Whether you are renovating for profit or just to improve your own residence, chances are you won’t have an unlimited budget.
So, to avoid over capitalising, there are plenty of ways to keep costs low without losing style.
Focus on one project at a time
Renovating a whole property can seem extremely overwhelming, especially if you try to tackle every individual project at the same time. By breaking up the renovation into different rooms and working on one at a time, it can help stop the project from becoming too big and if something comes up (e.g. illness, having to sell), you won’t be stuck with a property that is not complete and liveable.
Prioritise curb appeal
A buyer’s first impression of the property is vital, so if you have a limited budget you should prioritise renovating the front yard. One of the great things about renovating the front yard is that you can give the impression that you have spent more money than you actually have.
Some low-cost improvements you can make include: fresh coat of paint, replace your letterbox, prune back trees and bushes, install solar lights, plant bright, colourful plants in the garden and hide eyesores such as bins and air conditioning units.
There are plenty of free phone apps available that can be extremely useful when renovating. Whether you need to find the right shade of paint or create a floor plan, you can find what you need using your phone.
Take a look at our ‘Appy Renovating’ blog on what apps can come in handy.
Whether you need to buy supplies or hire help, you should shop around to find the best price. Although it may take some extra time, it could pay off in the long run.
Look for bargains at discontinued sales or even ask for tradie prices at your local hardware store.
Consider long term savings
This is an important tip whether you are an investor or an owner. Although you may want to keep renovating costs to a minimum, you should also consider what improvements can help keep long term running costs low. For example, insulation or solar panelling may be an extra cost at the beginning; however it can reduce your bills for several years to come. Also, with energy efficient renovations, you may be eligible for Government rebates.