Budgeting Home Improvement Projects

Home improvements can add value and aesthetic appeal to a home. However, to reap the rewards of a remodeled room, home addition or any home improvement project, homeowners will have to invest both their money and their time. Establishing a project budget can be helpful and prevent overspending. According to Visually, a marketing information service, nearly half of the homeowners surveyed said the cost of their renovation projects did not exceed their budgets. However, more than one-third of those surveyed reported going over budget on their projects. To keep costs down, consider hiring a contractor. He or she will have industry contacts and may be able to get materials at a lower cost. While you will pay for labor, working with a contractor greatly reduces both the time spent on the project and the risk of costly mistakes being made. In addition, think about the way you finance the renovations. Industry experts have found that homeowners who finance their home improvement projects with lines of credit end up spending more money on average than those who use their savings to fund projects. While it may be tempting to take out a line of credit for a home improvement project, spending only money you already have may be the more responsible route to take.

You must be logged in to post a comment Login