Tips for Budgeting Your Home Renovation

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When your home is in major need of some major renovation, just the thought of it can be overwhelming. Renovations can be time-consuming and put a strain on your budget. If you've ever watched Love it Or List It, you know how quickly any estimated renovation costs can skyrocket as hidden issues are revealed.

Still, there are ways to complete your home makeover without enduring a ton of financial stress. It will just require budgeting and some creative thinking. Here are some tips you can heed to help make that a reality.

Financing Options 


Instead of adding your home renovation purchases to your existing credit card, there are other options available. Some stores may offer layaway, which will give you the opportunity to gradually pay off your items. For example, this could be hardware, fittings or materials. This option is good for those who are willing to wait and find it easier to pay off small, regular amounts.

Other stores may offer financing options, which let you take your items home as you continue to pay them off. This works well for furniture, and Jerome's is one company that has clear terms, affordable prices and great service. With this option, you can furnish your home exactly how you desire, without long waiting periods.

One Room at a Time 


Sticking to a budget will be simpler if you only commit to one room at a time. This will also keep any construction mess isolated so you can keep living in your home.

Deciding which room to renovate first may depend on urgency, personal preference or your budget. It is a good idea to put together a folder of inspiration, themes and an allocated budget for each project.

Not Quite New 


When you are renovating, you could reduce the price tag by purchasing some items second hand. Local buy swap sell communities, yard sales and businesses will occasionally have the items you need for a fraction of the price.

Sometimes you can buy materials and other home accessories cheaper if they have been on display, are missing a box, or have a small aesthetic fault. Sometimes paint can be at a reduced price if it is already premixed. When your set budget is reduced in one area, it gives you more money to spend elsewhere.

Plan it Out 


When sticking to a renovation budget, it is important to plan each project. Instead of taking a sledgehammer and carelessly smashing down walls, have a plan in place. If you need to call in tradespeople, make sure they can work together seamlessly. You don't want to be paying someone by the hour if they are standing around waiting for someone else. A dedicated spreadsheet will help you understand your budget, and keep you up to date as you record each expense.

What Can You Do Yourself? 


One way to reduce your labor costs is by DIY, but you do need to be honest with yourself about your skill level. If you don't do the job properly, it could cost even more to fix. However, if you are confident, the time and effort could be well worth it. Friends with suitable expertise may be willing to get involved, either at a lower price or in exchange for something else.

Summary 


When renovating your home, you can keep your budget in check by choosing a financing payment option. Keep clear records of money spent, and try to find cheaper alternatives without sacrificing quality. Avoid being overwhelmed by focusing on one room at a time, and consider DIY. With all of these strategies, you can have a successful home renovation without any extra financial stress.

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