5 ways to save money during your renovation project

Collecting multiple quotes for the same job can make a big difference to your budget. Contractors bring different levels of experience and ideas to a job and this may change the overall cost. They may make some clever cost-cutting suggestions, work with a range of local tradespeople to lower the overall cost or have access to cheaper materials. When asking for a quote, ask contractors to think about how they can maximise your budget.

Find-a-tradie websites, such as Airtasker and hipages, allow you to post your job online and receive multiple quotes from tradespeople. This is an easy way to collect multiple quotes, and because tradespeople ‘bid’ for your job, you may get a very competitive price.

The cost of materials accounts for a large part of most renovation budgets. Fortunately, when it comes to materials there is usually always a cheaper substitute. For example, you may be able to achieve the same look and feel with floating floorboards instead of real hardwood flooring. Explore how you can use alternative materials to stretch your budget even further.

The cost of labour is usually the biggest cost involved in a renovation. Reduce labour costs by doing some of the smaller, less risky work yourself. Do-it-yourself jobs may include painting, sanding a deck, or laying grass.

If you’re not pressed for time you may consider renovating in stages. This gives you time to keep saving and allows you to pay for the renovation work in instalments, rather than all at once. If you don’t have the funds for your dream renovation right away, don’t change your dreams, just do a little bit at a time so your budget can keep up!