How to Plan a Home Renovation on Any Budget

Home renovation can be a very expensive and consequential process. Get things right, and you could end up with a home that matches your vision. Get things wrong, and you could end up disappointed. However much you intend to spend, there’s a right way of going about renovation. This article looks at how you might approach your project, and how you might give yourself a head start at the planning stages.

Assessing Your Renovation Goals

What do you want to achieve with your renovation? This should be the first question you pose to yourself, around which everything else will revolve. You might be looking to make the home more functional, or beautiful, or even drive up the value in advance of a potential sale.

Setting a Realistic Budget

Once you’re decided what it is you’d like to do, you can set out a budget. Research the average cost for each element of the work. Factor in the price of materials and labour, and give yourself a little bit of extra cash, so that you can deal with unforeseen expenses without having to resort to debt.

You can find plenty of online resources that will provide you with a rough estimate of the price – but bear in mind that regional variance in the cost of labour might cause you to spend more, or less.

Exploring Financing Options

You might finance your renovation in a number of ways. You might delve into the savings you’ve accrued over the years, or you might take out a loan – perhaps a secured loan against your property’s equity. This is slightly different from a re-mortgage (though both are secured against the property). In the case of secured loans, you’ll have a second debt to pay on top of the mortgage. In the case of a re-mortgage, you’ll rearrange the terms of your mortgage to provide yourself with extra cash.

Prioritising Renovation Tasks

Once you have the money and the plan, you’ll want to think about which tasks are high-priority. Do these first. That way, if you run out of money, you’ll still have a functioning home that you can use. For example, if you’re refitting a kitchen, you might pay for tiling, counters and cabinetry before you worry about replacing old appliances.

Sourcing Cost-Effective Materials and Services

It’s easy to overspend on materials and labour. You might look to reduce your costs by finding alternative materials that fit your budget. Second-hand or upcycled furniture, for example, might allow you to make significant savings.

Implementing DIY Solutions Where Feasible

You can also perform certain tasks yourself. The DIY approach can backfire, however, when you take on work for which you aren’t prepared. The secret to saving money here is to know your limits.