Here are 10 Effective Ways to save money on your renovation
Renovation projects can prove expensive. Moreover, you might not have complete control over the cost of the work, and your budget can balloon quickly. Luckily for you, there are some effective ways in which you can save money on your renovation. Generally, people are reluctant to cut corners, as they feel it affects the functionality of their redesigned home and at the same time, hampers its resale value. However, what you may not realize is that saving money on renovation in Singapore doesn’t mean you have to compromise on quality.
Here are 10 effective ways in which you can save money on your home renovation in Singapore:
1. Set a Practical Budget
A common reason why homeowners incur debt due to a renovation project is not setting a budget. You need to be practical and pragmatic about your finances, having a clear idea of what you can afford to spend. This will also help the interior design company in Singapore you are working with provide you a realistic quote.
First, you should determine the amount of money you can dedicate to the renovation project. Second, you have to keep some wiggle room for unexpected expenses that can arise over the course of the project. For instance, if you can afford to spend $30,000, your budget for the project should be $24,000, with 20% of the amount set aside for emergencies.
2. Outline Your Requirements
Your budget will give you a clear idea of the extent to which you can renovate your home. If the cost of the features you want to add goes beyond your budget, you will have to prioritize. This might mean focusing on the functional aspects of the project rather than opting for cosmetic changes. Of course, it boils down to your requirements, so you should be clear on what you want.
3. Get Involved
Renovation projects involve a large number of tasks, some of which you might be able to manage on your own. For example, you can decide to paint the house yourself, or add fixtures and fittings. You can leave the specialized tasks to the professionals. You can also use online tutorials and videos to learn some handyman tasks.
4. Get Multiple Quotes
You need to compare prices to find the best bang for your buck. Get quotes from multiple contractors and vendors before you make a final decision. This simple exercise can lead to significant savings when selecting an interior designer and other professionals.
5. Purchase the Supplies and Materials Yourself
Among the tasks you can handle on your own is purchasing the supplies and materials required for the job. Do note that the interior design company in Singapore will offer to do the purchasing on your behalf, but you can retain control by taking the DIY route here.
6.Refurbish vs. Redo
Depending on the condition of the structural elements you are having renovated, you can opt for refurbishing as compared to a complete redo. For instance, if you have concrete flooring, you can improve and refurbish it rather than rebuilding from scratch.
You can always find bargain deals on second-hand items. Not only is this the greener option but you also save money in the process. That said, you will have to scour the market for stuff you can use.
8.Set Up a Yard Sale
Instead of discarding old items completely, you should instead set up a yard sale. Put the items up for sale and you might be able to bring in more money than you can expect. You also have the option of putting up items on sale online, where you are likely to get a higher price for your discarded stuff. You can also take the time to find old clothes and any other items that you no longer use and sell them off.
9.Involve Your Social Circle
Let your family and friends know that you are renovating your home and you could use any items they are willing to donate. Moreover, you can throw a housewarming party once you are done with the project. Your guests are likely to show up bearing gifts…
10.Inform Your Friends of Items You Need
Last, but not the least, you can plead to the charitable nature of your friends whom you have invited to your housewarming. Given that they are going to bring gifts anyway, you can let them know about items you need for your redesigned home. Now, you might feel this makes people uncomfortable, but they would appreciate some direction. It’s easier to purchase a gift when they know what the recipient wants.
So, these are 10 simple yet effective ways in which you can save money on renovation in Singapore. Do keep in mind that cost cutting doesn’t necessarily have to mean compromising on your requirements and preferences. A few tactful decisions can help you cut costs where possible, and in the process, ensuring the project is completed within your budget.