Now that you have collected the keys to your new house, it’s time to get planning and renovating . For most of us, purchasing a home is already taking a gigantic leap of financial faith, which calls for prudent decisions to be made to minimise spending during the renovations. Here are some tips and advice to help you balance your budget more easily.
1. Plan your budget (and stick to it)
Plan diligently by deciding on exactly what you want for your new home and list out the cost of each purchase required. Stick to your pre-planned budget as much as possible. However, having said that, there might be some unforeseen circumstances or contingencies that have to be addressed which might cause you to exceed your pre-planned budget. Give yourself an allowance of about 20 per cent – you wouldn’t want to end up with an incomplete kitchen or bathroom.
2. Research, research and more research.
Read up on what people have done and learn from their experiences. If you are planning to hire an interior designer, for instance, check out the recommendations and look at their portfolio. Some interior designers are more skilled in certain home types than others, and if possible, try to get at least 3 quotations for your ideal home. Compare them before making a final decision.
3. Plan your purchases
Look out for warehouse sales when purchasing your furniture — these are a great way to maximise savings.There are also various furniture shops/exhibition that are having sales which attract a range of merchants selling products you might need. Warehouse sales are also a place to get furniture at a bargain. Compare prices across different merchants before your eventual purchase.
If the purchases are not urgent, you should wait for discount during occasions like Tet Lunar New Year, September 9, November 11, Black Friday, Online Friday and December 12. These periods in the year that retailers will definitely have discounts for and can save you a lot of money.
4. Differentiate your needs and wants
Sounds all too familiar? Nonetheless, many new homeowners, in their excitement, often fail to consider what they really need. For example, it’s easy to want to buy that $500 bright red professional mixer just because it looks great on the kitchen counter.
A useful tip might be to consider if what you are intending to purchase is needed to make your home functional. Sometimes you’ll only know when you move into your home, so it’s wise to leave some of the nice-to-have purchases till after you’ve moved in.
Never underestimate the power of doing things yourself. Besides, you will derive an immense amount of satisfaction as you witness the transformation of your new place. Assemble your own furniture instead of getting them built in by a carpenter if possible. However, be discerning as to what you can do. As a general rule of thumb, it might be wise to leave the specialised tasks, such as installation of gas pipes, to trained professionals.
Check out Youtube’s home renovation videos, or Pinterest for niffy DIY tips.
6. Draw inspiration from others
The Internet contains a plethora of sites that can guide you on renovation saving tips and the best ways to get creative without breaking the bank. Pinterest or Instagram, for example, is a treasure trove of ideas on personalizing your home. Many others have done it, so can you!
7. Decide on a cost-saving theme for your home
The design of your home plays a role in your renovation cost as well. A home with a minimalist vibe is likely to be cheaper to renovate than an apartment that is intended to exude a sense of opulence. Having said that, it doesn’t mean you have to compromise on style: after all, simplicity is beauty.
8. Do away with unnecessary frills
For example, it might not be very practical to get carpets if you have young children or pets at home.
Wallpaper, while pretty, is not very practical tropical climate as discolouration often occurs rather quickly. Replacing the wallpaper can also be rather pricey, and there is a likelihood that the wallpaper might not be in production anymore.
9. Refurbish or reuse when possible
If you are moving into a second-hand home, consider what can be kept, such as structural elements or pieces of furniture. Refurbish them if they are still functional and in relatively good condition. If you have current furniture, consider what can be reused and brought to your new home.
These are the tips and advice to minimize the cost when renovating your home. However, if the issue of cost is not a big concern and in case you are too busy to prepare every small detail, you can contact and find any design company that you trust to discuss. In exchange, they will have a full service package to support and assist you.