Renovating has become a popular way for homeowners looking to upgrade their living space. Thanks to a rise in DIY content across TV and social media, and the rising cost of moving properties, many are opting to get their hands dirty and renovate rather than relocate. But just because you’re staying put, doesn’t mean your budget will, so it’s important to understand the cost of funding your renovation and explore ways to save along the way. Here are our top 7 tips to save money on your renovation and ensure your bill comes out within budget.
1. Organise your money effectively
When planning a renovation, no matter the scale, it’s important to organise your budget and make sure you’re getting the most bang for your buck. If you’re saving up for a renovation, make sure you’re earning interest on your balance in a high interest savings account. Once you start spending, consider splitting your money up into different accounts to keep track of how much you’re allocating to different aspects of the project.
2. Shop around for quotes and get recommendations
Always get multiple quotes for professional trades. Where you can, seek recommendations from your local community. Getting a job done right is better than getting it done cheaply, twice!
3. Shop second hand and upcycle
Facebook Marketplace, local community groups and even your neighbourhood’s hard rubbish piles can be treasure troves for affordable homewares and even renovation materials. Keeping an open mind and looking for ways to customise or upcycle your finds can save you big money on styling your post-renovation home.
4. Give DIY a try
While certain aspects of a renovation are best left to the professionals, there’s plenty you can learn to do yourself, too. YouTube tutorials can teach you everything from wallpapering and tiling to painting and upcycling. Preparing a full list of all the works you’ll need done in advance can help you select things to do yourself, shaving hundreds if not thousands off your renovation bills in the process.
5. Minimise structural changes
It goes without saying, structural changes are one of the most expensive parts of a renovation. Whether you’re extending upwards or outwards or knocking down significant wall structures, these types of higher risk activities will add some zeros to your bill. To keep your renovation affordable, avoid major structural work, and try to keep plumbing where it is. Moving toilets, taps and showers can be complex and costly.
6. Consider cosmetic upgrades over major renovations
If a major renovation or extension is your ultimate goal but you’re not in a position to foot the bill right now, consider cosmetic upgrades as an interim solution. You can give your home an incredible cosmetic uplift extremely affordably with a bit of inspiration from Pinterest or how-to guides on YouTube.
7. Consider cheaper materials
You probably have a vision of what you’d like your home renovation to look like, but don’t look past substitute materials. Opting for more affordable alternatives can get you the same look for a lot less. For example, consider skipping engineered timber flooring and opt for vinyl laminate and ditch pricey stone benchtops for near-identical laminate substitutes.
Learn more about how to finance a renovation.
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