A home renovation is not a simple task. Usually, in the rush to finish those ideal spaces, you neglect setting aside enough money for it. Budgeting is an important aspect for every homeowner who wants to renovate their house.
Home renovations require a huge investment. If you want to save some money, then you need to plan carefully before buying materials or hiring contractors. The secret to successfully managing a home renovation is to clearly define deadlines and plan the budget from the very beginning and even giving yourself enough room to make sure you do not go over the budget. There are many things that should be considered during the budgeting process.
Here are 6 of the most common mistakes that homeowners make while setting their tight budget for renovation.
Read on to find out how to avoid them:
1. Underestimate the cost of renovation
Homeowners often spend too much time thinking about the design and not enough time considering the cost of construction. They should be budgeting at least 20% over the estimated cost of renovation and do not underestimate the amount they will need to pay upfront. By knowing exactly how much each step costs, you can easily create a realistic budget. Here are the best three tips:
- Know Your Limits – You must know where your limits lie. A kitchen remodelling project that you have loved may cost lakhs, but you need to be conscious and clear about your budget before signing up for it.
- Ask For Help – If you are having trouble producing a number, ask around. See if anyone else knows someone who recently renovated his/her house and was able to save money. This will give you an estimate to understand your budget better.
- Have a Plan-B – If you have already spent a lot of money on a particular area of your home, it might be worth looking into options like a DIY (Do It Yourself) solution for another part.
2. Not thinking about a home for belongings
Renovations are a challenging time for your belongings. They stand the risk of being damaged due to frequent movement, improper handling as well as from potentially harmful chemicals that may be used during the renovation. Self-storage units, like Self Storage India’s private storage rooms provide a safe home for your belongings while you are undertaking renovations.
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- Self Storage is Convenient
- Self Storage is Accessible
- Self Storage is Safe
- Self Storage is Flexible
3. Following trends blindly
We are living in a world where everything goes viral within minutes. From fashion to music, we are inundated with information about what people think is cool and what is not. However, what happens when you follow trends without considering whether you fit into them? You end up doing things that do not really reflect who you are and what you stand for. Do not fall victim to the latest fad – it might seem fun now, but it could become outdated soon enough, or worse, would not reflect your personality eventually.
4. Buying furniture and decor first
Most homeowners do not realise when they are making this mistake. This is because buying loose furniture and decor items like lamps, curtains, bedding etc. is the easiest element of a renovation. These items are easy to purchase because they do not require significant planning and sometimes, even come as gifts.
However, there is merit in waiting to buy such items till post-renovation because we know how difficult it is to change them later. You might end up spending hours trying to match curtain fabric with the sofa or matching a colour scheme with the wall paint.
Also, do not purchase anything without taking into consideration the size and shape of the room. This could change after the renovation. You would not want to buy a sofa that does not fit in the living room or a kitchen cabinet that does not go well with the rest of the décor. Before you start shopping, take some measurements, and make sure everything fits perfectly in the space allotted. This way, you will not spend too much on something that you will regret later.
5. Not having a mix of custom and modular furniture
When it comes to remodelling homes, people often overlook the importance of choosing the right type of furniture. It is easy to focus too much on the aesthetics of our space and forget about the practical aspects like functionality and space-saving. As a homeowner, be mindful about how much you are budgeting for building heavy or custom furniture. Not only would they take your space, but also cost you more than necessary. Balance heavy items with modular ones so budget accordingly and allocate more finances to other aspects of the renovation.
For homes where space is limited and there is no room for bulky pieces of furniture, every inch counts. However, a smart design will overcome functionality. If you want to save space, choose a unit that is compact and can easily be moved around the house. Look for furniture prices that can be easily detached or come with wheels for ease of organization and movement.
If you have a small living area, it is wise to consider a modular piece of furniture rather than a custom-made one such as a dining table, a coffee table or even a bedside cabinet. Modular furniture is easy to move around, and store away as hinted at in the paragraph above. You do not have to worry about breaking down the furniture because it is already built to withstand heavy use.
6. Dispose rather than Reuse
The kitchen renovation is one of the most expensive parts of home improvement projects. If you want to keep your kitchen remodel costs down, there are several ways you can go about it. One of the best ways to cut costs is to reuse existing materials like cabinet doors and drawers. This saves you a lot of money because you do not have to buy brand new ones.
Using recycled materials such as reclaimed wood, tiles, metals, glass, and concrete. These items usually come at a lower price compared to buying new ones. Another option is to find used materials online. There are many web sites where you can sell, trade, or buy used materials.
If you are looking for something unique, consider salvaging materials from around the house. For example, you could take apart your old cabinets and use the pieces for the backsplash, or you can even use the old sink and faucet to make a new one. You can find inspiration to do so in many ways around the house.
Having looked at what no to do when budgeting for a home renovation, can be overwhelming. Keep in mind that you need to be patient and trust the process. The transformative effect of a useful design, budgeting, re-using materials for your home can elevate the quality of life. Renovations can be challenging, but they can also be quite gratifying. You have the power to turn your home into whatever you want it to be, a cosy haven to relax or even a fun and quirky home to harness your creativity. Most of all a place that you can call your own to create bonds with the ones you love the most.