Home improvement is all the rage right now, almost certainly driven by people spending more time at home, as well as a drastic increase in the preference to work remotely. In 2020 alone, the home remodeling market in the US exceeded $340 billion and is expected to continue growing, per GM Insights, at a CAGR of 4.1 percent over the next five years.
However, embarking on a home improvement, especially if you’re not the handiest person in the world, can be a daunting prospect. While skills and tools might not be readily available in your household, the most pressing concern is often budgeting. So, for big or small home improvement jobs, we’ve come up with some ways for you to save money for your next project.
First, assess the total size and cost of the project
It may sound silly, but this is the part that so many people who embark on a home improvement project forget to assess in its totality. To avoid running out of money partway through, you need to scan the internet for prices and, where possible and necessary, get quotes from professionals.
You’ll find that with even some of the smaller jobs, getting the finish that you want can cost more than you’ve already budgeted for. This is even in the case of budget home improvements, like using polystyrene foam crown molding rather than wooden or MDF options. In any case, you’ll need to factor in tools, equipment, and materials, and get a time estimate.
For the biggest, most daunting jobs, always seek help from professionals. Projects like home extensions, loft conversions, kitchen installations, bathroom installations, and solar panel installations should all be done with the help of one or several different types of tradespeople. These are huge jobs, as are remodels, so you want them to be done professionally and, where possible, with a business that offers some sort of quality guarantee.
Save on your big or small expenses depending on the job
Most people seeking budgeting advice for a home improvement job tend to lean towards one of the more expensive projects, like an extension, conversion, or renovation of a kitchen or bathroom. These jobs cost several thousand and, more often than not, require at least one professional to come on-site. One of the best ways to save for these major expenses is by cutting what’s likely your largest monthly outgoing.
After getting into a house and becoming accustomed to the monthly outgoing, many people opt to just keep it going. However, remortgaging could save you hundreds per month. As shown by mortgage broker Trussle, historically low rates right now can help you to save a lot of money if you remortgage. This can give you a lot more money to squirrel away for the home improvement fund. Comparison services can help curate results to help buyers find the most appropriate deals.
For those with smaller jobs on their hands, like redecorating or upgrading the garden, you may not want to remortgage or make major sacrifices to save money, as the job itself isn’t too expensive. In this case, try utilizing shrewd penny-pinching methods, such as by using the savings app Digit or reducing the number of meals out that you have per month. Even small changes like reducing your thermostat by three to five degrees can make a significant difference and help you to save.
Before you start saving for your home improvement project, first assess the job and requirements to get the figure very clearly in your mind. From there, you can take steps to budget accordingly.