Thinking of giving your home a makeover? Before you start shopping for a new flooring for your kitchen or new tiles for your bathroom, make sure you’re financially prepared for such a big project. A good way of getting money for your home makeover plans is to apply for a renovation loan. Before you submit your loan application, however, come up with a realistic budget plan with a list of all the costs included in your renovation project. Depending on the type of renovation and the amount of work involved, a home makeover can cost you a lot of money. So to help you cut down on expenses and stick to your budget, here are some tips.
Hiring an architect to come up with a design for your home is one good way of building your dream home. However, costs can skyrocket because architects can charge real high. Hire a reputable draftsman or builder instead to come up with a sketch of how you would like your home or a part of your home to look like after the makeover. Draftsmen don’t charge that high, but they’ll be able to come up with quality design plans.
When renovating your home, expect to spend a huge amount of money on materials. As a matter of fact, materials take around 46% of the total costs. To make sure you don’t drain out your savings, figure out what to splurge and scrimp on. It’s ok to spend more on construction materials, flooring, walls, big pieces of furniture, and appliances since these items should withstand wear and tear for years. As for home accessories and small furniture, you can find cheap but still usable items at garage sales and online auction sites.
If you’re confident about your basic carpentry or electrical skills, then grab a hammer or drill and start working on your dream home. You’ll probably need a professional for more complex projects in the kitchen and bathroom, but doing your part as a handyman can help lessen labour expenses. After all, labour costs can take a huge chunk (around one-third) of your budget.
When planning on doing a renovation project that can damage furniture, appliances, or make your household life difficult, you’ll have to find a temporary home and storage options. You don’t have to live in a hotel or rent an expensive apartment while you give your home a makeover. To save money, ask relatives and friends if they have a spare room or two where you and your family can stay. Then shop for the best storage space prices for your bigger furniture and appliances.
A well-thought out renovation can significantly increase the insured value of your house. So this means a raise in the premium/monthly payments. You can check with your current insurer and see what their rates are, but a renovation is usually the best time to shop for a new insurer. To make sure you get the best deal, choose an insurer that can provide you with a better value for your home. Who knows? Another local bank might be able to help you save on insurance costs with a not-so-high premium and the same coverage as your current provider. When trying to cut renovation costs, it doesn’t mean that you have to settle for dodgy service, flimsy materials, poorly made furniture and appliances, and the same home insurer. Shop around, and see which reliable manufacturer or bank can provide you with high-quality yet affordable options. By doing your homework and with a little patience, you’re sure to find a good deal.