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Planning Renovation? Go For These Money-Saving Tips

Planning Renovation? Go For These Money-Saving Tips

Planning Renovation? Go For These Money-Saving Tips
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The cost of home renovation can easily go beyond the budget you have set. While you begin with the process thinking that everything that will go as planned, small changes and additional costs that are not factored in when setting a budget, may hurt your finances. Here are some tips to ensure you do not overshoot your budget, rather save money.

Have a plan

Now that you have decided on renovating your home to give it a new look and feel, and upgrade it with the latest technology, the first step is to have a plan and a budget. “One should be clear about what they want to achieve from the renovation. Make a list of works that need to be done before the actual project begins. Make sure you do not stray away from it during the course of construction unless unavoidable,” says ARK Architects and Interior Designers Managing Partner Rohit Kannagatha.

Based on what all areas of your house need renovation, figure out the kind of products that will go into it, factor in the labour and logistics costs, then set a budget. One of the most important aspects that will help you save money on renovation, Neelanjan Gupto Design Co Founder & Director Neelanjan Gupto says, “is to budget every item you would need during the process. Begin with budgeting every item you need and then look for various alternatives in materials that could help you save money. For instance, choose laminate over veneer or an accent wall instead of wallpaper.”

When setting a budget, always ensure that you keep a scope for extra expenses. Almost 10 per cent contingency, Kannagatha suggests, should always be ready with you.

However, some homeowners have a “dream renovation” in their mind that doesn’t match with the kind of budget they have. Experts suggest you have a realistic plan. A large sum is spent on the final finishes. “If you, in the last minute, plan to glam up your home, your costing may shoot up by up to 30-70 per cent,” warns Gupto.

Hiring the right professional

Professional help will go a long way in ensuring that you get the right makeover for your home in a budget of your choice. In such a scenario, we suggest you hire two kind of services – an interior designer and a contractor.

You must involve an interior designer from the very beginning of the process of renovation. Although many homeowners shy away from hiring an interior designer due to budget constraints, these professionals are equipped to design a renovation plan for you that is apt for your budget. From research to sourcing of the products and from directing the contractor to ensuring aesthetics are not compromised with, interior designers let you relax while your home is given a new look.

In case of hiring a contractor, don’t opt for the first one you meet. It is suggested that you take quotes from at least three contractors. “Don’t pick a contractor on the basis of the quotation put forth by them, we suggest that you visit their previous works and check the quality. You could also speak to their previous clients and know about the contractor’s pros and cons,” says Kannagatha.

Once you have shortlisted a contractor who fits well on the parameters you have set, it’s time to discuss the scope of work with them. In such a scenario, Gupto recommends that there should be transparency between you and the contractor. Create a scope of work, time they will take, and the costs involved.

Also, remember negotiation is always a possibility in such a scenario.

Be mindful of wastage

Amid all the construction material being used to renovate your home, wastage is inevitable. However, how much wastage happens is what you and especially the professionals working on the project must be mindful of. “Poor planning and untrained labour are two major causes of wastage. If a project is well-planned, one can save a lot when renovating. In case you are not working with an interior designer, make sure you personally keep a track of how the labour is using the building material,” suggests Gupto.

Recycling? Not a good idea

While reading about renovation on the internet you might have come across a lot of write-ups that suggest recycling could help you save on your costs. However, experts suggest otherwise. Although recycling is the trend, it might not really work when renovating your home.

For instance, many homeowners are of the view that tiles or flooring removed can be reused, however, these are mostly damaged completely or partially. In case you reuse them, either your construction will become faulty or end up looking like a mess.  You surely would not want that.

On the other hand, in case of wooden work, say cabinets, doors or others might be infested with termite or pests. If you end up reusing these, you are inviting further infestation in your home. Make sure you do away with such wooden work.

“The only safe-to-use items include mirrors, glasses, lighting, taps or other sanitary ware, in case these are in good condition after being removed,” suggests Kannagatha.

However, Gupto says, “reusing existing material only leads to wastage of labour. In such a scenario labour cost plays a vital role.”

Last Updated: Mon Dec 10 2018

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