How to save money during renovations
Thinking of renovating or redecorating? There are renovations that will add value to your home, and there are those that are more for your own personal enjoyment or lifestyle.
Regardless, renovation budgets are notorious for being “guidelines”. Here are some tips on how you can stay on budget when you are taking on renos. You don’t want to bite off (or knock down) more house thane you can chew.
Plan ahead and save money? This is a common (like in every post on Personal Finance) theme that you will find when it comes to good money management. This is mostly because planning ahead will let you anticipate and accommodate your budget.
Planning your reno out in detail with a timeline will give you a ballpark of what to expect, but will also help you identify areas that might be a threat to your budget ahead of time (rather than after the walls have come down) Yikes.
Are you handy (or handy-ish)? If you can throw in a little elbow grease in for some or all of your projected renovations, you are going to save. Don’t be shy to help with labour, even if it is a little out of your skill set comfort zone. The savings are worth it!
Just because your brother’s neighbour’s co-worker’s pet’s friend has recommended a specific contractor, does not mean that he is the best fit for you.
Shop around to at least three different professionals to get a quote. Be wary if someone is way, way under price compared to the others. It may be good luck, but it’s a good idea to check references and consult with the Better Business Bureau too.
Stick to your budget
It might seem obvious, but the best way to stick to your budget, is to actually stick to your budget. Override that emotional connection to your home and be ruthless. Once you’ve reached your ceiling (no pun intended, really), than that’s it.
Much like in other money matters, it makes good sense to have an emergency fund. When it comes to renovating, have a buffer of cash available to attend to these unexpected expenses