Home renovations can cost any amount of money. It all depends on what you want to renovate in the home. You may want a $50 bathroom polishing or a complete home renovation which costs tens of thousands of dollars. Before you get into any home renovation project, you’ll want to budget carefully. That way, you’re prepared for the financial impact ahead.
When you budget for any home renovation project, you must account for every cost no matter how big or small. Some of the commonly overlooked costs include waste, professional service fees, council permission fees, and building permit fees.
Since tiles will eventually break, it is appropriate to cut them into different shapes and fit them into irregular spaces and corners. Plus, you’ll want to keep some additional material for the future when your tiles wear down.
You can’t negotiate council fees and building permit fees. But you can find out what they are beforehand, so you can budget accordingly.
You may feel the urge to do all the renovation work yourself in order to save money. But there are certain jobs which you are simply not qualified to perform, such as anything electrical or plumbing related. You need licenced professionals to handle these types of tasks. Generally, it is a good idea to get three price quotes from different tradespeople for each renovation job you need to be done. Then choose the best one for your budget.
Aside from budgeting, figure out how long you plan to stay in your home. Perhaps you purchased your property as a starter home for investment purposes. If that’s the case, then you shouldn’t spend tens of thousands of dollars renovating your entire bathroom or kitchen. That kind of money is better spent on a permanent home that you plan to live in for a long time. But for investment homes, just worry about superficial renovations that are affordable and effective. Anything related to aesthetics would fall into this category, such as painting. It is a great way to boost the resale value of your home while investing a minimal amount of money.
Should you spend or save money?
There may be certain rooms in your home that you want to renovate more than others. How do you decide which rooms are worthy of more renovation than others? After all, not every room is worth spending money on renovations for it.
Consider splurging on the following:
- Think about the features of your home that impact your quality of life directly, such as bathtubs, showers, energy-efficient appliances, doors, windows, insulation, HVAC, and so on. You’ll want to upgrade or enhance as many of these as possible. Buyers like feeling comfortable inside a home.
- What is the most popular room in your home to spend time in? You could purchase a big sofa for the living room and possibly an entertainment centre for movie watching too.
- Which areas of a room capture your attention the most? Maybe it is the fireplace or the entertainment centre. Invest in items for rooms which utilize space well.
Consider saving on the following:
- You can easily save money by looking for cheaper alternatives to premium quality materials in your home. You can replace the flooring, decorative tiles, trim, or moulding with this concept in mind. Make sure you maintain the same size, though.
- A lot of homeowners think that renovating means customizing their entire home. However, you don’t need to tear down walls or do anything extravagant for your home renovation project. It is too costly and probably unnecessary in most situations. If your plumbing and electricity function normally, there is no need to move the piping or rewire the electrical work. You also don’t need new cabinetry, countertops, or windows either. Keep what you have and save money.
- There is always some renovation work which you can do yourself. This will save you a lot of money because you don’t need to hire a professional for it. Of course, only do the work which you’re capable of doing, such as sanding wood, painting, filling gaps, etc.
- Apply small cosmetic fixes to your home. Some new cushions, taps, shower screens, and window curtains can go a long way in improving the appearance of the home. A new coat of paint on the wall can do the same too.
Once your renovation project is complete, you may be able to get back some money if you play your cards right. For example, if you’re removing your old kitchen cabinets and replacing them with new ones, don’t just throw away the old cabinets. There are so many resources available to sell your old cabinets for money. Put an ad online and see if anyone is interested in them. You could even renovate the cabinets with a new coat of paint just to give them more resale value.
Basically, you are renovating the old features that you’re taking out of your home and making a small amount of money off them. Why not, right?