The idea of transforming a rundown house into a dream home can sound very appealing to those on a budget. While renovating a house can be a more affordable way to own the perfect home, homeowners will need to keep a keen eye on the budget to make sure the project does not break the bank.
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"It is very easy to overspend when undertaking renovations," explains Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa. "But homeowners need to be mindful to avoid overspending. With interest rates being as high as they are, homeowners are advised against taking on any extra credit if it can be avoided. It is also important to stick to a budget to avoid the risk of overcapitalising on the investment," he explains.
To help homeowners remain on budget, RE/MAX of Southern Africa shares the following tips for a stress-free renovation:
Tackle one room at a time
The last thing a homeowner wants is to run out of money and be forced to live in an unfinished house. By tackling one room only, if things end up costing more than you had planned, you can still finish off the room and tackle the rest of the rooms later once you have saved up some more cash.
Set a realistic budget right from the start
Before starting any work, do the research to get an idea of how much everything will cost. Shop around to find materials or suppliers that suit your budget. Remember to leave a 10% buffer on all costs to allow room for unexpected costs, like delivery or installation fees or even emergency repairs when the old features are removed.
Have alternative options lined up
While doing your research, if you discover that putting in new flooring or replacing the counter tops will cost a bigger portion of your budget than you had initially planned, then it might become necessary to reevaluate the project scope. Take a look around the room and decide what could remain as is and what definitely needs to be replaced.
Sometimes you can get away with spending just a small amount of money to refinish certain features instead of outright replacing them. Other times, you might need to go for the cheaper option, for example, if quartz countertops are too expensive, then perhaps it is worthwhile to explore the cost of melamine alternatives. The key to remaining on budget is to be flexible and adaptable to the situation as it changes.
To make sure you avoid overcapitalising, Goslett recommends speaking to a local real estate professional who can inform you of the recent sale prices in the area. “Equipped with this information, homeowners can then work out how much they should spend to avoid putting more money into the home than they stand to get out of it,” he says.
READ: DIY: 4 things to consider before starting; 6 value-adding renovation ideas
In previously published article Eugène Jordaan, Principal at Leapfrog Moreleta Park, advised that a few savvy adjustments, creative considerations and smart planning can make the kitchen the most loved space in the home:
Prep and plan
As with most home renovations, the available budget tends to dictate the scope of the project.
“Start by listing everything you would like to change, determine the cost of the line items on the wish list, and then work backwards from there, dividing the list into the essential must-dos and the nice-to-haves,” recommends Jordaan.
If you’re worried about overcapitalising, speak to a trusted property advisor who will be able to share useful insights with you about what sort of value your improvements will add to your property in the medium to long run.
When planning your new kitchen, bear in mind that practicality is key in a kitchen. Think about how you use the space and how the flow, organisation and aesthetic could make it a more pleasant place to work and play.
“Too often you see kitchens where the coffee things are on the side opposite to where the kettle is. By simply moving it closer you’re enhancing the space in a subtle, but very important way,” says Jordaan.
If your budget is limited and you’re looking to get the most bang for your buck, it would be wise to not make any major structural changes, such as moving the plumbing and breaking walls, but to rather focus on improvements that refresh the look and feel.
READ: DIY | How to fake a kitchen renovation in 8 steps
Social circle
Gone are the days where the kitchen was a secret compartment that led off from the dining room.
Kitchens today are hubs of social activity, and need to be designed to match both our social and culinary needs.
If this is true of your kitchen (and lifestyle), plan and renovate accordingly. This could mean adding a centre island, if space allows, or lengthening the counter to allow for more people to sit at it. “It may also simply mean moving the appliances that you don’t use every day to make room for more social activities around the counter,” adds Jordaan.
Counter offers
Speaking of counters, if your budget doesn’t allow for a massive aesthetic overhaul but you’re desperate to update the look, consider just replacing the countertops. “The countertops are the first thing that catches our eye in the kitchen and tends to dominate the look and feel of the space,” says Jordaan. If the cupboards and fittings are in good condition, simply replacing the countertops with something more contemporary could make a world of difference, without costing the earth.
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