5 Ways to Save for Your Home Renovation - Direct Lending Malaysia

5 Ways to Save for Your Home Renovation

Home renovation makes a lot of sense if you are planning to stay in your purchased home for a long time. Nobody is happy about a leaking ceiling, an old and yellowish sofa piece, and broken tiles. And we all know that it takes plenty of hard work—and money—to transform a run-down house into your desired house with a brand-new look.

Renovation cost definitely puts a lot of pressure on you as it may consume a big chunk of your hard-earned savings. However, we are here to tell you that—don’t worry. In the end, it will all work out, you just have to do one thing at a time, along with the following ways on how to save for your home renovation.

1. Plan for your budget

Source: Freepik

Okay, let’s be honest here. You need to be very clear what your budget is and be realistic about what you can afford, then, you can work out which area of your house that needs renovation. Plan well and consider ways to avoid wasting money during the actual process.

If you are doing this with family members, you will end up fighting about money without a detailed budget prior to starting your project. Here’s an article giving you the breakdown of home renovation costs in Malaysia – to make sure you can transform your home while having a tight budget.

We know that it’s hard to stick to a strict budget when building and material costs increase while you’re renovating. Be sure to give yourself a 10%-20% of the budget allowance for those unexpected surprises.

2. Recycle and refurbish

Source: Time Out

Renovation doesn’t mean you have to throw out all old items and make sure everything in the house is new. Be creative and re-use the old furniture which is still in good condition – a great way to save a lot of money. All you need to do is to put on a fresh coat of paint or layer it with a new piece of fabric.

Besides, steel, woods, bricks, and planks can be easily recycled. You can definitely make a new shelf out of recycled woods, and it is eco-friendly! What could be better than this?

3. Do it yourself

Source: Freepik

With a budget constraint, it will surely fire up your creativity. But always remember that you should know your limit and take the whole process one step at a time. Think twice about a job that requires huge labor and expertise to get right. Unless you have the relevant experience or training before, it is advisable to leave tasks such as fixing the roof, demolishing walls, replacing floor tile, installing electrical switches or doing any sort of electrical works to the professionals.

4. Shop smart

Source: Freepik

Shop around for the best deals, visit suppliers and popular home fairs in Malaysia, such as BIG HOMexpo and Modern Living Home Expo. Then, transport the items and materials yourself, or ask family and friends to help if you can, rather than paying someone to do it for you.

You can also take inspiration from Instagram, Pinterest, magazines, websites, and even your family’s or friends’ home for ideas! Get at least three quotes for materials or contractors with a reference, or at least with a good rating if you search through online platforms such as Kaodim, Tukang, and reno2you.

5. Make energy-saving choices

Source: Choice Au

Don’t you think that LED light bulbs help? Then, you are wrong. Cutting your energy bill to the lowest each month can save you a significant amount of money in the long-run. There are many appliances nowadays with smart technology meeting the modern demands of energy efficiency. Choose 5-star energy rating appliances and electronics to create an energy-positive saving house and start saving now!

Need a bank or koperasi loan to build a home that will meet both your needs and your budget? Check your loan eligibility with Direct Lending now and we will help you realize your dream.

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