WANTING TO RENOVATE YOUR HOUSE?
A basic necessity for all, no one feels more comfortable or safer anywhere else than their house. Just like every medium in the world, houses become obsolete too and after a few years renovation becomes mandatory. It can be very difficult to choose between different necessities to spend your resources on at the same time, but once you have made up your mind on what are you going to do with your savings, make sure the money is well spent. Unlike other assets, renovating your home can be very costly unless efficient methods are used.
This blog will be featuring tips for reducing your cost of renovation as well as basic planning strategies to help you make the most of your expenditure.
SET A BUDGET:
Let’s begin with budgeting, which is a major component of every well planned project. An estimated limit of expenditure should be decided first. Fixing a budget makes sure that you don’t overspend which enables you to save for unexpected costs. It also helps you to renovate your house economically as it makes you aware of where is your money going. Added to this, it will help you realize if you lack capital that can be supported by available alternates, for example:
- BUYING SECOND HAND GOODS: You can easily find desired second hand household items in the markets that suit your home. These will be cheaper and might fit in right.
- THINK CREATIVELY: Considering changes that make a bigger difference can save up money. A change of paint on the walls might satisfy you enough in improving your home that you don’t need to change the rugs anymore.
- CONSIDER STANDARD PRODUCTS: Generally, the goods which you buy for your house will stay there for a long time. Therefore, it’s not practical to buy every item that is advanced or in-trend because apparently after two or four years it is going to be former and out of fashion.
In this era of inflation, prices of almost everything are rising at an enormous rate. The good thing is our society is run by perfect competitors and cheaper substitutes can be found. Researching is the key to remodel your house on a low budget hence; putting some efforts in researching can drastically reduce your expenses. Look for stores or websites that are offering clearance sales then you can pay someone to install it for you. If lucky, you can certainly find better quality products with good features at reasonable prices.
HIRING THE RIGHT LABOR:
Whenever we think about construction, labor is the first thing that comes to our minds. Choosing the right labor is very important but determining which ones are right is very difficult. To achieve this, you should always check a builder’s relevant past and their trading history. Don’t forget to take reviews of their performance. It is always better to appoint only one supervisor for your project so go for quality, not for quantity. Forming a proper contract before starting a project is very important as it eradicates the possibility of fraud. Furthermore, using a fixed price contract can be stress relieving as once it is formed no more bargaining is required. Finding cheap labor in a country like Pakistan is not very difficult but in this regard, the quality of the product is often compromised.
FUNDING YOUR RENOVATION:
Life is full surprises; at times we face financial shortfalls in the middle of a big venture. If you are run down by unexpected expenses during your house renovation and don’t have enough capital to pay for them, relax buddy! There are other means that can help you finance your repair works.
- PERSONAL LOANS: if you don’t have enough savings, taking a personal loan is the best option available. A big sum of money can be borrowed and returned over a period of 1-10 years with money lenders competing to give the easiest interest payments and repayments plans.
- CREDIT CARDS: These are used to spend over the amount of money available in your bank account. If you repay the outstanding due amount monthly instead of years, you can enjoy 0% interest rate on repayments. However, credit cards can be very expensive if you are unable to pay within the introductory period as high interest rate will be applied on the amount due. So this option will work only if the cost of your project is modest.
Finally, if you can get your renovation right with the correct tips, it will be a great change of satisfaction for you and every other person living in the house. Therefore, you need to study and organize each and everything relevant to the house as well as the costings carefully.