Financially Smart Home Project Planning
Home improvement is on our minds all of the time. It doesn’t matter if you have fixer-upper or new construction. We find everyone has a list of projects they want to tackle, but with every project comes a price. Here are 8 tips to help you make financially smart decisions with your next project.
- Start with structural items and hold off on the cosmetic ones – Always focus on items that could cause longer-term damage like roofs, windows, siding, water in the basement, etc. While they might not be the most fun projects, avoiding them could cost you more in the long-run.
- Stick to your budget – this might sound like common sense, but most enter a project only to finish spending much more then they intended.
- Space out your projects – come up with a timeline for what you want to tackle each year. This way you are not sacrificing your long-term finances by trying to do it all at once.
- Pay cash – some contractors will give you a significant discount.
- Buy the materials – some of the major supply stores will allow you to set up a credit card and offer significant discounts for utilizing the card on your purchases. Contractors generally don’t care and it frees up what they would have to put on their cards anyway. For big projects, saving 10% on the materials can go a long way.
- Wait for sales – depending on the project, buying materials out of season can save you a significant amount.
- Stick to classics – don’t go crazy with your personalized designs. It’s best to pick timeless options. Face it, you are likely going to move at some point and buyers want a look that doesn’t scream your personality.
- Sell anything you are not using – you’d be shocked what people are willing to buy on Facebook or other online marketplaces. Not only do you get a few bucks, you also don’t have to worry about disposing of the items.
We hope you find these project planning tips helpful. They should save you money and stress along the way. Happy renovating!