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Is recession really coming? How to save more if you are about to take house keys now?

The constant talk about recession is real. The last recession had caused many to lose their jobs and it took years for the economic to climb back to normality. The current rising inflation and interest rates have caused higher living expenses and is making everyone of us feeling the extra burden on our shoulders. The volatility of the economic naturally make us worried about money. For those who are about to take keys for their new home may feel like a bad time to commit to an inevitable big expense. Houses prices are already at it’s peak and you may not want to spend another hefty sum for renovation. Should we go for our ultimate dream home that is costly? What happens if we overspend? Should we save more for the rainy days since there is talks about a recession coming? But are we able to maintain the aesthetic of the home even though budget is lower? If you are planning to renovate your new home now and agreed that saving is necessary for the recession, here are some tips on that.

Know what is essential

It is easy to find inspirations these days (from magazines or Pinterest), so many of us tend to go out of control when comes to reno planning for our own home. We want everything, from the most up-to-date trends to the coolest tech. And this will lead us to overspend without us realising. Knowing the difference between your wants and needs is very crucial when comes to saving some money. By identifying what is important ensures you keep your budget low. Do you really need to splurge on a smart home system, or you can go for ad hoc smart gadgets which cost a lot lower? Do you need to that customized feature wall design or you can find alternatives to beautify the space? Perhaps less is more?

Find reliable vendors at reasonable prices

After the initial plan, it is time to look for an expert to execute your design. Start looking for designers or contractors by asking around for good recommendations or simply visit well-established renovation platforms like Qanvast. Vendors under these platforms list their portfolios and you can directly contact them with a few simple clicks. You should never settle on the first design firm you see. Rule of thumb is to shortlist at least 3 design firms and visit their showroom for a chat. It is important to know about their vision and whether they understand your wants and needs of your new home. Are they able to visualize your home design when you share with them your ideas? With the right amount of understanding between you and your ID, your new home will be well taken care of. And of course, by visiting a few firms, you are able compare between the quotes provided too.

How to save on lighting?

Opting out of false ceiling can save you a few thousands of dollars. With concrete ceiling, there are a few options you can consider. Most popular options are tracklights or surface mounted ceiling lamps. Choosing tracklights is very economical as you only require 1 lighting point. You can install as many tracklights as you like in a single track. Some of us prefer multiple surface mounted lights along the space to light up the area, that can work by adding lighting points. If you still prefer a clean ceiling look which can only be achieved with false ceiling, consider choosing important areas to build false ceiling. You could consider to build a thin false ceiling and make use of cove lighting to illuminate the space or simply go for false ceiling in important areas like the living room and master bedroom. By strategically picking the right areas to fix on a false ceiling, it ensures you save some money without compromising on the aesthetics.

Opt for a cheaper alternative

By choosing a cheaper alternative, does not mean giving up on quality products. It means opting for a more simplistic design that cost lesser. This goes for everything in the house; lighting, furniture, furnishings, you name it. It is difficult to dictate that when you are doing online shopping for these products. Pick a few local brands and visit their stores to see the quality in person. Buying a quality piece that last is more cost-effective than buying a cheap, low quality product as you probably need to replace those within a short period of time. One trick is to visit a store with an economical price range first before popping by a more luxurious option. This will help you set a realistic base rate for the furnishing for your home. If you are really on a tight budget, consider creating some DIY furniture. Not only you get to save a lot more, you also will appreciate the end product more than buying it off the shelves.

Always start small

Lastly, always start small. Do not buy everything at one go as you will have the tendency of overbuying. It is tempting to complete the shopping tasks as soon as possible and move on to the next thing. If there is a stylish sofa you fell in love with but is way over your budget, choose a more affordable option first. You can always replace it with your dream piece when you have the extra cash later. Nothing is more satisfying than seeing your new home gradually emerge into a dream home without damaging your savings.


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