Skip to content

Home Renovation Budget Strategies

When it comes to undertaking home renovations, there are a multitude of strategies available for consumers based on their budget.  Obviously, the more renovation experts that are hired to perform the duty, the more expensive the project will become. On the flip-side, the more work you do yourself can eliminate the costly components of labor and make the project cheaper for you. Here we will discuss what strategies are better for the cheaper, DIY strategists, in addition to the projects you can undertake when you have a larger budget.

Before starting any project, it is important to make a home renovation plan. Consider which projects are the most important to the value and function of your home, and which are simply cosmetic desires that may not be as necessary. Prioritize your list, and start to adjust your budget accordingly. If a major renovation is needed such as replacing your roof, begin to set money aside for it. Determine what renovations need to be done as soon as possible, and what can wait until you have some money saved up.

20160225 - roofing projectIf you are considering a DIY home renovation, do not take on a project that is larger than you can handle. Start with smaller jobs that will barely make a dent in your budget. Typical tasks that your average DIYer can handle may include painting, interior decorating, cleaning out your gutters, or landscaping. Before starting a project though, it’s wise to have a professional come out and give you an estimate. Most contractors offer free estimates, and they can give you expert advice on where to start if you decide to do it yourself. Be sure to do some research on your own as well. The internet has a lot of resources about the cost of materials, how-to guides written by professionals, and advice on what projects one can handle on their own, and what projects should be left to a professional. Ensuring that you know what you’re doing is essential and will save you lots of time and money when you do the job right the first time.

Budget constraints often dictate which projects take priority, but the greater the risk, the better the reward. A can of paint is affordable, and you can most likely paint the exterior of your home yourself. This improves your curb appeal, improving your home’s value for little money invested. But for those with a more flexible budget for their home renovation, there are better options to give your house new life.  One example of this comes in the form of roofing. Did you know the average life span of a roof ranges from 20-30 years? If you own an older home, you may be overlooking the importance of maintaining a structurally safe, visually appealing roof.

Renovating a roof is a timely and sometimes dangerous renovation for those without prior experience. It is recommended to employ the services of professionals on sites like http://www.varoofingcontractor.com/newport-news-roofers/ if you are unsure of the age, status, or structural integrity of your roof.  Although a roof renovation will be a lot more costly than a few gallons of paint, the return on your money is greater. Improved insulation saves you money on your energy bills. Fixing a minor leak, (that you may or may not have known was there), will save your home from future structural damage. New shingles improve curb appeal. The benefits of a new roof greatly outweigh the strain on your budget.

While home renovation budgets vary from person to person, there are various alternatives to match your renovation needs without breaking the bank. Prioritizing what will benefit your home the most, and doing your research to find the best prices and services will pay off greatly in the long-run.

Money

AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

2 Comments

  1. With all the repairs, small projects here and there, owning a home is so expensive. Which is why I’m perfectly happy with renting. Well, not being able to afford one is another reason 😉
    But thanks for sharing the advice.

    • Renting is always an option, you just need to be sure that you’re renting as inexpensively as possible (in an effort to eventually save and buy). Do you have a plan to buy in the next couple of years to build up your equity?


Add a Comment

Your email address will not be published. Required fields are marked *

Related posts