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Renovation budget size should not restrict you to have small dreams

by • November 19, 2020 • renovation, Renovation loanComments (0)50

Just because your renovation budget is small doesn’t mean you have to give up your big remodeling ideas. You can still have the perfect new kitchen, bathroom, or basement–you just have to choose your options carefully. Follow these insider tips to realize a dream remodel or addition on a realistic budget.

renovation budget

Image credit: Wikimedia Commons

1. Use laminate flooring instead of hardwood

Hardwood flooring is very popular, but it can also be quite expensive. To save money on new flooring, but to preserve the look of hardwood flooring, consider installing laminate wood flooring. Laminate is easy to install because, unlike conventional solid wood, it’s pre-finished and may be glued down or applied over a thin foam paid laid on the subfloor. Some types are even adhesive-backed.

If you are on a tight renovation budget, another laminate flooring option that has become very popular is the grouted tile look. And, you never have to worry about the “grout” looking dingy.

2. Don’t replace, refinish

If your cabinets are in good condition, consider refinishing rather than replacing them. This cost-effective measure provides a whole new look in your kitchen or bathroom without the major expense. Changing the hardware can also update your cabinets within your renovation budget.

If your appliances still work well, but you can’t stand the avocado green you can also refinish these in a new color. If you have mismatched appliances, refinishing is also an economical way to create an updated, unifying look.

3. Choose neutral colors

When selecting your appliances, cabinets or countertops, choose neutral colors such as almond or white. These are much less expensive than custom colors and add better resale value.

4. Install laminate countertops

Laminate countertops are the least expensive option when you are on a tight renovation budget, but like laminate flooring, come in a wide variety of styles to mimic the look of natural stone or other solid surfacing. A decorative edge in a solid surface material adds a decorative, inexpensive touch.

5. Choose chrome for plumbing fixtures

While there is today a demand for designer faucets and other plumbing fixtures, chrome is still the least expensive material of choice for those that are on a renovation budget. Another popular trend is to combine chrome with another finish, such as nickel or brass, to make your fixture budget stretch farther.

Also, look for a faucet (or other fixture) with a lifetime warranty, which will save you money later as well.

6. Choose fiberglass for bathtub enclosures

Use one-piece fiberglass unit or three-piece fiberglass wall panels instead of ceramic tile. You will not only save on the material, but also on labor costs as fiberglass installation is a much faster process.

7. Use pre-finished decorative trim

Many companies sell pre-finished decorative trim. Pre-finished means a contractor will not need to paint or stain the trim, avoiding the additional cost of labor.

8. Hang hollow-core doors

Another cost-saving door measure: order hollow-core rather than solid doors, which are much more expensive. However, hollow-core doors should only be hung inside a home as they will not be very secure as exterior doors.

In the days of an uncertain economic growth and job insecurity, there’s no place like home sweet home. Even with property market being down, homeowners can still recoup 80 to 90 per cent of the money spent on right home improvements.

The key in right home improvements is to know where to spend. Just because you put $20,000 into renovations, it won’t necessarily add that much value. If your house needs better plumbing and electrical systems, you won’t see a return on it for a while because people expect that in a house they’re buying to be in good shape. Bad plumbing will detract from the value, but new plumbing won’t necessarily drive up the price tag.

The key to adding value is to focus on the things that are important to buyers, and do right home improvements. You don’t want to have the most expensive home on the block.

9. Update your bathroom

Updating your bathrooms, especially master baths, will add considerable value to your house. A master suite with his and her sinks, spacious showers and plenty of square footage are what buyers are looking for. Added amenities such steam showers and whirlpool tubs will serve you well, and ample storage is a must.

10. Everyone gravitates towards the Kitchen

Have you ever noticed everyone gravitates toward the kitchen during a party? It’s known as the heart of the home for a good reason. The draw of your kitchen to party-goers has the same value to potential buyers, so a kitchen remodel is one of the best ways to add value to your house. An updated kitchen appeals to a buyer’s emotions and a homeowner’s wallet because, if done correctly, it can give you close to a 100 per cent return on your investment on right home improvements.

Do you know enough about how property valuation is done in Singapore?

Knowing how to calculate the property valuation is of paramount importance to a home owner. It can help you determine whether you are overpaying for a home, or whether you have gotten yourself a real bargain. Paying the right price is just one way you can avoid overspending on your property.

Another smart way to avoid overspending on your property is to get the right loan. Getting the right loan can be a much simpler task, but only if you get the right person to it for you. Get in touch with iCompareLoan’s loan consultant to help you get the best loan deal at the right price.

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