Home improvement emergencies happen - sometimes it’s an old plumbing issue, and sometimes you just need a more functional kitchen fast. Whether you’re working on a home emergency or just want to make some improvements to your first home, making these changes happen on a budget can be a challenge.
We’ve come up with five tips for making your interior design ideas on a budget list happen without breaking the bank. Let’s dive into these tips so you can get to cooking in the kitchen of your dreams.
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Set a Budget
Setting a budget for any home improvement project is important - but can be especially crucial for large projects like the kitchen, bathroom, and exterior renovations. Improper budgeting for these projects can make or break the value of your home if you’re not careful with your budgeting.
Consumer Reports says the national average for home bathroom renovations is $16,000. This number can be overwhelming if you’re on a budget, like many homeowners. Don’t back out just yet— making quality improvements to your home could add substantial value to your property if done properly. Calculating your home improvement project’s return on investment is another important number to consider when setting a budget for your home improvement project.
Once you’ve looked at your own finances, and estimated the potential for return on investment, you’re ready to start planning.
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Prioritize
Streamlining your priorities for your home improvement list is no simple task. Scouring Pinterest for inspiration, and mapping out big plans for your home’s future can distract you from the matter at hand, and end up setting you on the wrong side of your budget.
Make a list of your “must-haves” on your phone so you’ll always have access to them during important meetings with contractors and shopping trips. By keeping these items in mind, you can refer back to them and remind yourself of the exciting things to come, while keeping the process organized. Put your budget at the top of your list, and record labor and material estimates as you go so you can keep track of where your budget stands.
While you’re prioritizing your must-haves and taking note of costs along the way, it’s also a good idea to see where you can maximize your budget. Every detail counts when it comes to making home renovations. Knowing how to choose the best kitchen countertop based on best value, or shopping according to classic styles for resale may really make a difference when you sell your home.
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Apply for a Personal Loan
Oftentimes years of saving still isn’t enough to make your home renovation dreams happen. Applying for a personal loan can help get you through and get the job done right.
How do you apply for a personal loan?
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Check your credit score to see where you stand so you don’t end up applying for loans you won’t be approved for.
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Gather the documents and information the lender will need for your application. Besides your credit score, the lender may need to know your annual gross income, debt-to-income ratio, and likely employment and housing payment information. Being prepared with this information can make the process easier and potentially help you secure a personal loan faster.
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Go local. Check your local lenders first - for example if you live in Portsmouth, New Hampshire, you may want to do some research on NH personal loans to start.
If you do end up receiving a personal loan, make sure you make it a priority to stay on top of your loan repayment plan. Having outstanding loan balances can hurt your credit if you’re not careful.
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Compare Contractor Bids
Make sure to do your due diligence when you’re making big home finance decisions. This means doing your research when hiring out construction work. This is not to say you should sacrifice quality for cheap work - just make sure you’re making smart moves when hiring out projects.
Reach out to your family and friends, and even your social media network to see if they have any recommendations for good contractors in your area. Your close network will likely give you their honest opinion, so this is a great place for your research to start.
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Get Your Hands Dirty
Getting involved in the home improvement process can make your final result even more special. Knowing that you increased storage by building your new shelving unit, or painted your entire kitchen the color of your dream - your hard work will surely feel rewarding.
Smart Home Improvement for Smart Homeowners
Making home renovations isn’t as easy as the TV shows make it see. Sure, “demo-day” is exhilarating, but a lot more goes into it than a jackhammer and a forklift. Staying on budget and making informed decisions can help increase the value of your home and reward you with a space you’ll love.
