When you’re a property owner in any capacity, whether your own home or if you’re a landlord in control of rental properties for tenants, then home improvements are always going to be at the forefront of your mind. How can you ensure that your property is always in its best shape and that you can afford to make regular improvements to keep it at its highest value? Especially for a landlord, who require sufficient funds for home improvements is essential to provide a safe home for tenants, that will also stand out on the market.

So, whether you’re looking to make a property your own, add value or maintain its value over a long period of time, here are some top ways you can look to save extra money so that you always have enough for home improvements.

Research Into Home Improvement Trends

If you’re a landlord trying to move your property into a popular market and you want to better understand the kind of home tenants are looking for, it’s always a good idea to research home improvement trends and then tailor your goals towards that.

If you’re looking to sell your own property and want to help it stand out in a busy market, then following these trends will help you to make worthwhile updates that buyers are looking for.

2021 has seen more and more people needing or wanting a home office to work remotely, which means home improvements to tailor for this can be a huge plus, with 43% of people in the UK stating that they’re looking to work from home more than before. 29% of people in the UK this year are looking for more outdoor space, while 57% of residents are looking to be more eco-friendly with their property.

This is all key information to save for home improvements that will be in demand, such as a more eco-friendly home or putting your money into improving outdoor space potential.

Create a Designated Home Improvement Savings Account

There’s something motivational about having a specific savings account for a purpose, especially if it’s one you can open through online banking and label ‘Home Improvement Fund’. With an account you can physically see, top-up, or monitor funds, which will make it a lot easier to manage your savings goals and plan for improvement projects. Being able to easily transfer money into a savings account like this will also help you to save extra money, even if it’s an extra few pounds you can transfer over when you check your accounts.

Make Sure to Always Get Quotes and Prices for Jobs That You Want or Need Completing

Saving up for particular home improvement jobs will be difficult if you don’t know how much they cost or how long it’s going to take you to save up. Before you look to sell or rent out your property, you should anticipate that a large or small home improvement job needs doing, such as structural fixes. This will help you get an idea of prices ahead of time to ensure you save enough money.

You can compare prices from traders on a new roof cost, find out how much it costs for new windows, how to fix a front door or how much to pay for new guttering, for example, to get a good idea of the cost of home improvement jobs instead of trying to save blindly.

Better Understand Your Outgoings and Budget

Saving can be very difficult if you don’t regularly check your outgoings or have a monthly budget. If you’re living from month to month without assessing what you’re paying for, you may find it extremely difficult to save up. Or you may end up unnecessarily spending any spare cash you think you have instead of actively putting it into savings.

Understanding your non-negotiable outgoings is a great way to better understand how much spare money you have every month. Are there any outgoings you don’t need, or you forgot you were paying for, which you can cancel and put the extra money into home improvement savings instead? From the money you have leftover every month, how much would you like to keep aside for personal spending and social plans? Once you know that, you’ll know how much you’ll have leftover to put into your savings pot without having to make too many sacrifices or accidentally spend on impulsive purchases.

Put Money into Your Savings First

Saving money can easily become a last-minute thought. You may want to get your month’s spending out of the way first and then see what you have at the end of the month to put into your savings. Often this could mean very little or nothing at all.

If you’re serious about saving for a home improvement fund that you want to top up on a regular basis, then putting money into your savings first (after paying your bills) is highly encouraged. Treating your designated savings amount like a non-negotiable outgoing means that you can more seriously save without making any excuses. You can transfer your intended amount into your savings account as soon as you get paid, just like paying off a bill, so that it’s already done and sorted. You can then use the rest of the money for the month without any guilt or without worrying that you won’t have anything left to save.

This is a better, disciplined routine to get into for your savings habits. If you have access to internet banking, you can always go back into your savings at the end of the month if you accidentally put too much money in or if an unexpected bill arises. This should always be a last resort, but it’s always an option without you having to worry about locking away your spare money at the beginning of the month.

Saving For Your Home Improvements: Final Thought

It’s always up to you how serious you want to be about saving, and it’s always possible, even on a restricted budget. For more costly home improvement jobs, planning and research are the best options to make a worthy investment.