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Inspiration is important, but don't blow your budget!
Collecting inspiration for your renovation is important, but those pretty pictures can often let our imaginations (and our budget!) run away with us. Our expectations soon become that of a magazine feature and the budget can’t quite keep up, but planning a renovation should be fun, so while Pinterest stretches your ideas, we’ve got some tips to stretch your budget.
|5 ways to save money during your renovation project|
|1.||Get multiple quotes
Collecting multiple quotes for the same job can make a big difference to your budget. Contractors bring different levels of experience and ideas to a job and this may change the overall cost. They may make some clever cost-cutting suggestions, work with a range of local tradespeople to lower the overall cost or have access to cheaper materials. When asking for a quote, ask contractors to think about how they can maximise your budget.
|2.||Use find-a-tradie websites
Find-a-tradie websites, such as Airtasker and hipages, allow you to post your job online and receive multiple quotes from tradespeople. This is an easy way to collect multiple quotes, and because tradespeople ‘bid’ for your job, you may get a very competitive price.
|3.||Explore alternate materials
The cost of materials accounts for a large part of most renovation budgets. Fortunately, when it comes to materials there is usually always a cheaper substitute. For example, you may be able to achieve the same look and feel with floating floorboards instead of real hardwood flooring. Explore how you can use alternative materials to stretch your budget even further.
The cost of labour is usually the biggest cost involved in a renovation. Reduce labour costs by doing some of the smaller, less risky work yourself. Do-it-yourself jobs may include painting, sanding a deck, or laying grass.
|5.||Space out the work
If you’re not pressed for time you may consider renovating in stages. This gives you time to keep saving and allows you to pay for the renovation work in instalments, rather than all at once. If you don’t have the funds for your dream renovation right away, don’t change your dreams, just do a little bit at a time so your budget can keep up!
Equity to begin renovating can be freed up by refinancing your home loan. You can also reap the benefits of moving to a lower rate and finding better features! Apply online today in 15 minutes or less and we can begin to find a loan perfect for you.
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