Debbie Shankar - 18 May, 2016

Is $5,000 Enough to Renovate?

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Renovating your home can be expensive if you don’t plan your project in advance and try doing too much at once. However, if you do your homework and look to improve your property over time, then $5,000 is enough for you to do some eye-catching renovation work. Let’s look at how.

The Bedroom

The bedroom is where we spend a lot of our time, so it makes sense to focus on this area. Some ideas that you can start with are wallpapering or painting the room. If you are artistic and willing to learn new skills, then you can do this yourself for under $500. Alternatively, you can hire a professional for under $1,000.

Another cost-effective renovation could be updating your flooring. A good quality carpet will cost around $1,500 laid in the average sized bedroom. There are thousands of products on the market that come in a variety of shades, textures, and finishes. Shop around for bargains and consider laying timber, vinyl and laminates to save yourself money.

The Bathroom

A bathroom renovation can be challenging on a budget of $5,0000, so you will need to plan well. Changes you can make include tiling, replacing bathroom fittings and painting.

Before you start tiling make sure you measure your area and calculate how many tiles you will need, based on the tile size. Buy a few more tiles than required in case a tile breaks or is damaged when laying.

Good places to search for quality and more affordable tiles is in a factory outlet or discounted tile warehouses. Most major tile stores have a discount store, so don not be afraid to ask and then shop around. You can save yourself thousands by being diligent.

You can also paint this room. Just make sure that you use a mildew resistant paint, or ask for an additive to make your paint mould resistant.

Replacing light fixtures, taps, and other smaller fitting can be a relatively inexpensive way of upgrading your bathroom. Once again, shop at discounted bathroom supply stores for bargains.

Sinks, showers, and new bathtubs typically start from $200 to $1,500 in price and go up from there. So make sure you work out a budget before you start removing any old fixtures. Remember also to allocate money for plumbing, and possibly tiling.

The Kitchen

Typically, the smaller your kitchen is, the cheaper it will be to renovate. However, in saying this, you can still make some improvements to a larger kitchen with a budget of $5,000.

Replacing your sink, cooktop, and oven with more modern fittings can dress up your home. Changing these fixtures will cost approximately $2,000 if you buy standard products. If you want accessories that are designer label, then you may pay more.

Once again look for bargains so that you save more; shop at factory outlets, demolition warehouses, and other discount stores. You can also look at replacing the cupboard doors in your kitchen or painting them to give them a new and modern look.


The Front of Your Home

To give your home a facelift, consider painting or rendering brickwork. You can also change colours of any timberwork or just freshen this up. You can elect to do this yourself, which means you will just be paying for material costs and not any labour. Alternatively, you can choose to hire a painter; these typically cost between $15 and $45 per square metre. Timber surfaces may cost more as they usually require more preparation. On average, a single storey home will cost between $3,000 and $5,000 to have the exterior painted.

Other exterior changes that you could consider are painting your front door a colour that complements your home, or you may wish to replace the front door completely with one that is more modern. Front doors range from $500 to $1,500 in price for standard products, and you will need to allow for a fitting fee if you are not a handy person.

Refinancing to Renovate

If you cannot afford to finance the renovations yourself, then refinancing may be the best option. Refinancing basically means paying out your existing home loan and taking out a new loan that better suits your needs. This new loan can be taken out with either your existing or a new lender.

A mortgage broker can take the hard-work out of refinancing while offering advice along the way.

Do you want to know more about refinancing for renovation? Then contact eChoice and find the right home loan for YOU today.

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