A home improvement or renovation project is a great way to give your home a new look and make your living more exciting. However, the problem is, it comes with a price. Without careful planning, the cost might be too overwhelming to handle. The good news is, there are some creative and cost-effective ways to make the most out of your home improvement journey.

In this blog, we will explore the ten very important keys to consider while budgeting for your next home improvement project.

1. Create a Plan Based on Your Vision

Before jumping into action, the most important thing to do is to have a clear-cut picture inside your head about the improvements you want to make. This isn’t only about the things that need improvement or renovation; it’s also strictly related to your own choice and the things you want. Now, keeping aligned with your vision, create a plan as a framework for your project. The plan should include everything from choosing the areas to renovate to creating a budget. Remember that it’s ok to take time while coming up with a plan. Do proper research about the materials. In Dhaka, prices for materials such as cement, wood, and tiles can vary based on the market. Talk to different contractors and create a realistic budget.

2. Make a List of Your Top Priorities

Now that you have a plan, it’s time to move forward with it. Make a list of renovations that are crucial for your project. Take one step at a time. You don’t have to renovate your entire house to make it look good. If your goal is to resale your property, then it’s important to focus on the selling points. Usually, the kitchen, bathrooms, and master bedroom are the main focuses of the potential buyers in Bangladesh. If you are looking to renovate your home for personal use, then focus on your needs and those of your family members. It’s extremely important to keep your budget in check while you are making the list.

3. Stay Ready for Hidden Costs

While it is absolutely necessary to have a clear budget plan in your mind and stick to it, staying ready for unexpected costs can make your project go more smoothly. If you ask anyone who has previously done home renovation projects in Bangladesh, the chances are they have faced unforeseen costs. Don’t worry; you don’t have to break your bank balance to handle this. Just putting aside 15% of your estimated budget is enough. Luckily, if the budget isn’t spent, then you can invest that spare money into improving something of your own choice. Make sure to keep an eye out for permits and structural issues.

4. Try Doing Some Things Yourself

In Dhaka, one of the most expensive things in a home improvement project is the labor cost. Taking responsibility and deciding to handle some things yourself can save you a lot of expenses. For example, things like painting the walls, assembling the furniture, and changing the lighting systems. Although, in a country like Bangladesh, most homeowners prefer not to do things themselves, with a little bit of confidence and skill, you can easily handle doing some basic tasks. If you find yourself struggling, then you can always get help from YouTube or search for tutorials online. But stay careful not to touch any complicated tasks such as fixing the wires or doing any demolition work. It’s best to leave these to professionals.

5. Choose the Correct Contractor from the Alternatives

Search for local contractors who are proficient at doing renovation services. In Dhaka, you will find many local contractors if you do a little search around your area. The cost of labor can vary depending on the contractor, the complexity of the work, and the area of the city. In areas like Gulshan and Banani, the cost can be a little bit high. It’s better to talk to at least three or more so that you can compare the overall prices and choose what fits you. Take suggestions from friends or family members who previously did renovation services from any contractors. Nowadays, you can also find many contractors online, but make sure to check their reputation and reviews. Select the contractor from alternatives and clearly inform them about your budget. This way, they will get an understanding of your limitations and inform you prior to any potential expenses.

6. Prioritize Quality Over Quantity

A home improvement project can be a new way to start your new life. A minimalistic, simple approach can make a huge difference in your new home. Instead of stuffing new furniture into your home, try to make use of less furniture with smart storage solutions. Multi-functional furniture and built-in storage systems can greatly improve storage efficiency. This will make your home look more spacious, clean, and organized. Try to remove any unwanted things that you don’t use. This will not only save you money but make it easier for you to keep your new home tidy.

7. Select the Timing of Your Renovation Smartly

Selecting the timing of your improvement or renovation project can greatly save you some cost. Most of the contractors in Dhaka remain less busy during the off-season. Deciding to do your renovation during the off-season can lead you to more budget-friendly pricing and also more quickly. Try to avoid scheduling your renovation during busy holidays such as during Eid because contractors remain in high demand and can raise their prices. It can also take them more time to finish their jobs. Planning the renovation during the end of the year can increase the potential of getting year-end sales or discounts. This can allow you to buy materials and appliances more cheaply.

8. Focus on improving the Aesthetics

Improvements for homes don’t necessarily always mean changing anything big, such as changing the entire structure. It can start with something simple, such as changing the paint on the wall. A fresh coat of paint in every room can change the outlook of your entire home and make it more inviting. Adding unique rugs, mattresses, and wall art can significantly increase the aesthetic value of your home without costing a fortune. Moreover, changing the lighting systems, such as putting smart and colorful lights, can give a modern look to your home.

9. Go Smart and Green

Using smart home appliances can be a great, cost-effective way to budget for your home improvement project. Smart lights, air conditioners, and home security systems are energy-efficient, which leads to a lower electricity bill. Smart home appliances might cost a little bit more than traditional appliances, but in the long run, they provide sustainability and longevity that will lead to lower maintenance costs. Moreover, using planters is a great way to decorate your home while making improvements. This can give a fresh and lively feeling inside your home without costing too much.

10. Reuse Materials and Sell Anything You Don’t Need

One of the best ways to save money on a home improvement project is to reuse materials rather than replace them completely. Instead of replacing some of the materials, repainting, adding new hardware, and refacing them can increase their value without costing too much. Not only will it increase the functionality of existing materials, but it will also give a more visually pleasing look. However, some materials might not have any reuse value, but rather than throwing them out completely, try to sell them at a reasonable price at local stores, and you can use that extra money to buy something new for your home.

Conclusion

Budgeting for a home improvement project in Bangladesh can become very effective with a little bit of careful planning and following some key steps. With a clear vision in mind and having a realistic budget, you can ensure that the journey of building your dream home stays affordable and approachable. A well planned home improvement project can enhance your living space without causing any financial trouble.

FAQ’s

1. What is the first step of budgeting for a home improvement project?

Ans: The first step is to have a clear vision and a plan. Identify the things you want to improve and make a plan based on that by doing proper research.

2. How do I prioritize which improvements to focus on first?

Ans: Start with a list and think about your plan. Prioritize the improvements that add the most value and take one step at a time.

3. How do I decide whether to DIY or hire a professional?

Ans: You can do the simple tasks yourself, such as painting and rearranging. On the other hand, more complicated tasks should be left to professionals.

4. How can the cost of labor and materials be estimated?

Ans: Communicate with multiple contractors and visit numerous shops to get ideas. Choose the ones that best suit your budget.