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4 Ways to Slash Renovation Costs

When it comes to renovating your property, the costs involved can very quickly add up. Just how expensive the project is going to be, really comes down to the scope of what you’re trying to do. Painting a few walls and updating the carpets is a very different undertaking to adding another storey to a house.

Regardless, if you’re trying to renovate on a budget there are a number of things you can do to keep the costs down.

Manage the project yourself

One of the quickest ways to slash the cost of any renovation is to take out the middlemen. While doing it yourself is the cheapest option, the reality is that not everyone has the skills required to renovate a house by themselves.

However, there is normally a good middle ground between hiring a project manager and doing it yourself, which often is the most affordable and effective.

If you are able to take on the project management responsibilities, this can save you a lot of money. All that is typically required is to have an understanding of what order you need to do your work and then organise the relevant trades. You’ll also be required to get quotes and find the trades in the first place. While this can be tedious at times, it will end up saving you a considerable amount of money in the long run.

Get thrifty

As mentioned, the scope of what you’re trying to do can vary wildly from project to project. If it’s important to stick to a budget then it’s worth focusing on the most important parts of the renovation first.

Aside from dealing with areas of the house that are worn out or damaged, there are a few areas that can give you a lot of bang for your buck. Typically flooring, painting the walls, and getting new window coverings are the easiest and most cost-effective.

From there, replacing kitchen cabinets should be next on your list. While prefabricated cabinets are assumed to be cheaper, it’s often worth getting a quote from a cabinet maker because they are often more affordable.

It’s also possible to purchase second-hand cabinets that have been removed from another house. They might not be brand new, but you can often pick them up for virtually nothing and just have someone install and fit them.

Choose cheaper materials

While it is true that you get what you pay for, there are times to spend money and times to save money.

When it comes to materials, it’s worth looking at the prices in terms of how much it costs the overall project.

For example, if you want to do some tiling the cost of the actual tiles might not be that expensive compared to the costs of the labour. You can purchase high-quality tiles that are more expensive, which likely only add a few hundred dollars to the project, but you’ll get a far better result.

Similarly, there are things that you can refurbish or just add a coat of paint to. Again, this comes down to budgeting and then prioritising where those dollars go. While painted tiles might not look as good as brand new Italian tiles in the shower, there could well be thousands of dollars difference in the price of the two options when factoring in labour and materials.

Don’t move plumbing and electrical

While materials do cost money, it is often the labour that is the most expensive part of the renovation.

One way to avoid higher costs is to keep your plumbing and electrical in the same locations. It can be especially costly to get a plumber in to move drains and pipes as they are literally cutting holes in the wall and floors and moving things around.

If you can keep those locations the same and design around them, then you can potentially save thousands of dollars.

Real Estate Investar Editor
Real Estate Investar Editor
Real Estate Investar provides intelligent software, tools and data to help you save time and make money in the residential property investment market.

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