Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
How to Save Money When Doing Home Renovations
Moneymagpie Team
22nd May 2024
Home renovation projects allow you to improve your home and lifestyle while adding value to your property. Home renovation projects are often a great alternative to moving home, but the projects can also cost a huge amount. Fortunately, there are a few ways to save money when doing home renovation while still improving your property to a high standard. Read on to find out more.
One of the best ways to save money on home renovation is to DIY as much as you can. Of course, a lot of work will need to be done by a qualified professional, but there are a lot of tasks that you could do yourself. This includes things like painting the walls, tiling, replacing light fixtures, and landscaping. Not only will this save you a lot of money, but it can also be fun, rewarding, and creative. You can also use the internet for handy guides and videos to help.
When it comes to hiring professionals for your home renovation project, you should always get at least three quotes. This can help you to save money, but you must also keep in mind that the cheapest is not always the best when it comes to contractors. Simply going with the cheapest option could result in low-quality work and possibly even the need for the work to be done twice. This is why you should always focus on choosing the professional that you trust the most while taking your budget into consideration.
You can also be smart with your budget by prioritising your spending. You should focus on the tasks that really need doing around the house and then consider leaving anything that does not need doing immediately. If you need more storage space in the home, for example, then you could prioritise spending on storage under the stairs, which will free up space in the home. This will always make a big difference to how your home both looks and feels.
Home renovation projects usually involve buying new furniture, but the cost of brand-new furniture can be eye-watering, even for basic items! A great way to save money on furniture is to shop in the second-hand market, whether this is online or at a market. In addition to making huge savings, you can also find items that are more interesting, rare, unique, and valuable when you buy second-hand.
Home renovation projects can make a big difference to your home and life and even add value, but they can also cost a small fortune. The above are a few of the best cost-saving ideas that will help you keep your costs down while still being able to transform your home and create a better living space.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.
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