Finding Room in Your Budget for Renovations

Finding Room in Your Budget for Renovations
  • Opening Intro -

    The day you sign the mile-high stack of papers and are entrusted with the keys to your house is the day you decide to care for a property and call it your own.

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This monumental occasion often leaves homeowners wandering the halls of their newfound responsibility, excitedly deciding just howthey will make it a reflection of their style and tastes.

Your house, as you know, can be one of the largest, most beneficial, investments you make. That’s why, according to the U.S. Census Bureau, nearly half a million homes were built in 2014. The desire and need to have a home built to fit our needs and dreams is what drives this statistic.

What do you do, then, when the home you purchased needs a little extra care or a little work to make it truly feel like your own? Maybe you’ve just plopped down a hefty down payment but want to make some improvements. Or maybe you’ve been in your home for a while, and, well, the ‘70s shag carpet just isn’t cutting it anymore.

How do you find room in your budget to make renovations? Here are a few tips to get you started on the process.

Prioritize Your Needs and Get Quotes

Half the battle of doing a renovation is understanding what all it will entail. Make a list of all of the areas and projects you are willing to undertake, and who you will hire to help you make those improvements.

Prioritize your list based on which projects bring the most added value to your home, marking the ones that will bring you, as the homeowner, the most satisfaction. This prioritization helps narrow down your true needs, which means you’ll be spending money only where it’s necessary. By getting quotes from potential vendors, you’ll have true estimates to work off of so you know just how much to save.

Reduce Your Bills

Look for opportunities to save on utilities or insurance bills. There may be a little extra room in your current budget to begin cutting back and saving up for your projects. Start by looking at some of the bills you pay. Take a look at what competing utility companies offer customers and switch if you can get a better long-term deal. Cut dollars off of your utilities by making simple, everyday changes, like conserving hot water and taking shorter showers.

Seek Out Additional Financing Options

Renovations tend to be a bit more on the expensive side, so consider all options when making your plans. Perhaps a home equity line of credit would be best suited to your needs, or perhaps you are willing and able to take on many of the projects yourself, saving you labor costs.

Think of using and improving older items to cut down costs. Consider, also, which home improvements will either give you a tax break or increase the value of your home so you qualify for a tax break.

Hire a Design Consultant

This may seem counterintuitive, but a design consultant will show you where you can cut costs and where it’s beneficial to invest. Design consultants have plenty of experience maximizing space, putting together color combinations and complementary patterns, taking out a lot of the guesswork that comes with house projects. The expertise is well worth the money, as, in the long run, a design consultant can potentially save you a lot of money.

Don’t Waste Space

Bigger is better, right? Not necessarily. When it comes to putting together living quarters that function well for your needs, making a decision to focus on maximization of space rather than the addition of it can be very cost-effective.

Renovating can be an exciting, if time-consuming, opportunity to make your home reflect your personality and style. Find room in your budget to get projects completed by following these few tips.

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