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How To Save Money While Remodeling Your Home

Photo by Mark McCammon from Pexels

How your house looks both on the exterior and the interior is essential not only for your level of comfort but also for increasing your property’s value.

Yes, we know quite well that home renovations can be costly, messy, and stressful, and almost everyone not only in Canada but all over the world hates them. But upgrading your home is one of the best long term investments you can make. And although most home renovations can get expensive if you don’t pay attention, saving money while fixing your home is still doable when you know what to look out for.

If you are planning to sell or rent your house within the next few years, here are 5 clever ideas to save money while remodelling your home:

  1. Take A Home Equity Loan

Interested in using your home equity the smart way? Take out a home equity loan and use it for upgrading your house. In fact, there’s no other better way to use the equity you have saved up in your home than by reinvesting it in a home improvement project.

And yes, we know that working with conventional high street lenders can be an even bigger headache than the home renovation itself. That’s why if you want to get your loan fast and without a hassle, working with a good mortgage broker in Vancouver can save you lots of time and energy.

Mortgage brokers usually have their selected group of private mortgage lenders they work with, so they can present you with a diversified offer and help you pick the one that best suits your personal situation and finances.

  1. Write Down A Budget And Stick To It

Sticking to a fixed budget is always a challenge when remodelling your home. But since you came here looking for ways to save money, keeping your budget under control should be on the top list of your priorities.

The best way to calculate a budget for remodelling your house is by estimating a 10-15% from the total value of your home. Also, the average people spend when fixing their home is between $100-$200 so that’s one other way to compare your expenses and make sure that you are not going overboard.

  1. Do As Much As You Can By Yourself

Taking renovations into your own hands might seem like a difficult challenge to accomplish but if you’re ready to get your hands dirty, doing your own home remodelling can be easier than you think.

The DIY approach will save you lots of money that you would otherwise pay to architects, interior designers and contractors.

Obviously, you won’t be able to do all the work yourself. But as far as it comes to tasks like refinishing kitchen cabinets, painting the walls, replacing faucets or changing the lighting, if you are feeling handy, all these can be some easy peasy do-ups.

  1. Invest In Renovations That Increase The Home’s Value

Not all renovations will also increase your home’s value if you decide to sell or rent. But if your only intention behind remodeling is to get a higher price on your property, there are some smart ways to raise your home’s value fast.

Focus on updating the kitchen and bathrooms, modify the floor plan to try and include more usable square footage, recompartimentize larger rooms and add more bathrooms. You will always have an easier time selling a house with two or three bedrooms and at least two bathrooms than a one bedroom apartment.

Also, don’t forget to take care of the landscape around the house. It’s the first thing potential buyers will see and can majorly impact your selling price.

  1. Create Big Impact By Accessorizing Smart

When you don’t want to spend a lot of money on big renovations and expensive furniture, choosing the right accessories can still help your house look totally transformed and polished.

It’s incredible to see how small accessories like paintings, rugs, curtains or pillows, can have such a huge impact and make your house look fabulous. Just make sure that you don’t go overboard with what objects you choose and how you combine them. You don’t want the decorations to take over the house and make everything look cramped.

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