Home improvement

Four tips to cutting down costs on your renovation project

3 min read

Home improvement

Four tips to cutting down costs on your renovation project

3 min read

Undergoing a renovation is no small task – in time, energy, and, of course, finances. Whether your project is big or small it can be easy for things to get of hand and, next thing you know, you’ve gone way over your budget and you’re only halfway done.

Luckily, there are steps you can take to make your renovation more budget-friendly. We’ve put together 4 tips to help you cut down the costs of your renovation, so you can create the property of your dreams without having to necessarily break the bank. 


Explore renovation loan options


1. Do it yourself

This one might seem obvious, but the idea of doing what you can yourself is worth mentioning. You might not be able to tackle every project (sometimes, attempting something technical like plumbing or electrical will end up costing you more stress, time, and money than it would if you’d just called the professionals in the first place), but you might surprise yourself with what you are capable of doing.

Especially in this day and age, where the Internet is full of resources and how-to guides that can help you, you can potentially save a bunch of cash by cutting out the middle man and having a crack yourself. Not to mention the level of satisfaction that can come from achieving something on your own.   

2. Get thrifty

There are plenty of great ways to get thrifty and save on those renovation fittings. Head down to your local op-shop for some second-hand pieces to fix up your space or add that magic touch to the redecoration process.

The best part about thrift shopping is that you never know what you’ll discover when you start looking. That means you can often score some original, unique pieces for only a fraction of the price you would have paid if you’d found it brand new.

It’s also worth looking out for local clearance warehouses in your area for building materials. This method can be a little time-consuming, but the effort is often totally worth it when you reap in those savings.

3. Stage the project

Staging your renovation instead of lumping it all in together as one project can really save you an arm and a leg. It not only can take the financial pressure off you so that you don’t have to come up with a large sum of renovation money in one hit, but also means you don’t have to contend with the additional stress/costs involved if completing renovations leave your home temporarily inhabitable.

It can be hard when you want to rush in and get your renovation done as soon as possible, but, in the end, patience is a virtue that your bank account will certainly thank you for.

4. Save on deliveries

A pain point in costs that really can start to add up is delivery fees. There are a couple of ways to get around this and make sure you’re not wasting away your savings unnecessarily.

  • Organise a pick-up day where you can borrow or hire a vehicle to go and collect a few items you’ve purchased at once. You might also be able to call in some favours with friends to help you with the heavy lifting (or potentially bribe them with the promise of lunch)
  • There are a number of services and apps out there that allow you to outsource tasks to random (but verified) people. Often, the costs of organising someone to pick up and deliver your purchase to your property is significantly lower than what the company itself will charge you

Renovations can be incredibly stressful, but they don’t have to be a huge financial burden. By following these 4 tips, you can potentially cut down the costs of your renovation project; creating your dream property without making your bank account suffer.

Published 24 April 2021

Related links and products

Home Loans

Investing in property

Handy tools

Home loan repayment

Home loan borrowing capacity

This information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Information Document and Terms & Conditions before making any decisions about whether to acquire a product.

Home Loans are provided by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No. 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Product Information Document, Lending Fees and Charges and Home Package Plus Terms and Conditions before making a decision regarding any Suncorp Bank products. Fees, charges, terms and conditions apply and are available on request or on our Product Information Documents and Forms page.