How to Budget Your Next Home Project


In November 3, 2016
1509 Views

Change is generally inevitable. However, sometimes people plan for optional changes. They either think, maybe right now as a homeowner they’re looking to make an exciting new update, or else something’s in really terrible shape and you’re trying to figure out how it can be rescued.

New Kitchen

 

Of course, not just any equipment or supplies will do. You need a plan and you must be sure you can realistically execute it. That’s why there’s the concept of “budgeting.”

 

Who wants to risk wasting time and money figuring out a strategy as they go? That could lead to exhaustion and potentially insecurity. Wouldn’t it make more sense to plan and then go? If you’re not sure how to work out a reliable plan, here are a few tips:

 

  • First, weigh what you prefer (things like more attractiveness, more luxury, etc.) against what’s really necessary (better security, better comfort, that kind of thing). Live a little if you want and are able to, but don’t let that interfere with things that are required to even maintain a house.

 

  • Next, get a review from a contractor. A home improvement professional always knows what it takes to get a place from point A to point B. They may have to take a tour to inspect the home and the objects in it, but every single time you should be able to count on them to make it crystal clear how to make what you’re seeking a reality.

 

  • Third, check how much money you have—with you, in the bank, etc.

 

  • Finally, reserve “breathing room” in case something unplanned comes up in the home improvement process that would cost extra. If it’s a relatively minor and straightforward adjustment, 10% of the overall budget should be enough for a backup. Otherwise, experts recommend 25%.

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