Renovating your home can improve your living situation and add great value to your home. While there are many benefits to these upgrades, it can be incredibly stressful to make improvements on a tight budget.
While the rising costs of goods and services is making it more costly to renovate your home, this may still be more affordable than purchasing a new home. One study found that home owners are paying on average £1,300 extra for home renovations, while the average house price has risen by about £27,000.
To stretch every pound, I’m sharing my top tips on how to manage rising costs when renovating a home.
Pick the right people for the job
Much of the valuable work around your home renovation will begin long before any walls have been knocked down. Finding the right contractors and tradesmen is essential to ensure your renovation runs smoothly.
While it may be tempting to go with the first person you find, hiring someone who doesn’t have the skill or resources to complete your project will result in lengthy delays and overspent budgets.
Assess what will add value
It can be easy to get caught up in the excitement of a home renovation project and add on some luxurious features that may not benefit your property’s resale value in the future.
Some renovations, like adding a conservatory or converting a loft to a create functional space can add upwards of £20,000 to your home’s value. However, some may end up costing you in the long run. Adding in a swimming pool, for example, may seem like a value add, but they can cost between £540 and £1,020 a year to maintain, which may put off some buyers.
If you’re undertaking home renovations to boost your property value, it’s worth getting some advice from a property valuation expert to ensure your home renovation is worth the extra financial investment.
Hunt for discounts
When looking for suppliers for your home renovation project you can be bombarded with fancy adverts and slick brochures, but it’s important to not be swayed by advertising and look for the best deals available.
Several price comparison websites, like Google Shopping and Price Runner UK can help you compare the prices of lighting, fixtures and appliances to help you find the best deal. Even a few additional pounds saved here and there can be added to the contingency budget.
Know where to cut corners
If you consider yourself quite handy, then there are many ways to cut costs during a home renovation. Painting walls, laying linoleum tiling or updating cabinetry with a coat of paint and some new handles is a great way to give your home a refresh without a huge budget.
While some projects are great to tackle yourself, it’s important to know where you can cut costs and where it’s essential that the job is done professionally. For example, bigger jobs, like rewiring a house or knocking down a wall can be dangerous if you’re not skilled and may end up costing you in the long run.
Only integrate essential appliances
Instagrammable kitchens with a range of built-in appliances and non-essential utilities may look great but they can be pricey, even after the renovation is complete.
Electricity costs have risen by 19 percent in the past year and including some of these extra integrated appliances may lead to a spike in your energy bill too.
One report found that leaving devices plugged in can use up at much as 23 percent of your electricity bill. It’s better to limit integrated appliances to the essentials to keep installation and future energy costs down.
Cut refuse disposal costs
Depending on the scale of your project and your council, refuse disposal may be an unexpected cost. While your contractor or a private service provider will charge a fee for disposing of this waste, it’s worth doing your research to shop around for the best price.
Be sure to check that you’re using a registered waste removal firm as you could face a fine or criminal charge if you hire someone who disposes of waste illegally.
For a smaller job with not too much waste, check with your local council to see if the fees are more if you dispose of the waste yourself.
If you’re doing a kitchen or bathroom renovation, and your cabinetry or bathroom suites are still in good shape, consider selling these on eBay or Facebook Marketplace. This is a great way to reduce waste and potentially earn some extra cash for your renovation.
By Matthew Currington, Technical Director, The Lighting Superstore