Renovating on a Budget: Where to Spend and Where to Save
Source: Canva 2024
Renovating on a Budget: Where to Spend and Where to Save
Renovating your home can be an exciting project, but costs can quickly spiral out of control if you’re not careful. Whether you’re updating your home for personal enjoyment or preparing to sell, it’s important to know where to invest your money and where you can cut back without compromising on quality. This guide will walk you through cost-effective renovation strategies, helping you make the most of your budget by highlighting areas where it pays to spend and where you can save.
Where to Spend: High-Impact Upgrades That Add Value
1. Kitchen Renovations: Prioritise Functionality and Style
The kitchen is often the heart of the home, and a well-designed, modern kitchen can significantly boost your property’s appeal and value. This is an area where spending a bit more can pay off.
Where to spend:
Benchtops: Opt for durable, stylish materials like engineered stone or quartz. These materials are not only long-lasting but also add a touch of luxury that buyers notice.
Quality Appliances: Invest in energy-efficient, high-quality appliances. Stainless steel or integrated appliances are particularly popular and can make a kitchen look sleek and modern.
Cabinetry Hardware: While you don’t need custom cabinetry, choosing good-quality handles, hinges, and drawer runners will make the kitchen feel solid and well-built.
Budget Tip: Save on cabinets by refacing or repainting them instead of replacing the entire unit. This can give your kitchen a fresh, updated look for a fraction of the cost.
2. Bathroom Renovations: Focus on Fixtures and Functionality
Bathrooms are another key area that can significantly increase a home’s value. Even small upgrades can make a big difference.
Where to spend:
Tapware and Fixtures: Spend a little more on high-quality, modern taps, showerheads, and handles. These small touches can make the bathroom feel more luxurious.
Waterproofing: Proper waterproofing is essential to prevent costly damage in the future. Make sure to hire a licensed professional for this task to ensure it’s done correctly.
Vanity and Storage: Choose a stylish vanity with ample storage space. This can help keep the bathroom clutter-free, making it look cleaner and more spacious.
Budget Tip: Consider re-glazing your bathtub or tiles instead of replacing them. It’s a cost-effective way to make them look brand new without the hefty price tag of a full replacement.
3. Flooring: Invest in Durability and Appearance
Flooring is a major feature of any home, and investing in the right type can make a lasting impression.
Where to spend:
High-Traffic Areas: Spend more on durable flooring materials for high-traffic areas such as the kitchen, living room, and entryway. Engineered hardwood, high-quality laminate, and luxury vinyl planks are good options.
Timeless Materials: Opt for materials that are both timeless and practical. For example, wood and stone look finishes tend to age well and appeal to a wide range of tastes.
Budget Tip: Use more affordable flooring options in low-traffic areas. For example, carpet can be a cost-effective choice for bedrooms where wear and tear are less of a concern.
4. Lighting: Create Atmosphere and Highlight Features
Lighting can transform a space, making it feel warmer, more spacious, or more luxurious.
Where to spend:
Feature Lighting: Invest in a statement piece for the dining room or living area, such as a chandelier or pendant light. This can serve as a focal point that elevates the entire room’s aesthetic.
Downlights in Key Areas: Consider installing energy-efficient LED downlights in areas where task lighting is important, like the kitchen, bathroom, and study.
Budget Tip: Save on lighting by using a mix of affordable light fixtures for general lighting and spending a bit more on one or two statement pieces that draw attention. Replace bulbs with energy-efficient LED alternatives to reduce long-term costs.
Where to Save: Cost-Effective Solutions That Make a Big Impact
1. Cosmetic Updates: Repaint, Don’t Replace
A fresh coat of paint is one of the simplest and most affordable ways to revitalise a space. It can make old rooms feel new and bright again without a significant financial investment.
Where to save:
Paint Walls and Ceilings: Opt for light, neutral colours that can make a room feel larger and brighter. Neutral tones also appeal to a broader range of potential buyers.
Refresh Kitchen and Bathroom Cabinets: Instead of replacing cabinetry, consider painting or re-staining them. It’s a cost-effective way to update the look without the expense of new fittings.
Budget Tip: If you’re confident, consider DIY painting. It can save you a lot on labour costs. Just be sure to invest in high-quality paint and brushes for a professional finish.
2. Fixtures and Hardware: Affordable Enhancements
Updating fixtures like taps, cabinet handles, and light switches can give your home a modern look without the need for major renovations.
Where to save:
Cabinet Hardware: Swap out old, dated handles and knobs for sleek, modern designs. It’s a small change that can make a big difference.
Door Handles and Light Switches: Upgrading to stylish, consistent fixtures throughout the home can add a sense of cohesiveness and quality without breaking the bank.
Budget Tip: Look for bulk deals at hardware stores or online marketplaces. You can often find stylish, affordable hardware that looks just as good as premium options.
3. Landscaping: Simple and Sustainable
A well-maintained garden can enhance the overall appeal of your home, but you don’t need to spend a fortune on elaborate landscaping.
Where to save:
Native Plants: Native Australian plants are not only affordable but also low-maintenance and drought-resistant, making them perfect for budget-conscious homeowners.
Mulching and Edging: Simple improvements like mulching garden beds and adding clean, defined edges can make your garden look polished and well-maintained without extensive work.
Budget Tip: Consider DIY landscaping. Tasks like planting, weeding, and basic garden maintenance can be done over a few weekends, saving you the cost of hiring a landscaper.
4. DIY Projects: Sweat Equity for Big Savings
If you have the time and are willing to learn, taking on some renovation tasks yourself can save a significant amount of money.
Where to save:
Minor Demolition: Removing old fixtures, cabinets, or tiles yourself can reduce labour costs. Just be sure to follow safety protocols and know when to leave the work to professionals.
Flat-Pack Furniture Assembly: Save on furniture by opting for affordable, flat-pack options that you can assemble yourself. Modern designs can still look great without the high price tag.
Budget Tip: For larger projects, consider hiring a professional for more complex tasks (like electrical and plumbing work) and handling the simpler jobs yourself. This way, you still save money but ensure the quality where it counts.
Budgeting and Planning Tips: Making the Most of Every Dollar
Renovating on a budget requires careful planning and strategic spending. Here are some general tips to help you stay on track:
Plan and Prioritise: Start by making a list of everything you’d like to renovate, then prioritise the projects that will give you the best ROI. Consider tackling one room at a time instead of renovating the whole house at once.
Set a Realistic Budget: Include a contingency of 10-15% for unexpected expenses. This will help you avoid stress and financial strain if things don’t go exactly as planned.
Research and Compare Quotes: Get quotes from multiple contractors and suppliers. Don’t be afraid to negotiate, and always check references to ensure you’re getting good value for money.
Look for Sales and Discounts: Renovation costs can be reduced by shopping during sales or seeking out clearance items. Sometimes you can find high-quality materials at a fraction of the cost if you’re patient and shop around.
Final Thoughts
Renovating on a budget doesn’t mean you have to compromise on quality or style. By knowing where to invest your money and where you can cut back, you can achieve a stunning transformation that boosts your home’s value without blowing your budget. Focus on high-impact areas like kitchens and bathrooms, but don’t overlook the small details like paint, fixtures, and landscaping, which can make a big difference.
With careful planning, thoughtful design choices, and a bit of creativity, you can maximise your renovation ROI and create a beautiful, functional space that stands out in the market. Happy renovating!
