How To Save Money On A Home Renovation
posted in Mortgage News
You got a great deal on your mortgage, and have enough money in the pot to turn your Canadian home into a dream living space, but you must still be realistic about what you can afford, and how far you want your renovation project to go.
Below are some simple but effective tips for saving money on your home renovation:
Set – and stick to – a strict budget
This is vital if you want your project a) to be completed, and b) to be completed within budget. Think carefully about what you can and can’t afford, and make sure this information reaches your general contractor, so that they have an idea of what materials you can afford and so on. Keep track of every single outgoing while the renovation is underway and make the necessary adjustments should the budget be going off track at all.
Have enough cash aside
It’s okay to rely upon a line of credit, but it’s imperative that you have enough cash set aside for when you need it. Being forced to raise funds halfway through the project, or rely upon additional income, can be stressful and could result in your project not getting finished, or running massively over schedule.
Make decisions with your head, not your heart
A little bit of emotion when you’re renovating your home is difficult to avoid - and you wouldn’t necessarily want to avoid it - but you can’t beat rational, well thought out and well researched decisions when it comes to making big financial or material decisions.
Can you do any of the work yourself?
While plumbers, carpenters and electricians will undoubtedly be necessary to help complete some aspects of a home renovation project, there may be some simpler tasks that you can do yourself and save labor costs on.
What can be reused and/or repurposed?
You might want to buy everything new, but this can get expensive and often isn’t necessary with a little bit of thought and care. Many items you already own can be reimagined – even if you hire someone to help with this – and you can save a considerable amount of money by repurposing them.
Hit the sales!
Scavenge around in those clearance sections and you never know what you might find! Taking the time to shop around and even negotiate with buyers, can ensure that you get the best deal for everything you need.
Reduce the scale of the project
If you spend time sitting down and talking in detail with your contractor, you can probably find countless ways to minimize invasive work within your home and keep your budget as low as possible. If you don’t need to knock a wall down, don’t, and if new windows and doors aren’t required, so much the better for your budget. Structural changes can really bump up the price tag of a home renovation project, so minimize it wherever possible.
If you’re excited about renovating your existing home, why not get the ball rolling by chatting informally to a general contractor about what you envisage for the property, and if you’re keen to purchase your own home and get your foot on the real estate ladder, schedule a non-obligatory consultation with a local mortgage broker today.