Halfway through the summer, you may be rethinking your list of home renovation projects. Perhaps you had underestimated how long your top priority projects would take, perhaps you re-prioritized after beginning your projects, or perhaps your budget has changed. Each of these are important factors to weigh in to your home renovation projects, but the budget will dictate how much more renovation you can take on.
For those lucky few, a winning lottery ticket or an unexpected monetary gift could fund a home renovation, but what about the rest of us? Whether you are looking to borrow, or save until you have enough to fund your home renovation projects, make sure you work with a financial professional you trust. Once you have a sum of money to put towards a home renovation project, you can come up with a budget. Make sure you consider materials needed, labor costs, permits, etc. when setting up a budget. Whatever budget you set up for your home renovation, be sure to add a little extra for a contingency fund. Every renovation has the potential for unexpected costs, and if you have already built those unexpected costs into your budget, you do not get left with an unexpected bill at the end of the project.
Once you have a budget, you can move forward with the home renovation of your dreams!