Holiday renovating tips

If you’re a homeowner looking to make some changes, here’s 6 ways to stay on top of your renovation budget.

1. Do your real estate research

Do the maths on your renovation budget – are your plans going to add value to your home? Try to strike a balance between improvements which work for you now, and what may add to the resale value if you decide to sell.

Before you go ahead, talk to friends who’ve renovated, and ask around for some building quotes. Get as much information as you can on making the most of your money.

2. Don’t underestimate the budget

Have a renovation budget and plan to stick to it, but bear in mind you may need to be flexible and allow some contingency money. Some renos can uncover hidden issues, and you need to be prepared to deal with a problem or delays you didn't see coming.

Don’t run your budget so thin you end up living in a half finished house while you save to finish it!

3. Check if DIY is really going to save you money

Getting stuck in to the job yourself can be rewarding and save you money. But take a look at the figures – how much are the tools costing you? Do you need to take time off? Do you have the skills for all the jobs you want to do? Be realistic and decide if you should leave it to a professional. Or you might end paying them to fix your mess anyway.

Try to compromise and reduce tradesman costs by helping out with labouring or taking charge of simpler jobs like painting.

4. Saving money and the planet

Can you include some water and energy saving ideas as part of your renovation? Think about solar panels, or insulation to reduce heating and cooling costs. To keep a lid on water use, try water efficient fittings or even a rainwater tank.

Creating a sustainable home can add to its value, and save you money on energy bills. Not to mention being good for the environment.

5. Stay on top of the paperwork

Before you get started, check with your local council if you need to submit plans or any other paperwork. Don’t be tempted to get started while you wait for approvals – you might end up having to undo all your good work and your budget will take a beating.

6. Big picture planning

When your plans are final and your finances are sorted, take a step back to look at your house and think your future plans.

Work smart. Don't paint the whole house and then start thinking about which walls to knock down, or focus on the fun side when you should prioritise other things. If there is structural damage to be repaired, the new carpet will have to wait.

Get in touch

If you’re thinking about renovating, talk to QBANK. We can’t help you with the hammer and nails, but we can help you with the best options to finance your reno. Contact QBANK or call us on 13 77 28.

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