More and more households are looking at ways to renovate or upgrade their current property due to the high costs of buying and selling. However, with the cost of renovating also rising, homeowners need to find cost-effective ways to do the work.
Here are three ways to minimise your renovation costs.
Plan carefully and set a realistic budget.
A well-thought-out plan is the first step toward executing a cost-effective renovation. Begin with a thorough inspection of your
property to identify the areas that require attention and prioritise them based on their importance and potential return on
investment. To minimise costs, it's essential to set a realistic budget. Over-ambitious budgeting can lead to financial stress and
Focus on cost-effective upgrades.
One of the most valuable ways to minimise renovation costs is to prioritise and focus on cost-effective upgrades. Concentrate on projects that add significant value to your property without breaking the bank. . So, if the cost is too high, consider re-facing or painting cabinets, updating fixtures, and refreshing the overall appearance. Simple cosmetic changes like new lighting fixtures, fresh curtains or blinds, and landscaping can enhance your property's appeal without major expenses.
DIY or professional help.
Depending on your skill level and the complexity of your renovation project, you can save money by taking a do-it-yourself (DIY) approach. It's important to be realistic about your capabilities, as botched DIY projects can lead to costlier fixes. A great way to save money is to act as a project manager. Instead of hiring a renovation company to take care of everything, take the lead and hire the right trades and schedule them yourself.
Our in-house Mortgage Broker can help you work out the best loan to finance your renovation.