Budgeting For a Years Worth of Home Improvement Projects
Creating a budget for a single home improvement project is complicated enough, but making one for an entire year's worth of upgrades to a house takes even more planning.
Creating a budget for a single home improvement project is complicated enough, but making one for an entire year's worth of upgrades to a house takes even more planning. It is hard to know what materials you may need or what unexpected event might occur that will require a change in plans. The only thing you can do is try to be prepared so that when the time comes to power wash the deck outside or install new LED lights in the garage, you have the necessary funds saved up.
Follow some helpful steps to creating a budget for the home improvement tasks you may embark on at some point in 2016.
Make some lists
Before getting started on a specific home repair job, take a step back and look at your entire property. What exactly needs fixing right now and what do you foresee needing repairs in the near future? Write down everything that comes to mind, both big and small, so that you have a complete list of every possible project that you may either do yourself or hire someone else to finish. Having a to-do list is vital, because it can serve as both a starting point and an end goal , This Old House explained.
That's not the only list you'll need to make. Along with the jobs to do, a shopping list will also be required to determine what you need to buy. Go through, project by project, and figure out what tools and equipment you'll need. While you don't have to make every purchase in January, it is good to plan ahead. Certain items may be on sale during offseasons, so if you know you're going to want to re-seed your lawn this summer, the frigid winter months may be the right time to buy grass and fertilizer.
Another advantage of making a shopping list is that it reduces the risk of doubling up on items. Several projects may require the same tools. By making a list ahead of time, you can get what you need all at once, instead of going back to the store multiple times for the same item.
Finally, both the to-do and shopping lists help create a budget. When you know exactly what work you need to do and what tools you have to buy, you can begin figuring out what the final home improvement bill will look like.
After you have determined what jobs need to be done, you can go about doing the work and crossing projects off the list. The best way to ensure that every home repair project is completed on time, and that two projects don't interfere with one another, is to set a timeline for finishing work. By stating up front when a task will be done, you are setting personal deadlines that will motivate you to complete the jobs.
House Logic stated one of the best ways to create a home repair timeline is by making projects smaller and therefore easier to complete in a short amount of time. Instead of fixing every sink in your house, start with just the ones in the bathrooms. If that work is done quickly, then move on to the kitchen. But don't overburden yourself with projects that take longer than expected.
A timeline also helps in budgeting. When you know the specific time a project will be worked on, you can save money accordingly. For example, if the biggest and most expensive task on your to-do list will take place in September, you can save a little extra money in the summer so that you have the necessary funds to do the job well.
The banking professionals at Vectra Bank can help you create a budget to finish all your home improvement projects.