I watched a couple of seasons of The Block, and now you’re ready to take on your renovation? Before you get too excited and start knocking down walls, renovating on a budget may not be as easy as it looks.
We share our top tips on how to renovate smart so that you can avoid the headache of running out of money thanks to a budget blowout!
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Do Some Thorough Research
Before choosing a paint color, if you planning on renovating for profit, do some thorough research about the improvements you’re thinking of making. Study what improvements are likely to add value to the home-style, not just for your lifestyle. dougandersonpropertymanagement.com experts say kitchen and bathroom renovations are the ones that add the most value to your home. Have a look at what’s selling in the current market and what’s being currently built. For example, if you live in Victoria, looking at the homes contemporary builders in Melbourne are building may give you a good feel of what the market is looking for.
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Lock-In Your Design
Regardless of how big or small, your renovation is, locking in your design before you get started will save you time and money. You don’t want to have done a lot of work to decide you want to make an amendment. Make your decisions on layout and materials before you employ anyone to help or get your tools out.
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Go By The Standard
If your budget is tight, choosing standardized building elements will help keep a lid on the costs. Selecting the standard size of doors, windows, kitchen cabinetry, and bathroom vanities will allow you to choose mass-produced, off-the-shelf items. If your measurements fall outside of the standard parameters, you’ll be up for more expensive, custom-made options. Unsure of what the standard parameters are? Seek some advice from experienced new home builders in Melbourne, Sydney, Perth, or where ever it is you happen to be located.
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Break Down Your Costs
If you want to stay within your budget, you have to watch it like a hawk. Break down the costs of everything that’s a part of your renovation. Speak to a professional value or a builder to help your estimates if you’re unclear about the expenses. Make sure you leave room for unforeseen hiccups and costs along the way. Once you’ve down your initial budget breakdown, keep on top of it daily. You don’t want to get to the point of returning half your shop like The Block contestants. If the renovation costs too much, you could try using that money to get a house and land package in Geelong instead!
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Hire Professionals For The Important Stuff
Keen to get in there and do a bit of DIY? While that’s a great way to save on costs, it can backfire if you’ve botched an essential job. Hire professionals for plumbing, electrical, and any structural work. Once you’ve got the hard stuff out of the way, you can test your skills on other renovating jobs such as painting, assembling flat-pack cabinetry, polishing floorboards, or landscaping.
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Shop Smart
Renovating on a budget much depends on your ability to shop smart. If you’re prepared to do your research and run around, you’ll always be able to find a better deal. There are some simple tricks of the trade you can keep in mind:
- When you buy several products from the same place, you’re more likely to get a better deal;
- Negotiate on a price if you’ve found the same products at a lower price elsewhere;
- Ask to see showroom or discounted ‘scratch and dent’ products;
- Check online for used building supplies and materials;
- Hit the auctions such as Greys Online, Gumtree, or eBay.
Also, don’t be afraid to negotiate or ask for a trade discount, especially if you’re spending a bit of money with one supplier.
