According to a 2019 real estate report, the average home in Australia will cost you $855,428. That’s a significant chunk of money. And you likely don’t have that kind of money to spend in one go. But does that mean you should give up on your dream home?
Of course not! You just have to think outside the box. And one way to do that is by buying a cheaper home and renovating it so that you can get the house that you have always wanted. It’s important to note that you can renovate even on a budget. You just have to manage your expectations.
Here are a few tips for renovating on a budget:
1. Be realistic about what it will cost you
On average, renovating a home in Australia will cost you anywhere from $40,000 to $200,000. But don’t let those figures discourage you. With a little bit of creativity and common sense, as well as some effort on your part, you can get started on turning your house into a dream home.
Knowing what it will cost you enables you to have a positive attitude toward the financial challenges that await you. You will be able to manage your expectations. It also gives you an idea of whether you are getting charged too much for certain home products. That, in turn, will give you the motivation to go out there and find something cheaper that will save you money.
2. One room at a time
What room gives you the most trouble? You need to prioritise your needs so that you can be able to tackle one room at a time as your budget allows you to. If you love to cook and bake, then consider starting with the kitchen. If you have a large family and only one bathroom, then consider renovating and adding a second bathroom to increase convenience for everyone and keep the peace. It all depends on what you really want the most, right now.
3. Be creative and find cheaper solutions
Some rooms can be changed with a simple coat of paint. Others would benefit from the rearrangement of furniture. Think outside the box and find creative ways around a small budget. You will be amazed at what you can accomplish once you allow yourself some flexibility in your thought process.
4. Involve your loved ones or do some of the work yourself
Take a look at the hardware store in your Melbourne neighbourhood. What are they offering? And can you buy it and fix it yourself? You can also exchange services with your friends and family so that you can benefit from their labour and construction expertise. Perhaps someone wants overnight babysitting services in exchange for helping you set your tiles? Could you provide a week of lunches for free carpentry work? How about free plumbing for some graphic design services you can offer?
When you include your circle of friends and family members, you will be able to lower the cost of renovation. In return, you can also help them with something that they need.
Renovating your home to turn it into what you have always wanted does not have to make you broke. With the right attitude, a little bit of creativity, and help from your loved ones, you can save money. A good hardware store will provide most of what you need to renovate your home.