Saving Money On A Renovation

With a slower housing market, a lot of people are staying out and looking at ways of increasing value on their assets. Those that suggested the Age Of The Renovation were perhaps blowing the horn somewhat prematurely, as it’s still a topic to dominate dinner parties, suburban streets and our mindsets. If you’re considering a renovation, here’s how to keep it to a budget.

 

Utility In Small Spaces

Large costs arise when you’re changing or adding space. This might be necessary if your adding a room, but when it comes to your kitchen and bathroom, you can save a huge chunk of money if you arrange it to use the current space you have. There are tonnes of creative ways to increase on storage space, and a bit of research could allow you to save big money. Try not to move the kitchen sink or the toilet. Unless it’s an absolute necessity, renovations work best (and are least expensive) when you work within the framework of the pre-existing house. One writer suggested demolishing parts of the house as the cheaper option, if you can’t find a way to work with it. It’s an interesting suggestion, and one worth researching.

Natural Light

The internet suggests solartube sunlights (they slip in-between roof rafters and funnel sunshine into a room) as a cost-effective way to get sun into your home without having to add windows and doors to every single room in the house. I can understand the urge to have french doors in the back room, but try and save your money in other areas of the house.

Prefinished Materials

Frugality is about what is best for your finances in the long run. It might cost more to buy treated boards for the deck or skirtings for the living room, but the amount you’ll save in hiring a painter or the materials to do it yourself could mean it’s a smart upfront outlay of capital. Work out the maths before making the decision.

Architects

I’m not suggesting you have a fortnightly planning meeting, hang sketches on every wall of the house and start walking with a lead pencil behind your ear. Architects are expensive but, then again, so are poorly built houses. Find an architect who can quote you a flat fee for some suggestions to take to the builder, especially when looking for creative ways to work with the pre-existing building. One meeting could be all you need, and if you’re going to spend thousands on the renovation, a holistic plan of action is going to be essential. Another huge cost-saver? Clear it with local council before you start building, to avoid the possibility of having to knock it down again.

Labour Rates

Costs can skyrocket if labour arrangements aren’t 100% budgeted for. The reality is that most renovations take longer than anticipated. That said, it’s crucial to be aware of how much cost your builder will add onto the labour costs of people he brings in, and what allowances will be made on the quote. Ensure you don’t get double-billed on GST, so check each invoice as it comes in.

Know What You Want

Before you call anyone or knock anything down, start wandering the aisles. Understand what you want (faux marble? Weatherboard cladding?) and how much it will cost. That’ll give you a better idea of the ballpark figure when you start discussing it with your builder.