How Can We get the Most of a Home Renovation Budget?

Updated 1 year ago

How can we get the most of a home renovation budget?WHY do this? – Why are you going to this trouble and expense? Are you selling? Is your family growing so you need more room? Do you love the location but the place needs some modernizing? Knowing what is driving this decision is critical in staying focused. If this updating is for a sale, then make the changes more buyers will appreciate. Don’t do just what you like. Check with realtors. Do an online search for common remodels that have a high payback at sale. You have to answer why before you do anything.Watch for ‘creep’ – Remodleing budgets tend to grow and keep growing. You have to really get hold of the budget and vigilantly watch for creep. There are plenty of great ways to spend you money. But you need to keep your WHY answer in mind and let it guide you as you spend. Pay for expertise but use wisdom. Keep major appliances in the same location to save money on electrical and plumbing redo. Use stock items not special order or custom pieces. Try recycled items from the ReStore or salvaged materials from shops to add charm and uniqueness to your job. No change orders. Don’t begin the work until you really know what you want done so that you aren’t making expensive changes during the job.DIY- What can you do yourself? Demo your own work site. Run the errands if possible and do whatever pick-ups you can do. Teach yourself how to do a project. Large and small stores offer free classes on how to do some jobs so that you can do your job for the cost of materials. Don’t tackle jobs that may be too big for your skill level. But you may be able to have a buddy help in return for your help on a similar project at their house and save some cash.Focus – The budget is calling you. Don’t lose your way at the store. Use good but modest materials for some parts of the job and the best for certain items. You can’t outspend everyone. So don’t try. Be smart instead. If you’ve ever seen a commercial on TV you know you may be able to ‘get the designer look for less.’ You just have to be creative and use your imagination. Focus on what needs to be updated and find solid options that look beautiful but are reasonably priced.Refresh – Once some changes have been made you may cringe at the juxtaposition of your ‘old’ furniture next to the new floor. Don’t spend more money on new. Paint and reupholster. Or get a slipcover. Fresh covers, new paint freshens everything. I love changes things. I just want you to be smart so you can really do it.Citations:http://tlc.howstuffworks.com/home/how-to-budget-for-home-remodeling.htmhttp://realestate.msn.com/slideshow.aspx?cp-documentid=21476077#3http://www.thisoldhouse.com/toh/article/0,,1186851-2,00.htmlMarion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.comCheck out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated. CR9381


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