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How to Successfully Budget for a Home Renovation

Looking into your options for a home renovation can be extremely exciting, until you get down to how much it will cost. The good news is that financing for your home renovation doesn’t have to get out of hand as long as you develop and stick to a manageable budget. Here are some tips for putting together a successful budget for your next home renovation:

Figure out your finances — How much do you have to spend on your home renovation? At this point, determine if you’ll use existing cash or if you’ll finance the renovation with a home equity loan, a home equity line of credit, or another form of financing.

Set your priorities–What do you want most out of your home renovation? Think about what you need to have in your newly renovated home, and what you could do without. For instance, you might really want custom cabinetry, but you would be willing to go with a lower grade option for your kitchen countertops.

Come up with a savings plan — If you plan on waiting a little while to do the home renovation, set up a plan for saving for the remodel. This can be as simple as forgoing eating out for a few months or cutting major expenses.

Get quotes from contractors–Get a general feel for what your home renovation is going to cost by getting a few quotes from contractors. Of course, make sure you include us at Astrid Environmental Services as part of your plans.