Renovating your home can be a costly affair if you do not make a plan or keep cost-cutting initiatives in mind.

Many people often find that they start a home renovation project and blast through their budget before completing the renovation works, leaving their homes and lives in the lurch.

If you have embarked on a home renovation and have found yourself running out of cash faster than expected, or you are about to start a home renovation project and want to prevent yourself from ending up in that situation, then here are some simply yet utterly effective ways on cutting back on costs. By following these simple tips, you are guaranteed to save money without compromising on finish quality.

1. Scale down your project

Home renovations projects are by nature ambitious, but you should not let your imagination run away with itself. Always keep in mind how much money you have to complete your home renovation works with, and go forth from there. This can often mean scaling down the project you initially envisaged. Instead of doing every room in your house, why not do one or two, and save the rest for a later time?

2. Pay more for the basics than for the decoration

If you are going to invest large sums of money, invest wisely. It is better to spend the majority of your money on the fundamentals than on option decor items; you would rather have a well-wired house done by a professional electrician or a good plastering job than spend unnecessary money on fancy wallpaper or sparkly doorknobs.

There is no point making the outward features of a room look great if the underneath is lacking. Ensure that structural work, plastering, welding, electrical work and plumbing are financed and finished before you spend money on things like carpets, wallpaper or furniture. You can always buy those sort of things later when you have the cash.

3. Decide (realistically) if there is anything you can DIY

One of the surest ways to cut down on home renovation cost is to do some of the leg-work yourself, but always factor in that work within reason and with realistic expectations of your abilities. Almost anyone can paint a room or sand down some doors, but not everybody can rewire a room or relocate a pipe.

Cut out professional painters and finishers because those kind of jobs can be completed just as well by yourself if you dedicate your time and energy, but if you don’t have the skills, don’t try and do more complicated jobs like wiring or plumbing: you may end up costing yourself more if you make a grievous mistake that costs extra cash to fix. This is a sure way of cutting renovation costs.

4. Barter, thrift, recycle and reuse

When you’re running low on cash, it is time to get back to basics and think old-school in order to complete your home renovation project. Source your furniture from thrift stores and give them a sand and paint to make them look as good as new.

If you have a particular skill (like you are an accountant or a lawyer), offer to trade your services to a potential builder, plumber or decorator in exchange for theirs. If you have any leftover paint or other materials from previous renovation work, then make sure it doesn’t go to waste. These simple but effective steps can all help chip away at your home renovation expenses and cap your final bill of home renovation costs.

5. Keep your professional work time frame small, and your DIY work time frame large

Professionals usually charge by the hour or day, so try ensure that the timeframe for the work is kept to a minimum in order to keep the bills down. Large projects that swallow up professional builder and decorators times tend to be the sinkholes for home renovation cost, so by getting everything done as quickly as possible, you will save yourself some cash.

On the other hand, you should spread out of the work you do yourself over a larger period of time, so your money isn’t leaking out all at once. Once you get a room to a living standard, you can work slowly at painting, decorating and adding those finishing touches to limit the home renovation cost and spread out the payment.

All in all, it is easy to save yourself money and cut back on home renovation costs if you get creative and always keep a keen eye on how much money remains. If you are patient with time and are willing to invest your own energy, your home renovation cost does not need to be through the roof.