If your funds won’t stretch to building your dream home, don’t despair. You can still achieve a fantastic renovation on a tight budget.

Here, you’ll find some great cost-cutting tips to help save money on your renovation.

Invest in planning and design

Read our article on planning for a renovation. as proper planning in the early stages might save you money down the track. It helps you avoid unexpected costs and unforeseen changes.

You should arm yourself with accurate quotes from your builder, plumber, electrician and other professionals – so you have an accurate budget to work with. Expert and experienced renovators say to add a buffer to the budget of between 10% and 20%.

Use quotes and your budget to find ways to save

Read this article about renovation costs so you know what to expect with your budget. Then, armed with a complete budget, identify ways to save. Separate the ‘must-haves’ from the ‘nice-to-haves’ and start culling those luxuries you can’t afford.

For example, you might settle on a flat-pack kitchen instead of getting bespoke cabinetry. Or there might be a way to re-use or re-purpose some of the existing fixtures and fittings in your home. Your builder should be able to help you identify ways to save.

Consider a DIY renovation

If you’re confident that you’ve got the skills and ability to do some of the work yourself – particularly things like painting, landscaping and other non-structural jobs – then you could save money on your renovation.

Check out Bunnings’ DIY advice for tips on smaller renovation tasks you can tackle yourself, and see if any of their upcoming workshops are relevant to the tasks you intend to take on.

Browse the web for other great DIY resources – or check out these:

If you have a builder working on the larger tasks, talk to them about when and how you can tackle your DIY projects so you’re not getting in the way of their progress.

But don’t dive into DIY just to save money. While it may sound like a great idea if your budget is tight, it has its pros and cons. Remember, even though tradies and other building professionals cost money, their work should stand the test of time. Make sure they are insured and fully qualified.

Shop around

You’ll be surprised at how much you can save on labour, supplies and materials by shopping around.

Work on your negotiation skills, ask for trade prices and seek bargains through ‘scratch and dent’ or ‘discontinued’ sales. While shopping around takes a bit of time, it will certainly pay off for you.

For building supplies, also check out auction houses like Grays Online. And don’t forget eBay and gumtree for a huge range of potential bargains for your renovation.

Factor in long-term savings

If you’re looking for ways to reduce your renovation costs, don’t be too rash. Some things that you’re tempted to leave out may save a significant amount of money in the long term.

For example, while energy-efficient additions like double-glazing and insulation may add to the initial quote, these things can reduce your electricity bills in years to come – and end up saving you money. Read more about energy efficiency. Don’t forget, for green initiatives, you may be eligible for rebates .

Get creative

Even if you can’t afford the major structural work right now, you may still be able to achieve a great renovation on a shoestring. Make a big impression with more affordable updates like paint, lighting and window dressings. Things like resurfacing or repainting bathroom tiles, baths and basins can have a big impact.

It helps to visit colour consultants at your local paint shop (some paint retailers may charge a fee to make an appointment) or chat to the showroom staff in kitchen or bathroom stores. These experts will give you some ideas about how to spruce up your home on a shoestring.

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