MoneyMagpie

Nov 24

9 ways to save money on your home renovation

Whether you are renovating your home in order to sell it or you just want to freshen up the look of the property, it’s natural to want to get it done without spending excessively. From simple cosmetic alterations to structural changes to the home, it’s important to spend wisely. Here are nine great ways to save money when you come to renovate the property.

Adding value

Man doing DIY

One of the smartest way to save money when you renovate your home is to choose additional features that will add the most value to your home. In many cases, choosing wisely can add double the value to your home to the money you put in for the renovation works. We will start with three features guaranteed to see a return in the value of your property.

  1. New garage door

When renovating a home it’s common for some real value-adding changes to be forgotten. One example of this is the garage. Many homeowners spend a serious amount of money renovating the façade of their home, but don’t consider the old rusting garage door bringing down the value. A renovated garage is a hugely valuable feature of a modern home, especially in an area where parking spaces are at a premium. So add a new automatic garage door with remote control operation – up-and-over garage doors can be easily automated, making them a perfect choice.

  1. Loft conversion

Naturally one of the best ways to add value to your home is to add a bedroom. Of course extensions are also an extremely expensive way to renovate your home, so if you’ve already got a loft, why not opt for a conversion? Changing your loft space into a functioning bedroom can add as much as £40,000 to your home, while the cost is likely to be around £20,000.

  1. Update the kitchen

The kitchen is the focal point of the home and if you are going to put money into a pure renovation of a property, the kitchen is definitely the best place to start. Homebuyers now value the quality of the kitchen over almost any other room in the house. This means that installing a high quality kitchen with very modern features will seriously improve the value.

 

Features that pay for themselves

man fitting solar panels to roof

Another great way to save money during your renovation is to add features that pay for themselves. If you home has some features that have not been updated for a long time it is likely that modern advances mean they are more energy efficient than older models. Here are three options that will recoup the initial outlay you need to spend.

  1. Install solar panels

A few years back when the government was offering a broad range of benefits and incentive programmes, installing solar panels was an easy win. Things aren’t quite so simple these days, but these energy-generating panels are will still comfortably pay for themselves. Interestingly it is the case that homes in the south of the UK will typically have solar panels that pay themselves off quicker than homes in the north due to the amount of sunshine hours. Nevertheless, solar panels are a smart move for houses across the country.

  1. Add insulation

Anything that makes your home more energy efficient will begin to pay itself off because it will be lowering your energy bills. One of the best examples of this is insulation. Properly insulating your home will mean that you don’t have to spend so much money heating the home, keeping the heat in. Insulation is cheap and easy to install, meaning it pays for itself very quickly.

  1. Low-flow taps and showerhead

Reducing your water bill can be just as valuable as your energy bill. One of the best ways to do this is dispense with your old taps and showerhead and install new low-flow versions instead. You might be surprised at just how much water this can save without a noticeable difference in the feel of the shower. Once again, these are cheap changes that will see big rewards in your monthly bill.

 

Money savers

Glass piggy bank with model house inside

It’s also true that you can save money in common sense ways that homeowners sometimes forget when it comes to renovation.

  1. Always get multiple quotes

It is common for people renovating their homes to rely on family and friends’ recommendations with regards to builders and decorators. In general this is a good way to work, but it’s important to also understand that you are getting good value for money. Never go with the first quote you receive – always get a number of opinions first.

  1. Budgeting

One of the most important but overlooked aspects of saving money on a renovation is proper budgeting. It can be so easy to begin renovating and lose track of your spending, then to add it up later and realise that you have massively overspent. Set out a plan before you start and stick closely to it, making a note each time how much you have spent and how this affects the overall budget.

  1. DIY

If DIY is your thing you can end up saving yourself a serious amount of money on work that you would usually have to hire professionals for. The important thing to remember is that you should never try to carry out work that you don’t feel comfortable and confident with.

 

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WHAT DO YOU THINK?

One thought on “9 ways to save money on your home renovation

  1. Hi Liz,

    These are really great tips!

    I have to second getting multiple quotes. When we moved into our house last year, we were in such as hurry to get the landscaping done that we hired the first company we found.

    Later we needed some additional work, so we chose another company. We found out the first place charged us triple what the second place would have for the same job!

    It’s always worth it to shop around for the best quote when you need work done. Having a little patience saves money in the long run.




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