Tips for saving money and finding ways to stretch your budget for home renovations
It is okay to change your mind throughout the renovation, but doing so too often will cost you, say the experts. They advise you to ask the price of the change before approving it. Otherwise, you may be in for a shock when the bill arrives. Be prepared to avoid any budgetary mishaps - make sure to include a contingency fund.
Source the biggest cost items yourself. If the contractor sources the materials normally it will cost you 10 per cent more. This is good for the contractor who also gets a 10 per cent contractor's discount from the supplier, but not for you. The biggest cost items that are easy for a client to source are the tiles, the appliances, the air conditioners and the lighting fixtures.
When you shop, skip the flashy showrooms with the chandeliers and seating, and opt for the grimy local shops. It was true, their prices really were better, said Simon Damman, a contractor and director of OzWorks. He said because many suppliers several shops where they distributed their products you could find the same brand faucet, for example, in one shop for HK$1,500 and HK$200 in another. Sourcing in China is not always advised. If there is a problem, you need to take time to return it and that's a day out of the schedule.
Accept the fact that an expensive finish at a bargain price isn't possible. However, it is possible to achieve a certain style using 'lookalike' products if you are not too concerned with the quality.
People with limited funds should invest in quality and work from the inside out, said Mr Damman. Begin renovating the foundations of the flat, (plumbing, wiring, internal sockets, light and fan switches, even if you can't afford the fan yet) and take on additional renovation projects as you save money. If you paint first and add these items later, it will be messy and you may have to vacate. Alternatively, prioritise what will get you the most value for your money. Concentrate the budget in the area of the house where you spend the most time.