Remodelling your home is likely to be an expensive project, but that doesn’t mean your dreams of a new bathroom or a loft conversion should be put off forever. Here are some tricks to make home renovations more affordable.
Borrow money wisely
Most people take out a loan to cover home renovations, but that doesn’t mean that you should take out any old loan. Try to target lenders that charge as little interest as possible – you’re likely to be paying off this loan for a while and interest charges could add up. Bank loans are some of the best forms of borrowing although they can take several months to process and generally require a very clean credit score. Peer-to-peer lending methods such as Prosper Loans could be another option to consider for saving money on interest – you’ll also get more money more quickly than a bank loan in many cases. Whilst you should never pay the whole amount on credit card, do consider paying a small amount on credit card as it can protect your purchase if things go wrong.
Shop around for contractors
When choosing local contractors, collect lots of quotes so that you can find the cheapest price. You may even be able to negotiate the price down further. Make sure to also research into a contractor’s reputation so that you know you’re guaranteed a good service – bad online reviews could be a good reason to avoid a company. Be wary that the time of year can sometimes make a difference on renovation costs – prices are often lowest after Christmas aside from insulation projects which are generally cheaper in summer when the demand is low.
Source your own supplies
You can let your contractors buy supplies for you, however by sourcing these yourself you may be able to save money. Sites like Less 2 Build offer some great discounted supplies to choose from. You can also consider reclaimed materials on second-hand sites like Gumtree – you can find everything from cheap countertops to free half-used pots of paint.
Consider going DIY
Taking on the renovation work yourself could save you a lot of money opposed to hiring contractors. It’s possible to find online guides on all kinds of DIY jobs on sites like Youtube and DIY Doctor. That said, you do need to be confident about your ability. Try to avoid complex electrics, gas plumbing or knocking down walls as these jobs can be dangerous (some may even be illegal to carry out without a permit).
Try faux materials
Imitation materials can be great for bringing down costs. There are many artificial materials that can simulate expensive stone materials like marble, granite and quartz. When it comes to wood, you can lower the cost of expensive woods by opting for veneered options. Do your research to ensure that these materials are still durable.
Minimise electrics/plumbing work
Where possible, try to avoid unnecessary electrics or plumbing work, as this will have a significant impact on your renovation costs. If you’re getting a new oven or a new bathtub or any other fixture, keep it in the same location as the previous one to prevent having to relocate piping and electrics. When it comes to making a room brighter, opt for track lighting instead of wiring in lots of individual spot lights.