Stress, disputes, a chaotic home, an overstretched budget … renovations can easily make any one of us to become unhinged! Thankfully, one the money side of things, we can help you not lose your mind. Just follow our helpful advice!
Spend Money to Make Money
No matter the type of purchase, it is unthinkable today to settle a bill with cash or by direct payment (Interac). Certain credit cards let you accumulate points that you can later take advantage of. Depending on your chosen option, you can either convert them into a gift card or cash. Points cards (without credit) like Airmiles can also help you pad your wallet.
Plan, Plan and Plan Some More
Software now exists (easily downloadable online) that can help you create virtual plans without having to be a computer genius. You can move furniture, change paint colours, remove walls and get an overall picture of the results before taking out the sledgehammer. All you’ll have to do next is set a detailed budget of all future expenses. Start by drawing up your ultimate wish list, then cut back the nonessentials.
Have a Well-Funded Nest Egg
Even if your expenses have been planned down to the last penny, beware: you might still have to deal with surprises, expensive surprises! An electrical system that was poorly installed by the former owners, accidentally damaged material, an unplanned extra material to purchase, etc. The list can be long and disheartening. Proper preparation can help you avoid going into the red … and seeing red!
Wait for the Sales
Patience is a virtue when it comes to renovating. Indeed, big box stores love weekend sales or online discounts (e.g., “We pay the tax,” “Get a 15% gift card with your purchase” or “Half off on showers this Friday”). Sign up for each store’s newsletter to receive alerts about their offers. The golden rule: never buy expensive items in superstores when they are not on sale, wait for the right moment for your budget!
Buy Used
Kijiji, LesPacs or social media resale pages are full of material or furniture you could use, from stones to improve the yard to an old dresser that only needs a fresh coat of paint to be given new life. Keep your eyes peeled!
Choose to Reface Your Cabinets
Whether it be in the kitchen or bathroom, you can completely change the look of your cabinets at minimum expense with refacing. This technique involves keeping the existing wall and base cabinets and covering them with an up-to-date material. The ideal solution!
Call in the Troops
If you’re handy, you already know how cost-effective doing the work yourself can be. But even if you’re not a screwdriver master, you no doubt know somebody who has this skill set. Why not ask for their assistance in exchange for an IOU or for a small amount of cash?
Rent or Borrow Tools
Our friends and family often have tools collecting dust in a corner. Just ask! If you must spend money, find out first if it might not be more cost-effective to rent. Then, if you really must buy, sell the tool second-hand once you’re done!
Avoid Overpriced Items
Is that luxury light fixture really necessary? And what about this headboard that will be barely noticeable, is it worth the price? Costly impulse purchases often result in buyer’s regret. Think carefully before taking out your wallet!
Don’t Order Take-Out
Your hair is full of bits and bobs, your pants are spotted with paint and your nails are encrusted with dirt from all your hard work today. There is no way you’re going out … time to order in! But too much take-out can really blow your budget! Here’s a tip: before starting your renos, cook and freeze homemade dishes for the days when you don’t feel like putting on your apron.
Stay Happily Married!
Do you think advising not to get a divorce is a little out of place is an article about renovating? And yet, renos are the leading cause of conflict for couples. As you know, separating is usually costly, both emotionally and financially. This is not a decision that should be made lightly. It is essential that you do not neglect your partner during the work and show respect despite the stress. Do you feel like your gasket is about to blow? Why not take a break and plan a date night (or go out separately!)?
Pro Tip
On top of drowning in bills, you should understand that renovations can be emotionally exhausting. Pressure to complete the work quickly, stress about choosing the right material, the impact on your quality of life of living in a construction site, worrying that the kids might hurt themselves on a forgotten nail… It’s easy to lose control in the midst of the storm! Our best advice is to pick your battles: a messy home won’t hurt anyone nor will the wrong choice of paint colour. Let it go and take some time for yourself!