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How To Save At Least $10,000 On Your Home Renovation

Borrowing ,   General ,   Information ,   Lifestyle ,   Personal Finance

by Ioana • June 28, 2022

 

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Renovating your home can be a costly process. However, there are ways to save money on a renovation without compromising quality. 

How can you find the best renovation loan? What are the ways to save money on your home renovation? Which are the best renovation methods?

What can you do during financial emergencies?

Here are ten tips to help you get started.

1. Shop Around For Deals on Materials and Labour

Did you know that you can only get a maximum of $30k from banks for the renovation?

You are on a tight budget.

Calculate how much you can borrow for your home renovation here.

Renovating your home can be a costly undertaking, but there are ways to save money on the materials and labour costs. One way to do this is to shop around for deals on everything from lumber to paint to plumbing fixtures.

By taking the time to compare prices, you can save a significant amount of money on renovation. But there’s another way to accomplish that goal: Negotiate directly with the contractors.

Many contractors are willing to lower their rates if they know that you are shopping around.

Finally, don’t be afraid to ask for discounts from your suppliers. Many companies offer discounts for bulk orders, and many will also give you a break if you pay cash.

To get a larger loan or top up on your current renovation loan, click here.

2. Get Multiple Quotes from Contractors before Selecting One

Every homeowner knows that the key to a successful home renovation is finding the right contractor. But with so many options to choose from, how can you be sure you’re getting the best value for your money?

The answer is simple: get multiple quotes.

By gathering estimates from several different contractors, you can compare prices and find the best deal. You’ll also get a better sense of each contractor’s strengths and weaknesses.

Furthermore, by getting multiple quotes, you’ll compare apples to apples, ensuring that you’re getting the best possible value for your money.

3. Do Some of the Work Yourself to Save on Labor Costs

When it comes to home renovations, many people think they need to hire professional help to get the job done right.

However, this isn’t always the case.

Sometimes, doing some of the work yourself can actually save money on renovation.

While you may not have the same level of expertise as a professional contractor, there are specific tasks that any homeowner can handle with a little bit of effort. For example, painting is a relatively easy way to refresh a room, and it’s something that you can do yourself. The same goes for simple tasks like replacing light fixtures or hanging shelves.

By taking on some of the work yourself, you can save money on labor costs and avoid the hassle of dealing with contractors. Plus, it’s a great way to get creative and put your personal touch on your home.

4. Reuse or Recycle Materials Whenever Possible

One way to save money on renovation is to reuse or recycle materials.

For example:

– Old bricks can be used to create a new patio or pathways.

– Wood from an old fence can be used to create a new deck or planter boxes.

– Even something as simple as painting an old piece of furniture can give it new life.

By recycling and reusing materials, you can save money on your renovation and be environmentally friendly.

5. Choose Lower-Cost Alternatives to High-End Materials

When it comes to renovating your home, it can be tempting to splurge on high-end materials. However, there are plenty of ways to save money without sacrificing quality.

Let’s look at some examples:

– Instead of purchasing marble countertops, you could opt for a cheaper granite or quartz option.

– You could save money on the flooring by choosing laminate or LVT instead of hardwood.

– There are also plenty of ways to save money on fixtures and fittings. You could purchase a lower-priced toilet or choose a more affordable faucet.

You can find quality, low-cost alternatives to high-end materials by doing your research and shopping around. This strategy will help you save money on your renovation without compromising quality.

6. Avoid Making Changes during the Renovation Process, As They Can Be Costly

Making changes during a renovation is one of the surest ways to blow your budget. Whether adding another window or changing the kitchen’s layout, every change will add to the project’s cost.

And, as anyone who has ever renovated a home knows, it’s very easy to get caught up in the excitement of the process and make changes on the fly.

Here’s the solution to save money on the home renovation:

Plan carefully before the work begins. Next, talk to your friends and family who have experience in home renovation.

