Renovating On A Budget

9 years ago
3 minutes

Renovating your home may be a bit tricky. You think your budget limits your possibilities. However, this isn't necessarily the case. With careful budgeting, your remodeling project can be beautiful and cost effective. No matter where you live in Australia, your renovation project can increase the value of your home. You can turn it into a comfortable living space to enjoy with family and friends, and have a sense of pride and accomplishment when you complete your renovation. Here are some helpful tips from Mortgage Choice to help your project go smoothly.

Plan Your Budget

Decide before you begin what the budget for the project will be. If something unexpected happens during the renovation, you have the money aside to cover it. Unexpected problems sometimes happen in an older home. Three important things to take into consideration when renovating your home are the costs of the labour, the materials you use, and the design of the project.

Labour Costs

When making a decision about the labour, take into consideration that the actual work on the project takes up about one-third of the budget. You may be able to do some of the work yourself, but if you hire a building contractor, it's wise to get estimates from several builders. Contractors provide a free estimate without any obligation. Each territory and state in Australia has licensing requirements. Make sure the builder has the proper credentials.

Cost of Materials

Almost half the budget of a typical home renovation is taken up by material costs. Here's where you can get creative and thrifty. Compare prices at home improvement centres, hardware stores, trade outlets, and online to get the best prices.

Planning the Design

If you're completely redesigning your home, it's a good idea to use an architect; especially if there aren't limitations on your budget. Alternatives are to hire a draftsman to design the plans, or have a home builder do it. You can also do-it-yourself with software that available online or at retailers. The software package should use metric measurement and be specific to Australia.

Do It Yourself Redecorating

If redecorating is part of your renovation project, there are plenty of ways to liven up your lounge, dining area, kitchen or bedroom, without breaking the bank. Furniture outlets are great sources for attractive, low-cost furniture. Factory direct outlets are good sources, especially for kid's furniture.

To give a lounge or dining area a casual look, you may choose wicker furniture or outdoor furniture that's usually in the garden. Consignment shops are a good source for finding inexpensive furniture, and you may find vintage items for much less than you'd pay at an antique dealer.

Get Creative With Low Cost Decorating

Many homeowners paint their lounge or living space in neutral shades. To give your room a new look, use bright, vibrant shades. Yellow or tangerine combined with blue, or white, turquoise, and coral are great combinations. Use patterned fabrics rather than solid colours for upholstery. Simple window treatments let in more light and are less expensive than custom draperies. Colourful throw pillows and area rugs are inexpensive ways to decorate a newly renovated room.