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How to fund a home renovation project

Are you thinking about undertaking a home renovation project? With the cost of pretty much everything on the up, funding these projects can be difficult. That isn’t to say that it can’t be done. The following guide will talk you through various tips to help you plan your next renovation project, whether it be an intense kitchen refurb or more of a cosmetic upgrade.

Set a budget

First things first, you need to set yourself a budget. This gives you a goal to work towards and helps keep you motivated if you are going to be saving for a considerable amount of time.

Review your current savings and decide how much you can afford to spend on your latest project. It is also useful to assess your current spending habits and establish any areas where you could make cutbacks to save towards the renovation. This could be as simple as cancelling unused subscriptions.

Create a dedicated savings account

Now that you have established how much you need to spend, it is very useful to set up a dedicated savings account for the home renovation. Doing this will allow you to accurately track how much you have saved and how much you still have to go, whilst also benefiting from a favourable interest rate.

If you struggle with saving, consider setting up a direct debit from your current account to your savings account to automate the process.

Receive multiple quotes

With any project, regardless of its size, you should always seek multiple quotes for both materials and labour. Doing so can make you considerable savings as there are often vast differences in costs between various suppliers.

It is important to note that price isn’t the only factor you should consider when choosing your suppliers. Quality is also crucial and if you cut corners it can cause greater cost implications in the future.

Enquire with family and friends, and read online reviews, to gain valuable insight into which providers you should go with based on other people’s experiences.

Sell unused items

As well as gathering savings to fund your renovation project, you should also consider selling items you no longer use. This could be items that are being made redundant due to the renovation, such as your old kitchen or furniture. Equally, you could sell anything you no longer use such as unworn clothes or books you don’t plan to read again.

Look out for sales

Large renovation projects often involve making a lot of purchases. Keeping a keen eye out for sales means you can make significant savings. Create a comprehensive list of everything you need to buy beforehand to avoid buying things purely because they are in the sale. Once you have your list, it is well worth keeping regular tabs on everything to see if it goes into the sale. There are also internet extensions you can download that will automatically alert you to any price changes.