Create a detailed design plan that includes everything from the layout of rooms to the type of finishes you want. And, most importantly, stick to that plan. Making even a small change can impact your budget, so it’s essential to resist the temptation to make changes once the work has begun.

7. Don’t Over-Improve Your Home – Only Make Renovations That Will Add Value

Anyone who has ever undertaken a home renovation knows that it is easy to get caught up in the excitement of adding new features and forgetting about the budget. This can lead to what is known as “over-improving,” where the renovation costs exceed the potential increase in value of the property.

Here’s how to avoid over-improving:

– First, be realistic about the value of your property and understand what comparable homes in the area are selling for.

– Second, focus on renovations that will improve function or aesthetics rather than those that are simply trendy.

– Third, be mindful of how much you are spending on each item.

By following these tips, you can save money on renovation and avoid over-improving your home.

8. Decide on a Cost-Saving Theme for Your Home

Anyone who has ever undergone a home renovation knows that it can be a costly endeavour. However, there are ways to save money without sacrificing style.

One popular trend is minimalism, which emphasises simplicity and utility.

This style can be achieved by decluttering your space and investing in versatile furniture that can serve multiple purposes. For example, a coffee table that doubles as a storage ottoman can save you both money and space.

Another cost-saving theme is rustic décor.

This design uses natural materials like wood and stone to create a warm and inviting atmosphere. A rustic style is often less expensive than more contemporary looks, and it can also be easily DIYed.

So if you’re looking to save some money on your next home renovation, consider one of these cost-effective themes.

9. Use Online Renovation Saving Tips

You can save money on renovation without sacrificing quality or style. One way to do this is to take advantage of the wealth of online resources. Platforms such as Pinterest, Reddit, and Instagram are full of save-worthy ideas for everything, from flooring to appliances.

By doing a little research and getting creative, you can save yourself a significant amount of money on your next home renovation.

Not everything about these online resources is rosy, though.

When it comes to reading renovation saving tips online, you should avoid a few things.

First and foremost, steer clear of anything that sounds too good to be true. If someone claims they were able to renovate their kitchen for $500, they’re probably either leaving something out, or they’re just plain ol’ lying. Loads of loan scams have happened in recent years.

Second, don’t get too caught up in the details. There’s no need to obsess over which faucet brand will save you the most money; just focus on the bigger picture.

Finally, remember that your home is unique. Just because a specific tip worked for someone else doesn’t mean it will necessarily work for you. So take everything you read with a grain of salt and use your best judgement.

10. Use a Renovation Loan

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If you’re set on renovating your home but are worried about the costs, taking out a renovation loan could be a great way to save money. By borrowing the money you need for your project up front, you can spread the renovation cost over a more extended period.

You can even get a lower interest rate than if you were to finance the project yourself!

Additionally, many lenders offer specialised renovation loans with additional perks like flexible repayment options, making it easier to stay on budget.

Many people are using their savings to pay for their home renovation.

That’s not the best idea because:

It can be tempting to overspend when not working with a set budget. If you’re using savings to pay for your renovation, you may be more likely to make impulse purchases or go overboard on materials and labor.

– Using your savings leaves you without any financial cushion in an emergency. If something unexpected comes up, you could find yourself scrambling to come up with the money you need. A loan gives you the flexibility to spread out your payments and still have access to your savings if you need it.

In the end, financing your renovation with a loan may be the smartest way to ensure that your project stays on track and on budget.

Here’s a loan calculator to help you plan your finances.

 

How do you apply for the best renovation loan?

Where can you compare the best renovation loan rates?

Loan Street Singapore can help you!

With our experience and data, we have narrowed down the best financial institutions in Singapore that offer the best renovation loans. Whether you’re looking for a fast renovation loan or a long-term financial plan, we can help you find the right one. Our home improvement options are nothing but the best.

By mixing and matching these options, Loan Street finds you the right financial solution to save money for your renovation.

Click here to get a quote for free now!

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