Learn how to renovate your way to a dream home on a budget
There is a lot of value to be made from buying a fixer-upper or home to renovate; think of it as finding a diamond in the rough ready to cut into a precious stone. That said, a small budget is a real constraint, particularly if your finances are locked up in the mortgage.
With this in mind, speaking to a mortgage broker to maximize your renovation budget might be a worthwhile consideration. For example, a broker like Breezeful compares rates to find the best deal for your mortgage, freeing up funds to focus on small but meaningful renovation projects. Plus, with a conventional mortgage, you can also take out additional loans to cover the cost of renovations right away or at a later date.
Now you’ve bought the house and have a small dedicated budget at your disposal, it’s time to put your stamp on the property. In this article, we explore how to make the most of a small renovation budget. Read on.
Reinstate the fireplace
Providing a snug homely warmth, fireplaces are the traditional focal point of any living room, particularly in golden-era Victorian properties. Unfortunately, the 1960s oversaw a central heating revolution — and during this time, many fireplaces were bricked up or removed.
Today fireplaces are at the heart of most interior trends, highly desired for stylish function and a sense of luxury. Despite initial assumptions, however, reinstating a fireplace in your fixer-upper property needn’t break the budget.
Of course, grand marble surroundings are likely off the table for material costs alone, but a simple cast iron model with a stone frame is surprisingly affordable (take a look at these examples). If you have an unused chimney breast, reinstating a fireplace adds value and style to your property without busting the budget.
Illuminate your property with a skylight
Adding a skylight is a simple and affordable solution capable of transforming a relatively gloomy space into a bright and breezy home. This is particularly true if you’re dealing with an upstairs bedroom or converted loft room where natural light can be hard to come by.
Installing just one or two skylights in an average size property makes a real difference. It has become a symbol of modern interior design. Why? Because people are craving more natural light in their home. Moreover, the cost of installing a skylight is relatively modest when compared to other more involved architectural solutions. According to Checkatrade, the cost of these roof alterations ranges between £800-1,100 plus the cost of the unit.
Add a garden office or summerhouse
Renovating your garden can add big value to your property. In fact, installing a garden office or summerhouse on your fixer-upper is thought to add between 5-10% on top for the existing property value — that’s a smart investment by anyone’s estimation.
This is likely to be a more involved process when compared to skylights and fireplaces, but when it comes to larger renovation projects, it’s best to strike while the iron is hot. In a post-pandemic world, hybrid work is the norm, meaning an outdoor retreat is in high demand. This is because summer houses and garden offices provide a better quality of life when working from home.
You can make the most of a fixer-upper, even on a shoestring budget. From small changes like reinstating the fireplace and adding a skylight to measured investments like a garden office — this is how to make the most of a small renovation budget.