Where to go big and when to go home:
8 ways to get more bang for your renovation buck
Choosing what areas of your home to invest in and what areas to save in, may make your budget go a little further when it comes to adding value to your house! Here are eight ways you can get more bang for your buck.
Think about the purpose of your reno
Firstly, ask yourself why are you renovating? Is it to create a beautiful space that you and your family will live in for years to come? Or are you renovating in order to re-sell? If you’re creating your dream home, you may feel justified investing your budget. But if you’re looking to renovate to sell-on you’ll want to make sure you’re not over capitalising (i.e. spending more money to do up the house than what it’s likely to sell for).
Identify areas of the house that add the most value
If you fall into the ‘renovating to sell-on’ category, then you’ll want to have potential buyers’ needs in mind when you start to tackle your renovation project. Before you start knocking down walls, think about the areas of your home that you could renovate to add the most value. These are often the kitchen and bathroom spaces. If these are done well it will save potential buyers from making changes themselves. Even if there are other things that need doing, having the big ticket areas done for you is a great selling feature.
Balance quality of materials
Finding that happy medium of low-end and high-end materials can help stretch your renovation budget, as well as make an impact. Just make sure you’re investing in the right place – spending a huge amount on appliances only to install cheap countertops that bring down the overall look of the room may not have the right effect.
Make use of the current layout
The biggest costs often come from changing the structure of the home. Not to say adding a room by putting up a few walls will cost an immense amount, but moving a kitchen or bathroom from one end of the house to the other can be an expensive task considering any rewiring and piping that will need to be installed – not to mention additional council and building consents.
Get DIY handy!
Getting hands-on is a great way to save some money. And why not enlist the help of family and friends while you’re at it? Working bees are a popular way to get a group of people together to help out on your project. Many hands make light work – especially when it comes to larger jobs like painting.
Know when you need a hand
Knowing when you need to be hands-off can also save you time and money down the road. It helps to have a good understanding of your DIY limits and make use of professionals for the big jobs like putting up walls or tiling. Ensuring important features are well finished and professionally done will help make sure you’re getting the best value out of your renovation.
Whether you’re waiting on a big appliance sale, looking at second-hand items or re-purposing something you already have at home, there are lots of ways you can save when it comes to renovating your home.
Check out the neighbourhood
If you’re renovating to sell, check out what the value of other houses are in your neighbourhood. This will give you an idea of how much money it makes sense to spend on your fixer-upper before you make a start. You could also arrange for a professional property valuer to take a look at your space and give you feedback on areas that would benefit from renovations.
Ready to crack-on with your renos?
Check out our blog on how to use your home loan to extend your renovation budget.