Yahoo Finance Renovation blowout: How one Aussie saved thousands on bathroom makeover
One Aussie saved thousands by making some savvy changes.
A growing number of Aussie homeowners are rethinking their renovation plans, scrimping on fixtures and going DIY, as interest rates and construction costs surge.
Sunshine Coast woman Edwina Cameron started a bathroom renovation last year, but was forced to put it on hold due to cost blowouts. She’s now restarted the renovation and says she’s saved thousands by making some savvy changes.
That includes shopping around for tradies, DIY-ing where possible and looking for second-hand cabinets and materials on places like Facebook Marketplace and her local recycling centre.
Also read: 5 tricks to boost your home’s value: Under $1,000
Also read: Shock as Sydney home values rise in February
Also read: Regional property prices take a dive: ‘Swift and significant’
“You can get pretty much everything you need if you are prepared to do the legwork yourself and put in the elbow grease of sanding and painting. Doing that work has saved us a lot of money,” Cameron told Yahoo Finance.
“The trade-off is being prepared for the renovation to take longer and putting in more of your own time and energy to save money.”
The average homeowner is planning to spend $14,877 on home improvements in the next six months, according to Hipages.
Two in five homeowners said they were worried about running out of cash to finish a renovation, Hipages found, while 37 per cent were concerned about having to stop halfway through because of cost blowouts.
Squeezing your renovation budget
Upside Realty director of sales James Kirkland recommended doing an initial calculation of your renovation costs, such as cost per square metre, and adding a 10-20 per cent buffer for unforeseen issues.
“Knowing what to spend and what to save on is important. Spend more on size and layout than fixtures and finishes because you can always change them down the track when you can afford to upgrade,” Kirkland said.
When it comes time to draw up your plans, Kirkland said it was useful to know what kinds of materials and fittings you wanted to use and to incorporate this early so you had greater clarity of future costs.
It’s then worth getting a number of quotes from tradespeople in your area and seeing if this matches up to your budget.
“Going with the cheapest quote won’t necessarily give you the best results so make sure you ask for testimonials and do your own research,” Kirkland said.
If costs are blowing out, consider what DIY jobs you could take on such as painting or landscaping.
“These may even be a temporary option until you have the funds at a future date to bring a professional in,” Kirkland said.
If you do need to borrow money for the renovation, Kirkland said to do your research and look into options like home loan top-ups, refinancing or a personal loan.
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.
