Whether you are revamping your own home or working on an investment property, renovating can be very expensive.
Weigh up your home upgrade options
There are not many homeowners with an endless budget to upgrade everything they want to in their home.
A good starting point is to sit down and evaluate the property as a whole and then decide on which parts are most significant and the parts most in need of upgrading. Then think about where you will need to spend the majority of your budget.
In the majority of renovations, the bathroom and kitchen offer the best investment, but they are not always the areas that require the most work. Analyse your kitchen and bathroom to see what you can keep and salvage from the materials that you already have and see what needs upgrading.
Look around the rest of your home to identify other areas that would impress potential buyers after being upgraded.
First impressions are vital in real estate, so think about spending some of your budget on the porch and front foyer.
Splashing out and reigning in spending
Look at every room in your house and identify the stand out features that will catch the attention of potential buyers. This will help you know where you should splash out and where you should save.
If you are renovating the kitchen, you could splash out on expensive marble counter tops, but you could save by being selective and only using marble for some of your counter tops. If you are splashing out on expensive counter tops then a stainless steel island can considerably save your budget.
In the bathroom, you don’t have to break the bank on the most expensive tiles on the market for the whole of your bathroom. A neutral tile for the walls of the shower and the floor can save you a bundle, and still provide great results.
You can give your bathroom some style by adding a strip of the expensive tile that surrounds the shower wall and borders the floor. This will give your bathroom a great look and cost a fraction of the budget.
Think about your flooring
Hardwood flooring is popular with everybody, but stylish wood flooring can make a large dent in your budget.
Laminate flooring has improved drastically over the years and can the most cost effective way to get a stylish hardwood flooring look that doesn’t break the bank.
If you do decide to go with real hardwood flooring, which lots of people still do, then you can create an elegant look by being selective where you decide to use it. Do you really need to replace the floors in all of the rooms?
Your kitchen and bathroom should be tiled to avoid water damage, so what about the bedrooms? You can save by using carpet instead of expensive hard wood flooring.
Keep things in the yard nice and simple
Be advised that it is not a good idea to go crazy landscaping in the garden, particularly if you are trying to sell the property. Consider some low maintenance options instead of investing in expensive plants and flowers that will need to be looked after and maintained regularly.
Instead of spending big on an expensive paved walkway and blowing your budget, consider an appealing gravel path that surrounds your home. It will give a nice consistent look without the large cost of a paved walkway.
The best advice when it comes to landscaping and the outdoor features of your property is to keep things simple. A nice neutral look is appealing to potential buyers and gives them the space to view themselves living in the property before they even walk through the door.
Don’t break the bank on the garden, but ensure that everything is neat and tidy, save your budget for the important interior that buyers will see when they enter the property.
The best piece of advice when it comes to renovation that stays within a budget is to be selective and know where your money is best spent. Decide on the areas that require something special and a larger chunk of your budget. Then save on the areas that won’t drastically affect the value or appeal of your property, and not affect the your enjoyment of the day to day living in your home.
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