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Are you ready to renovate your home? Buying an old property means the potential for problems is higher than if you buy a new house. Many people buy an old house and start renovation before they move in. If you can’t afford to do this, you could be living in rubble for those first months. Nevertheless, home renovations don’t need to cost you a second mortgage. Let’s discuss how you can refurbish your home on a budget.
Let’s begin with the basics: what you need, who you need, and how to shave off expenses.
Don’t ever settle for the first price any potential construction worker gives you. Every town in the world has more than one tradesman or woman who can perform the tasks you need to complete. Check at least three different providers and look for the cheapest who still has good quality service. Check online reviews if you feel stuck.
Construction project management is tougher than it looks. There are software programs that make it both easier to manage your budget and easier to plan out what happens and when. After all, we don’t want to plumb the new kitchen before we secure the electricity. Nor do we want to start painting the walls before we put the new cabinets in. Performing this task yourself is tricky but it will save you money. We recommend you watch thousands of hours of YouTube before you attempt it.
You may not know this, but large construction sites will over-order supplies to make sure they have enough. You can shave money off the cost of your home renovation by asking if they have excess materials to sell to you. Companies love this because they get rid of excess materials which are taking up space, and you get knock-down rates on prime materials. Everybody wins.
Getting things in the wrong order, not ordering enough of something, and not hiring the right people on time, can all hold back progress on your project. Avoid this with expert planning. Plan the budget, the project, and how you will spend your time.
So you’re renovating the bathroom, but you don’t want to spend five grand on a new suite. Stop everything and consider this: Buying individual parts may well be cheaper than the whole. Instead of opting for a deluxe suite, but a white toilet, a white bath, and a white sink. All white matches. Buying the parts separately can be as much as 5 times less pricey. Let’s not forget that if you must have a suite built-to-match, you can call showrooms and ask for ex-display models.
If you really are tight for money on an ongoing basis, making a big expenditure when renovating could save you in the long term. Think about solar panels, upgraded energy efficient appliances, and sustainable heating and lighting sources. If you are going to renovate an old house, you might as well bring it into the 21st century while you are there.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence
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