How To Set A Home Improvement Budget

Home improvement budgetWhen you’re doing a major home improvement project, few of us like sticking to a home improvement budget. However, knowing how much money you have to spend and staying within that budget is crucial. As a home improvement expert, Avalon, aids customers with designing to our clients home improvement budget. Homeowners need a home improvement budget upfront and to be realistic about what they can afford. Are you considering a big home improvement renovation? Here’s how to set your priorities, establish a spending limit and stick to your home improvement budget.

Determine Your Goals

The first question you have to ask yourself is why you want to renovate? Holes in your roof causing it to leak? Energy bills higher do to big drafts through your windows? Want more counter space? Not enough space to entertain guests outdoors? Good reasons include a growing family, safety, or a desire to increase your home’s resale value. Whatever the reason. Figure out what your goals are and then figure out your budget. Your mortal enemy of any home improvement budget is those four dreaded words: “While you’re at it….”

If you are simply bored with the status quo, you might only need to redecorate – new paint, wallpaper, lighting fixtures and furniture – rather than a major home improvement project.

Get Down To The Specifics

Decide on what you want before crunching your home improvement budget numbers. The biggest consideration is pinning down decisions and selecting materials before the job begins. While a big home improvement project, like a deck build, can come with multiple small options having an idea of what you like for design and materials can aid in the final outcome. For example, do you want treated wood or composite decking? Metal railings or wood? In deck lighting with staircases? Providing a contractor with a list of exactly what you want can help formulate an accurate budget.

Know Your Financing Options Home Improvement Budget

Unless you are going to pay for all your renovations with cash, you’ll need to borrow money for the project. One option is to obtain a home-equity line of create (HELOC), which allows you to borrow money on an as needed basis, up to a certain limit, using the equity of your home as collateral. Alternatively, you can apply for a home-equity loan, where you receive a lump sum upfront, typically at a fixed interest rate, and pay back the loan in monthly installments.

Avalon Building Concepts additionally offers many different financing options, meaning you don’t have to pay for it all at once. With flexible terms to choose from the majority of our customers are enjoying low payments. During your free estimate, simply ask your representative about which option is right for you and your home improvement project. They can help you get the application process started today! There is no cost to you for applying.

  • Flexible payment programs to fit your individual needs.*
  • Up to 12 Months Same as Cash programs available.*
  • Pay no interest and make no payments up to two years.*
  • Interest rates starting as low as 5.9%*

Consider Resale Value home improvement budget

If your top priority is to increase the value of your home, talk to a local realtor about projects that translate into the greatest return on your home improvement budget investment. Remodeling magazine says the following renovations (with their average costs in parentheses) recoup the largest percentages of resale.

  • Wood deck addition ($10,601) : 81.8 percent
  • Vinyl Siding Replacement ($10,256) : 80.7 percent
  • Minor Kitchen Remodel ($21,246) : 79.5 percent
  • Roofing Replacement ($20,227) : 54.7 percent

Get A Quote & Set Aside Money For Surprises

Most quality contractors will provide you with a free estimate for your home improvement project. While all home improvement projects carry the potential to occur additional costs (For Example, a full roof replacement may encounter a need for additional decking to be replaced), many can be quoted a fixed rate. Avalon recommends setting aside an additional 10 to 15 percent in cash to accommodate hidden expenses for interior projects. We simply don’t know what we are going to find after we tear down existing walls, cabinets, flooring, etc. Electrical may not be up to code. There could be asbestos or mold hiding behind plaster. We just don’t know until we dig in.

Home Improvement BudgetBe Smart In Cutting Costs

Don’t be cheap when it comes to important products and/or materials. There is a way to trim your budget without sacrificing the quality of the workmanship.

  • Opt for lower cost finishing. Choosing different finishing, such as a standard shingle over a designer shingle , vinyl flooring over title, etc, can help you save.
  • Refurbish older items. Instead of replacing high cost items, such as home appliances, you can curb expenses by salvaging what you have (assuming it’s in good working condition). Case in point: Refinishing or refacing existing cabinets can save you up to 30 percent compared with buying new cabinetry, according to Angie’s List.
  • Time it right. Home Improvement Contractors tend to be busiest during the spring and summer, so you may be able to save by commissioning the word during fall or winter. For example, you might nab a better deal by completing your roof during winter, when roofers are less busy. The caveat: Some times are better than others for certain projects.
  • Resist adding things along the way. You may be tempted to tack on another small item here and there, but change orders can be expensive. Asking for extra things during construction often adds to the duration of the job and the labor.

By taking careful steps to plan for and reduce the cost of your home improvement budget, you should be able to come in at or below your home improvement budget.

Avalon Building Concepts

With more than 30 years of combined experience, fair pricing, job site professionalism, and on-time appointments, Avalon continues to satisfy homeowners in the Grand Rapids and surrounding areas. Avalon provides homeowners with high-quality services. Using top-notch materials to create dependable home improvements – we live up to our motto “Trusted, Together, Today.

Avalon is a four-time GAF President’s Club Award winner.  We are WOOD TV 8’s Roofing Expert. A Mastic Preferred Contractor, and 2017’s Roofing Contractor for Grand Rapids. We are proud to be a member of the Home Builders Association. Avalon also gets recognized for customer service as an Elite Service Professional on Home Advisor. We have an A rating with the Better Business Bureau. An A rating with Angie’s List, and Super Service Awards from Angie’s List for years 2015, 2016, 2017, and 2018.

Siding, roofing, insulation, and window replacement are just a few of the ways that Avalon Building Concepts adds value, beauty, and comfort to your home. Call 616-871-2507 to schedule a free in-home estimate for your next home improvement.

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