Lifestyle

Home Improvements You Should Always Budget For

Disclaimer: This post is collaborative (or contributed) and may contain affiliate links.

Being in your new home is exciting, but not just because you can finally say that you have a mortgage. It’s because you are standing in a real blank canvas that you can stamp your personality all over like a stick of seaside rock. Finally, you get to be the one to have a say in what colors, furniture and flooring you get in your home, and you just can’t wait to dive in. Going from renting to owning is a big leap and it’s a mark that most new homeowners want to recognize in a big way. Insert renovation here!

Repairman Doing Screw Drilling

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The one big question when it comes to renovation isn’t where you should start, it’s how much you should be budgeting for. Some projects you won’t be able to complete on your own, and you’ll need professionals like Mr. Rooter Plumbing to come in and save your bathroom from your very incapable hands. The big jobs; plumbing, electrics and fitting in new floors, should be done by professionals, which means you would have to have that budgeted for through the year. A lot of home improvements have a large return when it comes to resale value on your home, and some of these are:

  • Addition of a new deck for the garden
  • Landscaping said garden with artificial grass and having the garden designed.
  • Replacing the garage doors for more efficient, electric ones.
  • Minor remodels in the kitchen as and when needed.
  • Installation of a new bath or shower fixture.

Each of these can be done as and when needed, but you need to keep the budget in check because at any time, something could go wrong. Pipes burst when they freeze and gardens often need a facelift when they haven’t been well cared for. You also should be aware that the money that you pump into home improvements may not be worth it if you’re selling within five years, so choose renovations that make sense for what you want right now rather than what some other home buyer would want in seven to ten years from now.

When it comes to the costs of improvements, you should aim to keep 10% of the value of your home in savings. It’s not always achievable, but the renovation of a home isn’t a cheap venture. Some people only spend a couple of thousand dollars each year on repairs and maintenance, but if you want to rip out the bathroom and install that luxury power shower you once saw in a store, you’re going to need a little more in the way of a cash reserve. It’s not just the cost of the repairs and renovation, either. You need to have the costs to one side for the professionals. You won’t be able to do everything yourself, and you should recognize that early on so that you make sure that you add it into your savings budget.

It’s exciting, to upgrade your home, but make good and careful choices for the future of your home.

 

Disclaimer: This post is collaborative (or contributed) and may contain affiliate links.

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