Budgeting Secrets for All Types of Remodeling
Paying for home improvements is no joke, even if you’re just doing a minor repair. This is exactly why our post on tips before you start remodeling touched on the importance of setting a budget beforehand. Setting a budget allows you to proceed with your planned renovation as smoothly as possible.
Of course, the question now is: how do you go about budgeting for a remodeling project? Read on below for some ways to help you do just that with these budgeting secrets for all types of remodeling.
Make a list of all your pending projects
The first step to budgeting for a home improvement project is to take stock of all the projects you have planned. While repainting your living room can possibly wait, fixing massive pipe leaks or repairing your roof can’t. It’s a lot easier to make a budget when you know what it is you’re planning towards. Make a list of all the renovations you’ll need according to when they’re needed, and from there you can look at projected costs to figure out which ones you can start.
Talk to different contractors
Getting quotes from at least five contractors is highly recommended before settling any payments. Home expert Dan DiClerico even suggests going up to 10 quotes to really get a good grasp of how much a particular project will cost. For those who are pressed for time, having a proper conversation with at least five contractors is enough. From there, you should also ask your contractor what kind of materials you would need. If possible, buying these materials on your own can also save you from the additional costs of having contractors source them for you.
Take out a personal loan
If you need to organize a home renovation as soon as possible but have no funds, there are other financing options available to you. Home improvements tend to be a very common reason for considering taking out a personal loan. By taking a personal loan out for a fixed term, you’re able to get the money you need upfront while also granting you a clear way forward for budgeting your payments in the future. Therefore, considering your budget and time frame are crucial when it comes to choosing the best personal loan option for you. This makes personal loans a great option for those who need to make major home improvements.
Consider sweat equity
Sweat equity is another option for those who don’t have enough funds to start a home improvement project. Simply put, sweat equity is the physical labor, mental work, and time it takes to improve a certain project. If you want to re-tile your bathroom floor, consider inviting family members and friends to help you do the work. Afterwards, you can repay them in the form of a home-cooked meal or a fun party.
Shopping second-hand has always been a useful budget tip for families, and it holds true when talking about home improvements too. Asking friends and family for slightly used appliances or decorations can help you save costs in the long run. That being said, just be sure to test any second-hand appliances you’re planning on purchasing. The last thing you want is to buy a defective item and then shell out more money to repair or replace it!
While the specific budget will depend on your own finances, there are a few tips and tricks that all homeowners can rely on to help finance a home improvement project.
Penned by Layla Nicholls
Exclusively for redishade.com
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