ve got your money buckets for new hardwood flooring, countertops, roof, or interior trim. Unless you got an unlimited budget, you’d want to create an allowance for your buckets. You can request quotes from suppliers or contracts to better understand the costs for the materials or labor.
Reuse whatever you can
Home renovation doesn’t require brand new materials or items for every work category. Reusing or recycling building materials is always an eco-friendly and money-saving thing you can do. Practicing this frugal decision will enable you to save tons of money. Some common recyclable building materials include metal, hard plastics, and wood. Some roofing materials can be utilized for other purposes. For instance, asphalt shingles can be used to build a dog house, and slate tiles can be used for a bathroom or kitchen tile floor.
Flooring materials such as tile and wood are also typically reusable. Broken or cracked tiles can be used in landscaping or outdoor pathways. Are you planning to replace your old stone countertops? You can utilize them for a backsplash or floor tiles if you want to save a few bucks.
Check what you can DIY
You don’t have to pay for contractors or builders to do all the work. In fact, you should if you are trying to save money. You can clean your vinyl house siding by using your garden hose, scrub brush, and a cleaner. You can apply the new removable wallpapers or paint the rooms yourself.
Got old-looking cabinets or furniture? Repaint or refurbish them instead of buying new ones. If you’re willing to shed a few more sweat to save some money, you can also DIY your new backyard deck and let the professional builders handle the other hardware and fixture work.
Pay with cash
Cash is always the freest and cleanest way to pay for major projects like home renovation. Paying cash for your new building materials can help you save a few more bucks: no charges, no fees, no interests. Instead of paying for these extra costs, you can use the money for your renovation’s emergency fund. Paying for credit card charges or loan interests is just financially painful. The more categories in your project you pay with cash, the better.
Know when to shop
The things you need for a home renovation can quickly add up without you noticing, from the furniture and appliances to the flooring and backsplash. If you plan to get brand-new items, be sure to shop during big discounts or sales. Most of the huge sales happen during Christmas, New Year’s, Labor Day, Black Friday, and July 4th.
But since it still depends on your local stores, it’s better to sign up for price alerts so you can be updated with the latest deals. Shopping on sales or offseason can help you save almost half the cost you would’ve spent. Be patient and wait for the great deals.
Your house should be an ideal living space where you can rest, play, or work whenever you want. It’s also not bad to spend money on improving its structure and aesthetics whenever you feel like to. But if you’re going to do it without saving for it, you’re significantly hurting your financial status. Be sure to follow our money-saving tips before you even start hiring a contractor for the project!
