While buying a home is an investment in your future, it also comes with plenty of responsibility. If you don’t have something saved for repairs, you could be left in a bad situation when your roof starts leaking or your water heater fails. Preparing for emergencies can tap the money you can spend on unnecessary renovations, but this guide will help you update your home without making that compromise.
Start With a Budget
Before you buy anything for your home, you should create a budget that defines exactly how much you can spend on home renovations. From there, make a list of projects, ordering them from most costly to least expensive. This will help you decide where to divert the money you have set aside for renovations. You can either complete more of the least expensive projects or choose a couple of the bigger renovations. It will depend upon which jobs are most important to you.
Avoid Financing
It might be easier and faster to finance larger projects, but think about the extra cost of paying interest on loans and credit cards. Most new homeowners run into problems by building up too much debt too quickly after buying their homes. Instead, accomplish what you can with the cash you have on hand. It will be more worthwhile to trim your household budget and save up for those bigger projects.
Don’t Pay Top Price
When it comes to buying materials to update your home, big chain hardware stores should not be your first stop. There are plenty of websites that offer deals from sellers who are trying to get rid of slightly used materials or surplus stock, so look to Craigslist, Ebay, and similar sites first. You can even post your own add that describes what you’re looking for if you’d rather have sellers come to you.
Know When to Hire Help
There are some projects you can complete on your own, but you should also know when your skills are lacking. If you know you’ll have difficulty in tackling a specific job, you should hire a contractor first. Trying to do a job that you can’t handle will cost you more in that the contractor you ultimately hire will have to fix your mistakes before completing the job. This could end up costing you twice as much.
As you go about your daily routine, keep an eye out for other bargains and money-saving ideas. From shopping at garage sales to repurposing driftwood, there are plenty of other ways for you to save on your home renovations. By being more frugal, you may even add more character to your new home.