6 Suggestions to Stop You Overspending when Renovating

January 9, 2019
Is it possible not to overspend when renovating? Of course it is! The key is found in having a definite budget, as well as specific ideas of what you want to accomplish.

When you think about renovating your home, one of the determining factors is usually the budget. In the majority of cases, the money you had planned for the project doesn’t stretch far enough when new ideas come up. That’s why in this article you can find some suggestions so you don’t overspend when renovating, while at the same time accomplishing what you want with the project.

What to do to not overspend when renovating

The first and foremost thing you should take into account is the amount of money that you have or can make available to undertake the work you want to do. It’s very important that you ask for quotes from several places. Don’t just go with the first price you get.

Define a style before starting and stick to it to the letter. Often, the total amount of money needed for renovations goes up when you want to add new things or if you keep changing your mind about what you want. Some other suggestions so as not to overspend when renovating are the following:

1. Don’t make very drastic changes

What if you don’t have a great deal of money to spend, but you want to change for example the appearance of the living room or kitchen? Why not make some smaller changes first? Make changes that don’t require a large investment. This means that maybe you could just paint one wall in a different color, buy a new fridge or move the dining table.

Make small changes so as not to overspend when renovating

 It’s the small details that can give new life and a completely different feel to a room.

Try it!

2. Go for DIY

Another of the options available so you don´t overspend when renovating is to take advantage of something you have: your hands. You wouldn’t believe the number of things that you wouldn’t need to buy if you made them at home with what you already have.

Additionally, DIY decor is in fashion. But having said that, you will, of course, need to set aside some time to make your creations. Why not take advantage of the weekend or public holiday? The options are endless: picture frames, lamps, cushions, jars, and even furniture.

3. Recycle old furniture

If your budget won’t stretch to purchasing new furniture… don’t worry! You always have the option of buying second-hand furniture at a market or a second hand or antiques shop.

Recycle antique furniture so as not to overspend when renovating

Antique or second-hand furniture can appear old or worn. You should take the time to restore it. You could even change its appearance to something completely different if you use a bit of varnish or paint. And of course, you could take advantage of old furniture to add a vintage style in your living room, kitchen or bedroom.

4. Make the time to complete the renovation

So as not to overspend when renovating you should be a little patient. Works that should have been done yesterday are more expensive for a number of reasons. Firstly because if you’re in a hurry you don’t make good decisions. And secondly, because you generally don’t take the time to look for the best price.

Those two reasons can have a fatal effect on your budget. That’s why, once you decide to start renovating, set aside at least an hour a day for your project. You have to keep following up, and go around checking the cost of materials in at least three different places, etc.

5. Hire a professional

While it might seem that hiring a professional will raise the price of your renovation, sometimes the opposite can be true. Why? Because a qualified tradesperson has a different view of things, because he or she has access to a team of workers, because they know where to find materials at the best prices, and because you won’t have to do anything yourself.

Hiring a professional can help so you don't overspend when renovating

Sometimes, hiring a qualified builder shouldn’t be viewed as an expense, but rather as an investment. Your renovation will also turn out much better in less time!

6. Add in an extra budget as a contingency

Finally, so as not to overspend when renovating you should allow for unforeseen expenses. Have a bit of extra money set aside, just in case. Of course, this will mean starting with more money, but sometimes when you don’t have it ready, you might end up trying to do things yourself (and that doesn’t always turn out) or applying for credit that might be difficult to pay later down the track.

It’s estimated that unexpected expenses and changes add up to between 10% and 20% of the initial budget. If you don’t use it, you will still have it to spend on something else or save it up for future renovations on your home.