Home Renovation Budget — How To Stick To It?

Renovating a home usually brings a positive experience to the owner as it adds value to their property and improves their overall quality of life. Setting aside a home renovation budget can be rewarding when the time comes that you need to fix your home.

Blocked gutters, peeling paint, and broken fences can really cause problems if left unattended. Proper restoration and maintenance should be organised early on before it costs you a lot more down the road.

First, come up with an estimate of your budget. Set it around 5% of the purchase price of your property as your starting point. However, this will also depend on the scale of the renovation. For effective budgeting and planning, make sure to stick to it and keep your expenses in check.

Freshly painted house

Nothing beats a home that’s newly painted. This is a project that will do instant wonders to your house if done properly.

Choosing the right colors can make the rooms and spaces in your home appear larger, brighter, and modern. Avoid unusual colour schemes because they will look dated as trends quickly change. This will cause you to spend money on painting over and over again.

Go white for your interiors. It maximises light and gives a sense of space. White is timeless and easier to accent with colours.

Don’t forget to include painting your house’s facade, fences, and garden. Not only will it add to your street appeal, it will also significantly increase the value of your property with minimum cost.

Updating the kitchen as part of your renovation budget

A kitchen update can result in a more enjoyable space in your home for entertaining family and friends. With minimal spending and small changes, your kitchen is quite easy to improve.

The 5% of a home’s value should be in the kitchen. So, if you have a little more money left in the budget for your kitchen, change it’s overall look with new bench tops or splashbacks. You can also install soft-glide hinges, reface cupboard doors, or simply change the cupboard door knobs.

Do not move your plumbing

A good saving tip for your bathroom renovation is to keep the original plumbing points. The key is to keep your facilities in the same place because moving them will be expensive and time-consuming. The same applies to your laundry and kitchen.

Repositioning your pipes, reconfiguring your bathroom layout, and jackhammering your concrete floors will eat up your budget. Better to ask for advice from a qualified plumber who can recommend how to maximise your current layout.

If you liked our “Home Renovation Budget — How To Stick To It?” and found some useful tips, check our blog space regularly for more info on getting out of debts and updates on the best budgeting apps in Australia.