Nothing beats the excitement of purchasing a condo that you can truly call your own, and also to renovate it to your preference and taste.
However, home renovations are also notorious for having the potential to accrue higher-than-expected spending fast, sometimes faster than your typical overseas holiday or shopping for new clothing for the year.
That said, you'll be able to keep the budget under control for the renovation while ensuring an attractive result for the renovation, so long you heed these five tips.
#1 Seek information And Determine The Wants And Needs For Your Renovation
Before you attempt your quest to renovate your house, make sure to make sense of the renovation details you would like, like the theme or design, fittings, furnishings and appliances you want to have. From there, you can begin to sort out around the exact things you need, as well as plan for the fundamental items that need to be completed, by whom, along with the timeline and expected costs.
If you want to hire an interior designer, around and check out recommendations out of your relatives or friends. Look at their portfolio, ask for three to four quotations and do your research by checking out reviews of these to compare around before making your final decision.
#2 Determine A Realistic Budget And Try To Stick To It
As mentioned earlier, the worst nightmare in planning for a renovation would be to rack up high spending for the renovation. To avert this situation from happening, you should plan a realistic budget to be able to keep your spending in check.
You should plan diligently by determining what you will need for your new work from home in your research, and then to list out the expense of each purchase required. In addition, you should provide an allowance of 20% like a buffer inside your budget planning unforeseen circumstances.
#3 Be aware of Distinction between Needs And Wants
In all excitement, many people might want to buy additional appliance or accessories for his or her home, but don't realise that it could be a want and not a need.
For example, you might have opted for a designer rain shower, mirror and towel shelf for your toilet, however it i costing you around $1,000 instead of an off-the-rack shower and fixtures, that will only cost you a small fraction of the $1,000. Perhaps buyer's regret ensues, and you may think this money that was spent on designer fixtures might be better allocated to something else.
This is the reason why it is important that throughout the budget planning process, you need to think through that which you actually need and compare against what you want prior to making an order.
If possible, it is best to leave out the “wants” out of your purchase til you have moved into your new home, so that you can have a better understanding should you truly need something at the to begin with.
#4 Source Your Own Stuff To maintain your Budget Low
While it's easy to get the interior designer or contractor to source some items for you personally, but this service often incurs markups.
Some people will circumvent this by sourcing their own stuff, such as furniture, furnishings, or perhaps electrical appliances, instead of deferring for their interior designer or contractor for help.
This allows better control of their spending, which helps in handling the overall costs of renovation.
For those who are keen to source their own items can look towards platforms for example Taobao, Lazada or even furnishing retailers in Johor Bahru to obtain items at a low price.
If you don't mind getting pre-used items, you can turn to other platforms such as Gumtree or Carousell.
#5 To DIY, Or otherwise To?
Besides sourcing your own stuff, there are some things you can test to do-it-yourself (DIY) to keep costs low.
After all, there are plenty of jobs that you could take on, for example obtaining the paintwork done or assemble the furnishings on your own. It will help save precious dollars that may be better used elsewhere. For DIY work, all you need is some fundamental safety equipment, patience, and perhaps getting a friend or two to help out.
However, be discerning you skill. For example, when you are planning to do the paintwork by yourself, you will have to weigh up if you can to obtain the same result on your own, and also if you possess the time for you to DIY. Also, as a general rule of the thumb, be sure to leave the specialised tasks, such as the installing of gas pipes and then any electrical and wiring works to the professionals.
In conclusion, the key to avoiding a blowout in your renovation finances are to become smart, flexible, and have a plan in position. Make sure to be able to make a compromise at some point, such as using a slightly cheaper material inside your renovation.
Also, be always on the lookout to figure out ways to save at each stage of the project, such as making your personal purchase for furniture, or to roll up your sleeves and prepared to obtain your hands dirty by getting some work done on your own.