4 Tips for Creating a Home Improvement Budget

Posted on April 5, 2018 in Home Improvement

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At our home improvement company, we know that major updates to your home aren’t cheap and require some planning before they’re executed. That’s why we’re here to provide a few useful tips for deciding on what to improve and how to go about creating a budget for your home improvement.

Consider ROI

Before you decide on any project, it’s important to consider what your return-on-investment (or ROI) will be. You wouldn’t want to spend thousands of dollars to update your kitchen only to find out that it doesn’t improve your home’s resale value. Make a list of your most important projects, then do some research to see how much it would realistically cost you to complete. After that, find out how much the finished project will increase your home’s resale value and compare that to how much you spent – is the investment worth it? If not, we recommend you move it to the bottom of your to-do list.

Determine Where You Can Save

Depending on what you’re updating in your home, there can be ways to save some money on your project. Before you even begin, consider all of the elements you want to repair or replace and determine whether everything really needs to be done; in some cases you can do a little less and still get a great result. After that, figure out whether there’s any work that you have the skills to do yourself rather than hiring a professional; some home improvement projects are easier than you think and only require a few tools and a chunk of free time. Also consider the materials you may need to purchase: are there alternative materials that look just as nice but cost less?

Choose a Way to Pay

After you’ve considered your ROI and determined where you can save money, look at the overall cost of your home improvement project and figure out how you’re going to budget for it. For smaller projects, you may be able to set aside a certain amount each month and dedicate that amount to your updates. For larger projects, you may want to consider taking out a loan or opening a low- or no-interest credit card in order to pay off your project. No matter what you decide to do, our home improvement company suggests keeping track of each dollar you save or spend.

Don’t Forget About the Future

Sometimes a home improvement project is something you do simply to improve your own personal lifestyle, but many homeowners make improvements with the anticipation of one day selling their home. If the latter is the case, it’s important to think about what your completed project will look like in the future and if it will be appealing by the time you put your home on the market. If you’re redoing your kitchen, consider cabinets with a timeless look. Or if you’re finishing your basement, choose a carpet style that can be easily complemented.

If your ideal home improvement project involves roofing, doors, siding, gutters, baths, or windows, contact the professionals at P.J. Fitzpatrick. We’ll help you determine the best choice for your home and complete your project in a timely manner.

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