Due to the growing inflation, the prices of building and renovation materials are currently on the rise. According to the National Association of Home Builders (NAHB), the prices of building and renovation materials have climbed 14.3% over the past year. Prices are set to climb even higher next year, as property developers find it increasingly expensive to start or even complete their building and renovation projects to sell and turn a profit.
If you are one of the many property developers currently facing this dilemma, we’ve got you! Compiled by Property Solvers, an auction company based in the UK, here are five steps you can take to renovate your property to sell on a budget.
1. Create a Budget and Step-by-Step Renovation Plan
The first thing to consider before starting your next renovation project is your budget and your renovation plan. Creating a budget will help you decide what you can comfortably spend on your project based on your finances. It will also help you plan out and prioritize all the necessary steps you need to take to start and complete your project.
After you have decided on the amount you are willing to spend to renovate your property, the next step is to research the types and costs of the supplies you need to purchase for the renovation. This will help you choose the ones that fall within your budget, and also the design you should choose for your project using those supplies.
With that said, you must endeavor to stick to the budget and the plan you create. This is the most important part of the entire step and it requires discipline. If you spend above your budget or veer off the plan you create, achieving your project goals may become difficult, as completing the renovation can quickly become a costly affair.
2. Hire Renovation Contractors With Competitive Rates
When it comes to hiring renovation contractors for your project, you want to ensure you hire contractors with the most competitive rates that fall within your budget. Get quotes from as many contractors as you can find and check online for reviews about them from their previous clients. Doing your homework well will help you save on labor costs.
Additionally, you also want to choose a contractor that is reliable. Finding reliable contractors can be difficult, so it’s advisable you are thorough when interviewing potential contractors to hire for the job. Important questions to ask include questions about their understanding of the job and their experience.
The goal is to save money and not lose it. Therefore, you need to ask the right questions to ensure you hire the contractors you are confident can give you the maximum value for your money. By doing so, you will also be saving yourself from spending extra to replace them later if you are not impressed with their work.
3. Use DIY Fixes Where Possible
In the spirit of saving money, you should also consider doing some of the renovations yourself. You can watch YouTube videos to learn simple DIY fixes you can use to cut costs where possible. With that said, you need to prioritize your safety. Be careful not to get yourself injured while doing the fixes yourself.
You can also ask your family and friends for help with some of the fixes. They shouldn’t mind helping you with small tasks like painting or gardening. Just don’t forget to appreciate them with refreshments. Also, look out for their safety by providing them with safety gear to protect them from getting injured.
For delicate fixes or technical works that require expert knowledge or skills, such as electrical, plumbing, and structural works, ensure you hire professionals to do them instead. You risk incurring extra costs for repairs if you attempt the fixes yourself and you damage something in the process.
4. Buy Your Renovation Materials at a Bargain
Another cost-effective step you can take to renovate your property to sell on a budget is by purchasing your renovation materials at a bargain. Most suppliers offer discounts for bulk purchases. So, to lower your spending, you should consider ordering your materials from suppliers like that to take advantage of the opportunity.
Aside from bulk discounts, you can also shop for discounts on your purchases during sales seasons like Black Friday and Thanksgiving. Most suppliers tend to price some materials lower during sales seasons. So, you can time your purchase of specific materials within these periods and save yourself a lot of money.
Although, there are different sales seasons in the year when specific things are sold at a bargain, what you want to do is watch out for the seasons when house materials are sold cheaply. For example, the best time you can buy outdoor furniture is usually around the 4th of July and Labor day. So, you can time your purchase within that period.
5. Reuse or Recycle Leftover Materials
Every material you use to renovate your property must not be brand new. If necessary you can reuse leftover materials from your previous building projects to save money. If you don’t have any materials to reuse, you can also buy recycled or recyclable materials from reliable dealers that you use for your renovation project.
Recycling is gradually becoming a common practice around the world, especially with the increasing awareness about global warming. Moreover, recycled materials are cheap, readily available, and even as durable as brand-new materials. This makes them a cost-effective option for use in tight-budget renovation projects.
With that said, if you will be working with contractors on your project, talk to them about using recycled renovation materials before purchasing them. Not all contractors accept working with recycled materials, so ensure you check in with them first before making the decision to use them in your renovation project.
Using all the steps discussed, renovating your property to sell on a budget without compromising on quality is possible.