Renovating your house on a budget may seem impossible – but with a foolproof plan, everything is possible. In this article, we’ll show you how.
Home renovation can be both fun and rewarding, but it may also be frustrating and challenging. You will learn a lot throughout the process, and the feeling you get when looking at a finished project is rewarding. The sense of ownership to something you’ve built or fixed is sensational, and you’ll be proud of all the work you’ve put in to making your home feel safer and more comfortable.
Are you dreaming about change, but have a tight budget? Here are 3 smart tips for you if you’re renovating your home on a budget.
1. Planning – don’t underestimate time and money
Home renovation costs time and it costs money. Many of us don’t even know what kind of regulations there are to perform a legal home renovation, how much time it takes to finish one project, or how much it costs to hire professionals. In the planning phase, you should put together a budget where you include as many details about the project as possible. Break the process down, step by step, and make sure you make room for economic uncertainties. Remember that materials and professionals may cost more than what you expected.
You should also try to find out what you can and are allowed to do yourself, and what sort of finishes a professional has to do. To save money, you should do tasks like painting the walls and put up wall paneling yourself. However, do not try to do any changes to the electrical facilities or pipe system – this, you’ll need a professional to do. It’s illegal to make any changes to such systems in the house without an approved professional. You may have contractors bid on your home renovation project, and compare the offers you get to make this job as low-cost as possible.
2. Make a schedule
In order for not having the project and the expenses to be out of control, you have to set up a reasonable schedule for the renovation. By doing so, you won’t have to worry about living in the mess that a home renovation comes with. Make sure that you set realistic goals about how far you can get in a certain period of time, and how soon you want the renovation to be finished. Set goals so that you’ll always know that the work is going as planned. For instance: Finish painting the walls by the end of the first week, the counter top in the kitchen should be mounted by the end of week 2, and the bathroom should be made ready for renovation by the end of week 3.
You can link the schedule to your budget by including supplies of materials and other running expenses. This way, you can allocate the expenses throughout the project, and find out at what time you need to pay each bill and expense.
3. Save money or take out a loan
No matter whether you’re on a budget or not, home renovation costs money. Start saving as early as possible, and don’t start the renovation before you have a financial plan in place. If you do so, you won’t risk unpredictable expenses that you can’t afford to carry. After setting up a budget, you’ll know how much the home renovation may cost, and from here, you can create a savings plan based on your budget. Plan to save as much money as you can without having to compromise your regular bills. Once you know how long it will take for you to save up, you’ll also know when the renovation can start.
However, sometimes there an unpredicted situation may occur, and you’ll have to start the renovation much sooner than planned. This could be the case of a water leakage, broken windows, or other accidents in the home. If you don’t have an economic buffer for unforeseen events, one solution may be to take out a private loan. Taking out a private loan may also be a golden opportunity for you to get rid of old debt and expensive term expenses by collecting all of your loans into one large one. At Axo Finans, you can apply for consumer loans through an electronic application form. From here, Axo Finans will compare a number of different banks and pick out the best loan offer for you with a low interest rate. This is completely free and doesn’t come without any obligations. This could help you kick-start your home renovation and help you to save money at the same time. Find out more by clicking here.