Renovating can be costly and sometimes it can be hard to know where to stop! We’re dedicating this blog to help you discover where you can save and also where you should consider spending a little bit more to get the perfect look you’re after.
How you can save
Stick to a budget
Before starting your renovation, take the time to set yourself a budget - this could be the best thing you do, and ensure you have some contingency in your budget as renovations do not always go to plan. It will keep you in line when it comes to the big spends along with the small, and make you think… maybe we won’t go for the marble benchtops! Keep updating your budget on a regular basis and note it all down in a spreadsheet - not just in your head! That way everyone involved can see your quotations and planning.
If you’re specifically looking to be very cost-savvy with your renovation, and you’re able to do so, DIY can be a great option. Of course, this may have to be within reason and you’ll still have to hire trades people for areas you are not skilled in or licensed to perform, such as plumbing or electrics. But doing the odd painting, landscaping, removing wallpaper etc. can allow you to save the dollars for you to spend elsewhere.
Sourcing second hand items
Buying seconds or display stock (when you can get your hands on it) is definitely a worthwhile decision. It usually isn’t any different to brand new and you can often grab yourself a bargain. With things like bathroom fittings and tiles you can sometimes find some hidden gems, especially if it is ex-display or if you catch the salesman on a good day! When it comes to saving the pennies, shopping around for little deals is definitely something to consider!
Don't move the plumbing
Moving the plumbing can be an expensive exercise so avoid it where you can. According to Hipages.com, it can cost in the region of $2000 or more to move the plumbing, depending on the extent of the work. A good tip is to consult a plumber to see how you could maximise the space you have without having to do any major plumbing work, especially if you are sticking to a strict budget. This will not only save you money however also time.
Where to splurge
Paying for professionals
It can be well worth your while contracting trades people to do the larger and skilled areas of your renovations. Hometolove recommend getting at least 3 quotes before you decide on a vendor and be sure to compare the quotes carefully. It is always a great idea to check your professional’s insurance and licensing as well to ensure you are covered should something go wrong, and to ensure the warranties are valid. Disastrous DIY’s can end up costing you so much more extra money and time, so make sure you only tackle the jobs you know you can manage. As previously mentioned before, never try and do plumbing or electrics yourself unless you are a licenced tradesperson.
Curb appeal is all about first impression. If your plan is to sell, then it is really important to make your home is as inviting as possible for prospective buyers. This isn’t somewhere you necessarily have to “splurge”, however it is a very good idea to give it some TLC. According to OpenAgent, house painting is one of the most cost-effective methods to improve the look of your house, but even getting out there and gardening is going to make a big difference - it doesn’t need to be a massive expense!
Updating the kitchen and bathrooms
According to the founder of Mulcahys Construction Group in Melbourne, giving your kitchen an update is the best thing you can do to increase the value of your home. With costs all in, you can fetch a good quality kitchen for $10,000. Which according to Mulcahy can increase the value of your home by up to $50 - $60,000! They say the kitchen is the hub of the home, so make it a priority on your home renovation plans!
If you’re looking to renovate to sell, Your Property Profits can certainly help! We are committed to selling your home faster at the best possible price and what’s more, you don’t pay until later! We discuss your goals together and with our team make your home the best it can be. To start your journey, get in touch with the team at email@example.com.