Tips On Saving Up For Your Home Renovation
Are you thinking about a home renovation? There are lots of reasons why you might be. Perhaps you’re looking for more space for you and your family. An extra room or extension could offer you a lot more functionality.
Or perhaps you’re tired of the way your home looks. A living room makeover or a bathroom remodel could do much to improve matters, especially if you have a specific aesthetic or need in mind.
It can be easy to justify a renovation, but there is one caveat. It can be expensive. From hiring a professional to buying new furnishings, those costs will add up. For this reason, it is important to make a concerted effort to save money before work begins.
So, where do you start?
Find out what the renovation project might cost you
When you know what type of home renovation will make a difference to you, start to get some prices. Talk to contractors and find out what they are likely to charge you. Or if you’re planning on making renovations yourself, price out the materials you are going to use, and factor in the cost of tools and other equipment. You might also want to use a remodeling calculator to get an idea of some of the costs involved. When you have an idea of the figure you need to save for, you will be in a better position to budget your finances. But remember to raise the total figure a little, as this will leave some wriggle room for any unexpected surprises.
Start putting money aside each month
When you know how much you need to save, start to portion some of your income away each month for the renovation. It’s useful to open up a dedicated savings account, so compare banks and online finance companies, and find out which offer the best interest rates. An account that is used only for your renovation will help you keep better track of your saving progress, and you won’t mistakenly dip into these savings for any other expenses. When you have opened an account, set up a direct debit so part of your monthly earnings goes straight into your savings. Use a budget worksheet beforehand so you know how much you can comfortably put into your savings account each month.
Make savings around the home
The more money you can save at home the better, as you will then have more money each month for your renovation saving account. So, find ways to cut back on your energy usage, change your utility and internet savings providers if you can find a better offer, and cut back on any streaming services or subscription services that you rarely use. Now might also be the time to spend more time cooking in the kitchen instead of relying on microwave and takeaway foods. And it might also be the time to remind yourself (and your family) of the difference between needs and wants before making any purchases.
Sell anything you don’t need
If you’re making changes to certain rooms, it might be that you have furniture you no longer need. Or there could be items in your attic or basement that could be sold. Make a list of everything you no longer have room for or need and price them up online. You might even be sitting on a goldmine if you discover you have collector’s items that could go for a high sales price. Sell your items on eBay, Amazon, or any other eCommerce site and have a good old-fashioned yard sale for anything that isn’t worth a lot of money. Put all the money you make into your savings account in readiness for your home renovation.
Look for a home warranty provider
Home warranty plans cover most components of the home, including HVAC systems and electrical appliances. As faults can occur at the worst times, you will have some level of financial protection if anything goes wrong with such home items. This is useful when you’re saving up for a home renovation, as you won’t need to take money out of your savings to cover the cost of repairs or replacements. Compare home warranty providers online and find a plan that suits you.
Despite the expense of a home renovation, you will reap the rewards when you finally have what you desire. Still, you don’t need to bankrupt yourself to get to that point. Use the savings advice we have given here, and look online for any funding and grants that may be available to help you with the cost.
Thanks for reading.