Budgeting For Home Improvements: 5 Steps To Savings

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CHOEMS-WINDOW-TIP-EAR 1016 2CHave you been dying to renovate your kitchen or retile the bathroom? If like many homeowners you have an endless list of home improvements you’re planning to do, it may seem like the money is never there. But there are ways to get a little cash in hand to make meaningful improvements – it just takes some discipline.

Get on the road to home improvement savings with these 5 steps. Renovations are within your reach.

Get Goal Oriented

Before you can make a budget, you need to know what you’re saving for. Often homeowners have such a wide swath of projects they’d like to get done, it can be harder to focus on a specific task and the funds needed to accomplish it. Approach home improvements, then, like you would a business proposal. Write it all out and itemize the budget. When you see it all written down you may decide that some of these things aren’t worth the financial investment. Other improvements, though, may stand out as first on the list.

Can You DIY It? Or Just BIY It

DIY projects are a tricky financial undertaking. Many of the projects you see online are actually a money pit – they’ll cost you more to gather the materials than it would to just buy the thing you’d be making. Instead, constrain DIY projects to simple tasks like installing a new door. New doors – or even doors with a fresh coat of paint – can improve the appeal of your home, and they don’t take much effort.

For things you can’t do yourself, consider whether you have enough knowledge to purchase the materials – buy it yourself, as it were. When you hire help for a renovation, you also pay a markup on the materials. You’ll save on the renovation if you purchase what your contractor needs. Take this savings into account.

Stop Spending On Stopgaps

One reason that you may struggle to create a home improvement budget is because you’re constantly spending money on little things while you wait for the big ones. You don’t like how your kitchen looks so you try buying add-ons to cover it up, like inexpensive light fixtures or piles of new dish towels. Stop buying these things and save that money for your big goals instead.

Accept Alternatives

Sometimes when the budget still seems too big, it’s time to consider alternatives to the projects you’ve set your heart on. Wish you could put in new windows? What about a light tube? These tubes funnel in light to a small space for a third of the cost of a single new window. It may not be what you wanted, but it might accomplish the overall goal.

Home improvements will always be a budget concern, but you can take small steps towards meeting your goals. By starting with a clear vision of what renovations matter, you’ll find that happy medium – and a manageable budget – sooner rather than later.

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