Smart Budgeting Tips for Home Renovations

Smart Budgeting Tips for Home Renovations

If you’ve recently purchased a home or you want to revamp your current furnished apartment, home renovations are the way to achieve that. Or maybe you’re planning to lease your space and want to get it renovated first.

It often takes the help of an architect and a team of carpenters to get the home of your dreams. An architecture firm will layout the design and structure according to what you want, whereas a carpenter will build according to the layout given.

So you’ll need both to bring your home design in mind into a reality. However, it’s a known fact that renovations can get pretty expensive, which you may not have the budget for.

In the following, we’ll be discussing everything you need to know about ways to save money on home reconstruction.

1. Get several quotations

The worst step you could possibly take is to go for the first quotation contractors offer you.

You must ask for different quotations from different contractors to make the most out of your money, and choose the one that gives you the lowest cost without affecting quality and reliability.

You also should never be vague when describing the renovation or design you have in mind. While these quotations will never be exact, they provide estimated costs for the entire project.

If for example, the renovation you want is just an extension or expansion of your current townhouse, they‘ll give you an estimate for this. 

The estimated cost per home renovation in Dubai range between 110 to 150 AED per square meter, assuming your home is within 1,000 square meters. If your home is less than 500 square meters, the average is within 75,000 AED.

An interior designer may help you choose materials to cut costs without compromising the aesthetics of your desired design. They can also give you proper insights and ideas of where to best place an extension. 

Some homes aren’t built for an expansion with their layout, so it’s vital you seek the advice of a pro. Some contractors may even advise you regarding the cheapest and best lot to buy if you’re building one from scratch.

2. Budget accordingly

After you have the estimated budget for the renovation, you need to manage your expenses. If your home renovation involves an entire house and you’re building everything from scratch on a lot you bought, you may spend thousands.

You’ll find that the cheapest lot you can find may not be the best option, as it might cost you more in the long run. It’s best to choose a lot with fixed roads, access to public roads, and easy installation of public services and utilities.

Choose the most economical building lots that are in development, as these are often with access to gas, electricity, public lines, and the like.

3. Build small

Practicality is everything when it comes to saving budget with home renovations. When thinking of the design in mind, don’t always value aesthetics over functionality.

It’s essential to have the basics, and you’ll often save more money when you renovate a minimal amount of space. With this being said, this is why townhouses are generally cheaper than single-detached units.

With renovations, also keep in mind that you’re paying for it per square foot. Really stop and think about the practicality of the changes you want.

Do you really need several more bedrooms, a marble finish countertop, and a balcony?

4. Make renovations gradually

Most contractors, if not all, agree on payment through installments. It can save you a lot when you take your renovations one step at a time so as not to overwhelm you.

For instance, you may want to prioritize adding another bedroom to destress and have a separate private space from your kids. Or you may want to prioritize adding a garage with car parking.

These are the things you need to consider with designing and renovating your home. Patience is often the key to smart budgeting with home renovations.

While renovations can be pretty costly, you don’t need to empty your bank account to achieve the home design you want.

Also, if you bought a bare lot and you’re getting your home built from scratch, it’s vital you have the right handyman once your home is built. They can significantly help you with any issues you encounter in your new home. 

You’ll also need the help of a furniture mover for a smooth transition into your new home once the renovation is finished. For more home maintenance tips, feel free to check this article