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3 Ways To Budget For Home Improvement Projects

home improvement budgetI remember when I purchased my 1st car back in 1999, a red Chevy Camaro Z28 IROC with chick magnet written all over it! Buying this car was a big achievement for me, not only was it my 1st car but I had saved all my money to buy it. It wasn’t a new car by any means but it was new enough for me and it was all mine. I didn’t have to ask my Dad to borrow the keys or have it home by a certain time so someone else could use it. It really felt nice to have my own car and it taught me that if you budget your money you can pretty much have anything you want.

Having been in the replacement window industry for almost 11 years now, without a doubt the biggest hurdle homeowners have when it comes to any home improvement project is BUDGET!

Let me paint you a picture: Homeowners calls to set an appointment to discuss a home improvement project with a particular contractor. The contractor comes out and presents different ways to help said homeowner accomplish their desired home renovation project. Homeowner says everything sounds lovely, contractor says great and prices the project out. Homeowners is presented with the price and awkward silence ensues…

This silence is more often not the outward expression of contemplation but rather a byproduct of enlightenment. See, it has been my experience that most homeowners spend very little time planning their budgets prior to exploring a particular home improvement project. Here are 3 ways to budget for your next home improvement project.

1. Establish A Budget Before Your 1st Quote

  • I know, how do you establish a budget even before you know how much something is going to cost? Well even if you don’t know exactly what a particular home improvement project will cost, it doesn’t mean you can’t decided how much money you are willing to spend. Just because you set a budget of $10,000 to renovate you master bathroom doesn’t mean you can’t decide to stretch that budget to $15,000 when you find out that heated marble floors cost more! By setting a budget early you will not only eliminate future financial heartbreak but also allow yourself time to decide where the money will come from.

2. Decide Where The Money Will Come From

  • So you have decided that you are going to do a home improvement project this year, now you need to figure out how to pay for it. One of the best ways to tackle the financial burden of a home improvement project is to use a Home Equity Line of Credit. Not only do home equity lines of credit have low-interest rates, the small amount of interest you do pay is all tax deductible. If you don’t have access to a home equity line of credit most reputable home improvement contractors can provide you with some sort of financing. Home improvement contractors sometimes even have access to some very creative financing options like 0% rate loans.

3. Access The Return On Investment

  • Almost any project you do to your home will net you some amount of Return on Investment. When considering whether or not do a particular home improvement project, there are usually more than one project you are considering. Before deciding to rip out that perfectly functioning, all be it dated kitchen, consider how much value you many be gaining by instead replacing the front door or even the windows in your home.

Pure Energy Window Company has helped hundreds of homeowners just like you, make these tough decisions. Our window replacement specialists can provide you with professional guidance when it comes to home improvement projects throughout your home.

Give Pure Energy a call today to schedule your FREE No-Obligation In-Home Consultation!

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