AIB provides you with a handy guide to help you save money on your home renovation.
AIB’s Six Step Guide to Home Renovation on a Budget
Unfortunately, we can’t all afford to build our dream home. Don’t worry though, a little can go a long way when it comes to renovating your house, even on a small budget.
We’re here to guide you through saving money on your next home renovation in six simple steps.
Correct planning at the initial stages can potentially save you a lot of money down the line and can help you make provisions for all those unforeseen and unexpected expenses. To help you nail down your budget, it’s important you get reliable quotes from the professionals you will be using throughout the process of your house renovation. These could include a plumber, builder, electrician and tiler. Experience suggests it’s always best to allow for a buffer of about 10% to 20% in your budget because, more often than not, projects come in over budget for whatever reason.
Once you have your budget firmly in place, look for areas where you could potentially cut back. Consider your ‘wants’ and ‘needs’ for the home renovation and start looking at luxuries you could do without. This could include settling for a more basic kitchen rather than getting custom cabinetry. Your builder may also be able to help you identify ways in which you could re-use some of the current elements of your home to save money.
3. Take the DIY approach
If you feel you’ve got the DIY skills to take care of some of the non-structural work yourself, you could save a lot of money on your house renovation. Take care of tasks like landscaping and painting and you’ll have more funds left for other aspects of the project. If you’re using a builder for bigger tasks, consult them on how you can schedule your lighter tasks around theirs to make sure the workflow goes as smoothly as possible.
4. Shop around
By simply shopping around, you may be pleasantly surprised by how much you can save on labour, materials and supplies. Practice your assertiveness and put your negotiation skills to the test when dealing with tradesmen to get better bargains. While it may take some time, it will pay off in the end without a doubt.
5. Savings in the long-run
Remember, although you’re trying to reduce how much your home renovation costs right now, consider areas that are worth investing in for savings in the long-term. Such areas might include additions that are energy efficient such as insulation and double glazed windows. Even though they’ll add more to your initial bill, your electricity and heating bills will be lower in future.
6. Be creative
Even if you can’t afford that major redesign or extension just yet, get creative and use more affordable updates such as lighting and paints. In areas like the bathroom and sitting room, a little can go a long way. Chat to the showroom staff at your local DIY store and discover how a lick of paint to renew and revitalise a room.
If you’re thinking of making a change in your home, why not let AIB help you take the stress out of the financing side of things? Check out our home improvement personal loan options or get a quote for a home improvement loan today.
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