Saving Smart for Your Next Home Project

australian money in wallet on real estate background

When it comes to undertaking a new home project, one thing for sure is that you’ll never be lacking in ideas on how your new installation will look. From the architecture to the décor items, your creativity may be in ample supply but your financial budget may not be. That’s why it’s important to think through a couple of key issues prior to taking the plunge on your next home project.

Average renovation costs

First thing’s first, you’ll need to seriously cover all your avenues regarding costs and budget. Be sure to seek out the average renovation costs of your desired project prior to starting work. Paint jobs will usually sit around $40 an hr for a professional job, while demolition will all have their own bills. Be sure to gauge just how much your renovation will be and if you’d be better off removing all the frills to save on spend.

The costs of new builds and extensions

Depending on what you’re after, building a smaller new home with the basics can reach anywhere from $250,000- $300,000 for the construction itself. With this in mind, a new extension attached to your current property may be a more feasible option as they can usually sit between $40,000-$60,000 yet this will largely depend on your unique circumstances and necessary council approval. Be sure to consider your options and choose accordingly.

Saving Tips

In order to improve your standing and assist you in saving up as much as you can for your budget, try cutting the following costs where possible.

  • Thorough planning:

Plan accordingly and think things through. Are there cheaper options that you can utilise that still help you achieve your dream project? Be sure to compare items on the market and carefully plan out your costs as best possible.

  • Cancel unnecessary subscriptions:

If you have unused subscriptions that you’re not utilising you could probably save quite a bit in the grand scheme of things. Things such as Netflix or Stan can be replaced by renting out DVDs from your local library, while certain costly apps can be replaced with free options to minimise your spend.

  • Downgrade your car:

If you have a large car that guzzles fuel, consider downgrading to a simpler model that is more fuel effective. You can even consider if you need a car at all if public transport is a viable option.

  • Rent out a room:

Another great way to save extra funds is by renting out a spare room in your home as an Airbnb space or even as a casual rental to a willing tenant. This will bring in great extra funds if you’re willing to share your home.

These are just some basics on saving money for your next home project, but we think there’s a lot more you can do to make your dream a reality. Get in touch with the team at Family Home Designers and Builders and we’ll help you with the logistics on making a sage start on your project.