Remodelling your home can be quite expensive. Unless you’re careful, even the best budgets can start spiralling out of control. Before you know it, you’ve spent twice as much as you wanted. If you’re striving for high quality at the cheapest price, there are some top ways to save money.
Create a Realistic Budget
One of the most important things to do if you’re trying to keep remodelling costs low is to create a realistic budget. It might not sound it, but allowing a slightly larger budget for a project can actually save you money in the long run. This is because you don’t have to cut corners which can be a false economy, especially if there are major problems and you end up making expensive repairs.
In general, you should calculate how much money and time you’ll think a project will take, and then double it. Not every remodel will require such a drastic step, but you need to allow some contingency funds for worst case scenarios. Without this financial cushion, you could face a disaster, running out of money in the middle of a project and having to live in a building site until you’re able to cobble enough pennies together to finish.
Choose the Right Building Materials
One of the areas where you really shouldn’t cut corners is with building materials. If you’re on a tight budget, then cheap materials might seem like the perfect answer. Unfortunately, the low cost is often due to substandard quality. This could mean you run into problems down the line, either with materials not working how you’d intended, or products failing and needing repair.
Talk to contractors about which materials to use, and seek advice from friends who may have recently finished similar projects. Structural work should always involve high quality products, and durable screws, nails and fittings can be a wise investment.
There are still ways to save money though, and for decorative objects, you should consider buying them second hand or looking in antique centres and reclamation yards. Utilitarian products like air vents and fans, meanwhile, can normally be picked out cheaply without negatively affecting the quality.
Do It Yourself
If you’re up for a challenge and really want to save money, DIY is often a good option. With some free time and a little know-how, you can easily tackle many remodelling projects. The Internet, especially YouTube, is a particularly good place to find how-to help. Painting is extremely easy, and laying floors, grouting and tiling are also great jobs to do yourself. With contractor fees often reaching £250 per day depending on the service, you can save a lot of money this way.
There are some jobs, however, where you have to get in the professionals. Electricians and plumbers are required for most major remodels and repairs, where you’ll need to get the work signed off. You should always look for a contractor who’s registered with the Federation of Master Builders (FMB) to ensure they’re meeting safety standards.
Shop Online for Comparisons and Deals
Never underestimate the savings you can make by buying products online. If you leave shopping until the last moment, you’ll end up paying more. By doing your homework well ahead of a project, you can keep costs low, take advantage of seasonal sales and use reviews to ensure you’re buying the right furnishings.
Some websites actually offer cash-back if you buy particular products, whilst heading to the online portals of some major high-street stores can also provide savings. You can often circumnavigate delivery fees too by having items delivered in-store and then picking them up.
Claim Tax Benefits
You might not think it, but some appliance installations and common repairs actually qualify for zero or reduce VAT ratings. New central heating, solar panels and insulation, for example, all entitle you to reduced tax rates. Make sure you research potential reductions ahead of time so you can maximise savings.
If you’re wise and take the time to research, there’s no reason you can’t keep your remodel budget low. Knowing where to cut corners and when you shouldn’t buy budget products is important. And by giving yourself enough time and energy to complete a project, you can often work to an extremely tight budget.