SAVVY SPENDING FOR SUCCESSFUL HOME IMPROVEMENT

Home improvements are generally a costly affair and for all homeowners there’s always a first time for when you’re undertaking major changes to your home. So don't let a lack of experience on the home front make you lose track of your hard earned cash.

Whether you’re updating a new kitchen or bathroom or having major renovations work it’s worth bearing the following in mind so there’s no nasty financial surprises to deal with. Here's our top 10 tips to help you manage your spending and ensure your project stays on budget.

1. KNOW WHAT YOU REALLY, REALLY WANT.

Be clear, thorough and accurate with your requirements at the start of your project so trades people can accurately quote for the work. If you’re vague dealing with trades people then their quote may be equally vague and they may end up charging you for things you don’t need doing which is money down the drain. Always ensure quotes are detailed for the work being done and also what they will supply and at what cost to you. If a quote isn't detailed enough for your liking then ask for the detail. If they don't want to give it I'd be suspicious of why they won't break it down.

2. SHOP FOR DEALS AND DISCOUNTS.

Find out about future sales and discounts from chosen suppliers. Bathroom and kitchen companies often have set months that they offer discounts or they have an annual sale so planning your work around that could save you a lot of money. Sign up for their email newsletters too to get % off your purchases. Think about purchasing everything in one go or from the same supplier to save on delivery costs or even have the delivery charge waived if you spend over a certain amount. Don't be afraid to ask for a deal if you’ll be buying multiple items from the same supplier.

3. MAKING YOUR MIND UP.

Stick to what you ask for and know that if you change your mind it’s likely to cost you more. Consider what you really want from your home improvement and get agreement from other family members before you start to make decisions and spend money. Rushing into decisions is a definite fast track to overspending if you find later on that your initial decisions needed a bit more thought at the planning stage. Trades people have a lot of business overheads and if customers change their mind and they end up having to do the job twice for you then you'll probably get charged twice!

4. PLAN, PLAN AND PLAN AGAIN.

The only way to ensure you're not going to require major changes down the line is with careful planning before you start. If you have to make changes try and make them early on – the further down the line you are the more it may cost. If you suddenly decide you want integrated wall lights after your walls have been plastered or that underfloor heating is now an essential after the floor has been laid then be prepared to spend a lot more on having things altered to accommodate these changes.

5. BE YOUR OWN BOOKKEEPER.

Keep an itemised spreadsheet list of everything you buy so you are up to date with what’s been spent and what’s left in the budget. Keep hold of all receipts (physical and digital - you may need these later on point 10!) and have an on-going tally of your spend.

6. SHOW ME THE MONEY.

If it's a large project there will be several people who will need paying and all at different times. Ask about payment terms and dates so you can free up money for when the invoices start to arrive. Trades people and suppliers have different expectations for when they want to be paid so be prepared for upfront deposit payments, payments along the way for supplies and the final payment for when the remainder is due. If you’re having major building work by a contractor they should supply you with a payment schedule as you may be paying in fortnightly or monthly instalments.

7. LEARN TO LOVE TO SHOP.

Not everyone likes shopping but managing some of the procurement yourself can save you in the long run. Source items yourself (with the right advice from trades people before you buy of course) as most trades will add on a mark-up cost for supplying items to you. Most trades will have a trade account and good discount with builders merchants and suppliers but they’re also likely to add on a mark-up for buying these for you. If you’re happy to shop and even pick up yourself you could expect to save between 10-15% on building supplies.

8. THINGS DON'T ALWAYS GO TO PLAN.

Always have a contingency budget, usually 10% of the total budget. Changing economic times can unfortunately have an adverse effect on retail, supply and delivery costs. The last few years have shown that we should expect the unexpected so it’s always best to have a little contingency for if things don’t go to plan. Building work can often unearth unseen problems like damp or rot so be prepared for having to fix issues before you can move forward with your project.

9. CONSIDER BRAND NEW SECONDS.

Ex-display kitchens and bathrooms are a fantastic way to save money and also buy something that would normally be out of your budget. Showroom products are often in fabulous condition (though do check this thoroughly) as they haven't been through the rigours of actual daily life. From high street suppliers to bespoke kitchens makers there’s often showroom stock that will be going for a song as they are keen to replace it with a new design. If you can make it work for your project it's a great way to buy a high-end kitchen at a fraction of the price.

10. CHECK THE REFUNDS POLICY FOR EXTRA SAVINGS.

Keep unopened boxes of things like tiles or flooring and ask about the returns policy so you can get money back on things you don’t use. Depending on quantities and laying patterns people often find themselves with boxes of excess tiles or flooring so keep your receipt and often you’ll get money back if you return within 30 days of picking up your order. There's no point in it hanging around in your garage for the next 10 years is there!

There’s a lot to think about with home renovations but being prepared both practically and financially is the best way to stay on top of your project. If you’d like our help with your interiors project then do get in touch. We’re an interior design company based in Hitchin, Hertfordshire and if you don't want to go it alone we’d be happy to help you with design concepts, project management, trades sourcing and procurement for your next project.

Here's to happy home renovating!