Easy Ways to Save Money on Your Big Renovation Project

Do you need to save money on your renovation project?

While half of the country has been focused on moving home, consequently driving prices up, others have been looking for ways to enhance the space that they already have, with big renovations becoming more popular.

As detailed in the statistics from the ONS, over one-third of working adults are still doing their jobs from home at least once per week, so many more people are looking to create a better space for work and leisure afterwards.

Of course, renovations are rarely cheap and can be quite the undertaking, so planning well ahead of time and saving money over several months is key.

From a relatively small renovation to a full-on extension, you’re looking at roughly between £2,000 and £35,000.

So, as well as giving a rough pricing idea, there are some big and small money-saving ideas to help you get to that renovation below.

Save Money on your Renovation Project

How much do I need to save for a renovation project?

Unless you’re doing it as a DIY project, likely for the smaller-scale renovations, you’re first going to need to consider the cost of professionals.

Interior designers can cost up to ten per cent of your project’s total cost, architects can go up to 12 per cent for larger jobs, and you’ll likely require a structural survey, which can run a bill of up to £1,500.

Possible planning permissions can also put up the costs of a job.

With that in mind, you’ll then aim to bundle in the cost of a home renovation job.

According to the Home Building’s renovations guide, the cheapest form of renovation tends to be woodworm treatment or fixing rot, which cost between £450 and £2000.

If you’re looking to move to central heating, that’ll be around £4,000, and converting your garage can run a bill of £6,000. For a fully-fledged extension, set the low bar at £26,000.

So, even at the low end, you’re likely looking at four figures, with the more significant jobs that have become more sought-after to improve a home nearing that five-figure mark.

As rough numbers, it can be quite daunting, but there are ways to help save for any home renovation project that you have in mind.

How do I cut costs and save money for a renovation?

The best way to approach saving significant sums is by reducing your biggest expenditures.

Being a homeowner, your biggest expenditure is likely going to be your mortgage.

If you’ve moved out of your initial period, you could look to save money with the help of Trussle’s mortgage adviser and remortgage tool.

Not only is professional advice just a few clicks away, but you can also input your numbers into the remortgage finder tool to see the new cost per month and total fees if you remortgage with another lender.

Remortgaging can save almost £5,000, which makes a difference in your monthly payments, allowing you to squirrel the difference away for the renovation.

Another aspect of your house that you could turn into a savings method is your council tax.

You may find that your house is in the wrong council tax band, which has resulted in overpayments.

It’s not uncommon for this to happen, and via Gov.UK, you can challenge your band to try to reduce your council tax outlay and potentially get reimbursed.

Whilst undergoing a renovation project, if you need to save money there are lots more ways you can do it. 

Be mindful with your food shopping and cut back on the more expensive items. Shop a store own brand for example and the savings soon mount up. 

Look for other areas in your lifestyle where you could cut costs. Are you paying for subscriptions you no longer use – magazines, the gym, tv packages etc – the all mount up and can cost a significant amount each month. 

There are many ways that you can save money for your big or small renovation, with some of them being as simple as enquiring if you can save on your biggest bills.

Good luck finding easy ways to save money on your renovation project. The work will be more successful because of it. 

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