MiWayLife Coronavirus Notice – Learn More
Life Insurance
5 Ways to Make Home Improvements Affordable
5 Ways to Make Home Improvements Affordable
17 Feb 2021

You know it is time for a home renovation when things are falling apart or when you have been thinking of ways to get rid of that part of your home that has been getting on your nerves. However, before you D.I.Y or start looking at Pinterest for some ideas, there are a few things to consider.

How can you upgrade your space without breaking the bank and what fixtures are crucial to increase the value of your home. Here is what you need to know.

Planning and budgeting

Always plan and have a set budget before you start. A general rule of thumb when it comes to home renovations; is to save at least 1 percent to 3 percent of your home's purchase price each year. For example, if your home costs R1 million you will need to save between R10,000 to R30,000. It can be used to help maintain and repair your home over the years instead of waiting for it to accumulate for expensive repair costs.


You can also plan to do small renovations to your home throughout the year. Assess what needs to be done and prioritise important rooms. It is usually better to start with affordable renovations such as the bathroom which will not cost as much as a kitchen. Doing this will give you enough time to save for the bigger renovations that will require more time and money to complete.


Try paying in cash

Loans can be tempting, but they can also increase your expenses through the interest rate that comes with it. Save as much as you can and use credit cards and loans to complement what you already have. If you will be using a loan or credit card, focus on something that you know you can pay off quickly.


Be creative with materials

Strike a balance between high-end and low-end materials when you start renovating. Keep in mind that not everything needs to be brand new. Not only will this help you save, but it can also give you the opportunity to get quality items for half the price on a second-hand market. Make a list of the statement pieces that you would like to invest more money in and the ones you wouldn't mind sourcing as second hand. It will be a balance based on your taste, but it will be worth it.


Zone in on the things that add value to your home

If you plan on selling your home in the future, it is crucial to renovate your home accordingly. Investing in areas such as the kitchen, bathroom, roof, doors and cabinets are known to increase the value of a home. These are big projects that can take time and money to complete, but they will be worth the investment. Try to keep the set-up as neutral as possible with a few signature finishes to own the space.


Renovate bit by bit

Renovating a home can become overwhelming if you plan to do it in one go. Focus on fixing your home bit by bit until you complete the house is better. Remember to create a budget and stick to it. You can also invest in affordable hacks such as adding a new coat of paint on the walls, investing in floating shelves and storage space to declutter your home or install a new sink and faucets around the house. 

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
Related Posts
Life insurance reimagined
Cover for everyone under one policy.
From a brand you can trust.
Give us a call
0860 64 54 33
Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06