If you’re planning on renovating your home, you may be concerned about the rising cost of materials. The central bank expects inflation to average 7.2% in 2022. Intervention is set in place with an interest rate increased to 2.5% combat. The rising rate makes borrowing difficult for average consumers and makes selling property uneasy. If you are in the boat of preparing for a sale or looking to improve your quality of life, home renovation can help you achieve this goal. We will provide some tips on how you can save.
Here are a few tips:
- Take your renovation project in stages. This will help you manage your budget and avoid any unnecessary expenses. Kitchen, bathroom, and fireplace improvements will increase home value the most and do not have many restrictions in remodeling.
- Buy in bulk when possible. If you have a neighbor or friend also looking to do renovation, teaming up is a great idea. Contracting firms usually offer discounts when you order multiple projects together.
- Consider using recycled or discounted materials. Big box stores usually have a clearance section for return or damaged package items. These are great for homeowners who is not very picky on color or finishes.
- Be creative with your design. Sometimes simple changes can make a big difference without costing a lot of money. Kitchen, for example, you can have open shelving at the end instead of cabinets. Install a smaller island for prepping and use the dining table for dining. These small changes can save you hundreds or thousands in material and installations.
- Discuss your goal with a designer. A designer can help you assess your goal and formulate a plan that is best to suit your need. A designer can summarize your needs and wants, and help find the most efficient way to complete your project.
Take your time with renovations to save money on materials. By being strategic about the process, you can make big changes without breaking the bank. And don’t forget, a little creativity goes a long way!