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6 Tips to Avoid Going overbudget When Renovating
6 Tips to Avoid Going overbudget When Renovating
20 May 2021

Whether you have got your sight locked on a small segment of your house or you want to renovate your whole surroundings, having a plan before you start can help you avoid unnecessary expenses.

So how can you turn your place into a home without blowing a hole in your budget? Here are six tips to get you started.


Research your costs

The most expensive thing you could run into is underestimating the costs and time frame it will take to complete your renovations. Being prepared is the best weapon you can have in your arsenal when it comes to properly funding and completing your space. A good rule of thumb is to add 20% more to what you think your renovation project will cost to complete. If you find yourself struggling with funds, the best route may be to save up or tackle it in phases. Start with the easiest task and build-up towards the bigger renovations that will take time and more money to complete.


Save towards quality

It is easy to get bored by a home renovation that may take longer than you expected, which can lead to mistakes that can cost you dearly. One of these costly mistakes is cutting back on quality to finish your project. While you don't have to buy everything brand new, never skimp on quality.  When it comes to aspects of your home that you interact with daily, you will be better with quality items than settling for a cheaper version. You can enter our Builders competition to help you towards finding affordable pieces that will give your home the face lift it needs.


Make sure your measurements are correct

Perhaps one of the most overlooked aspects of renovating a home are the measurements which can make or break your budget. As the adage goes 'measure twice, cut once' can help you save on purchasing items that don't fit in your home. Take time to measure these or enlist the help of a professional to make sure that you have everything correct.


Call in the professionals where it is needed

Unless you have a job in construction, electrical engineering or carpentry you may want to skip on doing a D.I.Y job on some aspects of your home. We might be looking to be as frugal as possible when it comes to renovating our homes, but skimping on professional services that will make sure that your renovation is built to last can end up costing you more than you intended.


Have a buffer in place

The reality when it comes to renovations is that not everything goes to plan, even with the help of professionals. Unexpected costs or additional fixtures may be needed which means more money will be required to complete it. Make sure that you have a buffer in place in the form of emergency savings to protect you against these costs. Always have a plan B in place to give you enough breathing room to complete your plans.


Think of ways to get a return on your renovations

For anyone who sees their home as an investment and planning on accruing value from it, you may want to be mindful of what you renovate and where you spend your money. Not only do you need to take one thing at a time to avoid overspending, but also have a closer look at trends in your neighbourhood. You can consult with a local realtor to see what people highlight as a selling point in a home so you invest in that aspect. This will be beneficial when it is time to sell your property, instead of having it sit on the market for months with no buyers.

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 .
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