How Millennials Are Saving Money on Property Renovations

property renovation

Even with proper planning and careful budgeting, renovation costs can quickly – and often unexpectedly – spiral out of control. If you have been pouring over home design magazines, there’s always some glitzy imported tiles, oversized jacuzzi tubs, or chef’s grade appliances that you need to get your hands on. According to the 2020 Renovation National Report conducted by money.co.uk, homeowners in the UK spent an average of £4,035.70 on home refurbishments last year. That is a total of £55.48 billion on renovations in 2020 alone. The data is proof that people are willing to shell out hard-earned money to spruce up their homes.

But when it comes to home improvement, expensive doesn’t always mean beautiful. Neither does luxury guarantee that your home will be cosier and homier. More importantly, property renovations don’t have to be expensive. There are many money-saving hacks to help you stretch your budget, from reusing materials whenever possible to waiting until items go on sale to selling any functioning furniture that you need to replace.

Be creative, plan well, don’t rush, and learn from those who have undergone the project. With that said, here are tips on how you can cut costs while creating your perfect home.

Minimalism

Less is more – that is minimalism in a nutshell.  Although minimalism first became popular in the 60s, it continues to grow as a trend. Whether it’s due to personal preference, environmental concern, or a significantly smaller budget (compared to Baby Boomers and Gen Xers), millennials seem to take minimalistic style more seriously than their predecessors.  Nevertheless, minimalism has more advantages than some people give it credit.

Forget about elaborate fixtures and fittings, heavy custom drapes, and intricate decorative coving.  By switching to a minimalistic style, you avoid unnecessary splurges without essentially sacrificing the overall aesthetic of your home.  Go for linear designs, neutral colours, accent decorations, and sleek Manchester made bespoke kitchen furniture that you actually use.  So, that bulky, lonely-looking loveseat, that merely sits on a corner? You can get rid of it.

Clear your walls, let natural light illuminate your rooms, and keep your pretty knick-knacks in a small area where you want to make a statement. Fewer objects in your house mean less waste, less clutter, less stress, and less time spent cleaning.  Furthermore, when you get rid of extras, you usher in clarity, focus, and peace of mind. 

Using the Experts

As much as you love do-it-yourself projects, you should trust experts to handle any endeavor beyond your skill or expertise. Professionals get the job done right the first time, which allows you to save energy and money in the long run.

A 2019 Houzz & Home UK survey reveals that 91 percent of millennials are more likely to seek professional help when improving their homes. The most in-demand tradespersons are electricians (61 percent), plumbers (54 percent), and carpet and flooring specialists (44 percent).

If you are extending your property, be sure to consult residential architects or a professional home interior designer. Not only will they make your work easier, but they will also save you from any potential financial (and legal) disaster that could result from DIYs gone wrong.

Be smart about hiring help and research your options diligently. Shop around a bit before choosing a contractor or designer. Get at least three price quotes for each job so you can decide which offers are the best, including service, cost, and timeline.

Investment Renovation

Your renovation project should not only beautify your home but also add value to your property. House improvement, after all, is both an expense and an investment. It increases the marketability of your residence and prolongs the usefulness of your home. The cost you pay to keep your house in good condition ultimately staves off the unavoidable depreciation of its value in later years.

According to Houzz & Home, bedrooms (29 percent), bathrooms (29 percent), and kitchens (27 percent) remain the most popular rooms to refurbish. However, home offices are increasingly becoming a favorite addition, especially at the onset of the COVID-19 pandemic. Millennials are more likely to invest in a home office expansion as they are more likely to work from home. Experts forecast that houses with extra office space will sell well in the future.

But how do you add value to your home? Keep in mind that you might have to sell your house someday. The alterations you make to your property should have a universal appeal. Meaning, they should not cater only to your preferences and personal tastes. For instance, you might want a cat-shaped window, but would a future buyer want it? Although it seems safer to stick to the classics, don’t be afraid to play with trends and colours. Just be sure to keep the modifications in harmony with the original feel and integrity of the house.

More DIY

Millennials spend a median of £10,000 for home renovations before COVID-19, according to a Houzz & Home survey. The budget is smaller compared to Baby Boomers and Gen Xers, who spend £12,000, each. Because of their more modest funds, millennials are more likely to pursue do-it-yourself projects.

For some people, DIY activities seem daunting. But it is a great way to save money and learn a new skill. You only need moderate talent, some creativity, a bit of imagination, and a lot of time and determination. Plus, the internet teems with do-it-yourself ideas that are surprisingly easy to follow.

No, DIY does not mean you will be putting up cabinets, installing beams, knocking down walls, laying down tile flooring, or doing plumbing yourself. Unless, of course, you have the necessary skills and license. Otherwise, you should leave these tasks to the experts.

However, you can do your own paintwork, create wall art, stencil the floor, design a backsplash, assemble furniture, frame your bathroom mirror, or makeover your staircase. If you do not have the tools, check your local hardware if they are renting the ones you need for your DIY projects. Those qualified to do their own extensions should get a permit to avoid any legal complications.

In general, you should not do electrical work unless you are authorized to do so. However, you can learn Portable Appliance Testing through online PAT testing courses. A PAT certification will allow you to inspect your electrical gadgets and tools yourself in a safe manner and save you money in the process. With this, you do not have to hire a third-party company to do the testing.