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Home Renovation Budget - Plan It Away!

Posted: September 16, 2017 by Rod Smith

As a first-time homeowner, it may not occur to you at first that you will need to budget for home repairs. It's a normal thing to be carried away by the excitement that comes with becoming a homeowner. Here are a few tips for creating a realistic budget for future renovations.

Home Renovation Budget? Plan It Away!

Create A Reserve And Save Smart

If you want your home maintenance efforts to bear fruits, a reserve is in order. Creating a reserve, in this case, means maintaining a separate savings account specifically for house renovations and nothing else. Experts recommend that you set aside 1-3 percent of the cost of the house per year exclusively for maintenance and repairs. 


Do-it-yourself should be the mantra whenever possible. You can save some dollars if you fix the minor issues that do not require a professional.

Assess Your Needs

An excellent approach to preparing a home renovation budget is to understand the costs you'll have to incur for all the compulsories. Successful maintenance and repairs require that you first invest in the most expensive things you can't do without before you go for the smaller and less urgent items.

For instance, start with the roof and the electrical issues if there are any. You can then put aside the necessary expenses from your funds and divide the balance among other less-pressing home features. When determining the projects to prioritize on, seek the help of experts.

Budget For Extra Expenses

Make sure that your budget is flexible enough to cater for added costs that might arise from the renovation. If the remodeling job is immense you may want to look for a place to stay for a short duration. Also, if you have electrical work done during the process, an inspection by a professional will be required. That means factoring in some costs that you can't avoid. 

Check out for renovations that you can fix at the same time

As a homeowner, you don't want to keep on doing renovations all the time. Consider carrying out a thorough inspection of your home so that you can include everything that needs fixing in one basket.

If for example, you want to replace the kitchen and dining room floor with hardwood, you can choose to do them simultaneously. Combining the two would improve the efficiency of the project and consequently render it less costly. Myrtle Beach Real Estate Agents can offer their insights on how to consolidate projects and guide you through the whole process.

Set Clear Expectations with The Designer And The Contractor

Home remodeling requires that you, the designer and the contractor read from the same script. You need to make your desires and expectations known early enough.

If you're looking for expert advice regarding buying and selling of homes, Myrtle Beach real estate agents are eager to help. Coldwell Banker Chicora Advantage is a reputable real estate company located in Myrtle Beach with industry experts ready to guide you where they can. 

As a homeowner, you cannot avoid home renovation. With the budget tips above, your next home remodeling should be as hassle-free as possible.

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