For many Australians, owning your own home is a significant goal. For many, the excitement lies in transforming a house into a home.
Whether you’re updating a tired kitchen, creating the backyard you’ve always wanted or finally tackling that bathroom renovation, seeing your ideas come to life makes all the planning worthwhile.
Of course, renovations also have a habit of growing. What starts as “We’ll just repaint the living room” can quickly turn into new flooring, updated lighting and somehow… a whole new lounge suite.
A little planning before you pick up the paintbrush can help keep your project (and your budget) on track.
We’ve compiled our favourite tips on how to stick to your budget without compromising on your renovation dreams!
Start with a realistic budget
The first step to committing to a budget is creating it! It might seem like the most boring part of your renovation adventure, but designing a realistic budget will set you up for success, or at least some good guidelines to stick to.
Before you start shopping for tiles or scrolling Pinterest for inspiration, spend some time mapping out what you expect your project to cost.
Depending on your style, you may like to go into every detail right down to the furnishings you’ve picked out. Or, your budget may be a little more free-spirited, with just your set amounts for each element of the job at hand.
No matter the project or your budgeting style, we recommend leaving a section of your budget for ‘emergencies’. That way, if something doesn’t look as good as you thought or circumstances change, you can be flexible. If you don’t need to use it, you’ll be left with bonus cash you can use to save, or splurge on some extras.
Roll up your sleeves (where it makes sense)
D.I.Y can be one of the best ways to reduce renovation costs—provided you’re realistic about your skills.
Painting walls, building garden beds or installing shelving can be rewarding (and fun) weekend projects that also save on labour costs.
Other jobs, particularly electrical, plumbing and structural work, are best left to licensed professionals. Not only does this help ensure the work is completed safely, but it can also save you from expensive repairs down the track.
A good rule of thumb? If you’re unsure, ask an expert before reaching for the toolbox.
Second-hand scores
Not everything in your renovation needs to come straight from a showroom.
There is a plethora of unused furniture and materials out there just waiting to find a new home! If you love scouring your local op-shops, start there. This point is especially recommended if you love vintage style, or unique pieces. If you’re more of an online shopper, eBay or Gumtree can be a great place to start. Not only will you save some money, you’ll be helping to save the environment as well by keeping perfectly good items out of landfill!
Shop smart
Everyone loves finding a bargain, but the cheapest option isn’t always the best value.
If you’re working with a builder or tradesperson, ask whether they can source materials on your behalf. In some cases, professionals have access to trade pricing that isn’t available to the general public.
It’s also worth comparing prices before making larger purchases, particularly for appliances, flooring and fixtures, where sales can vary significantly throughout the year.
Renovate in stages if you need to
Not every renovation has to happen all at once.
If you’re working within a set budget, consider breaking larger projects into smaller stages. You might complete the kitchen this year, refresh the bathrooms later and leave the landscaping until you’re ready.
Taking renovations one step at a time can make the project feel more manageable and gives you the opportunity to refine your ideas as you go.
After all, Rome wasn’t built in a day—and neither are dream homes.
Thinking about how to fund your renovation?
Every renovation is different, and so is the way people choose to pay for it.
Some homeowners save over time, while others choose to finance part of their project.
If you’re considering a renovation loan, Rapid Loans offers secured personal loan products from $2,001 to $45,000, subject to our credit eligibility criteria and approval requirements. Understanding your expected renovation costs before you apply can help you decide how much funding you may require.
Whether you’re giving one room a fresh coat of paint or taking on a larger renovation project, planning ahead can make a big difference.
Setting a realistic budget, knowing where you can save and leaving room for the unexpected can help keep your renovation moving in the right direction—so you can spend less time worrying about the budget and more time enjoying the finished result.
This article is general information only and does not constitute financial or credit advice. It does not take into account your personal objectives, financial situation or needs. When you apply for a loan with Rapid Loans, your application will be assessed against our credit eligibility criteria. All applications are subject to approval. Terms and conditions, fees and charges apply.