Category: On a Budget

How To Budget For Renovations Before They Become Necessary

home that could do with renovations

Owning a home with surrounding property can make you feel like the renovations are never finished. You always want to change that wallpaper, paint a new color, redo the floors, get a new carpet, expand the patio, or even put in a pool. As you grow and change, your home will follow and some of these renovations are actually necessary as pieces of your home fall into disrepair due to age. Instead of worrying about impending improvements, you can learn how to budget effectively so you have the funds you need when the time comes.

Is There A Pattern?

When was the last time you changed the wallpaper? Painted the exterior? Repaved the driveway? Some things don’t need refreshing for many years or even for the entire time you own your home but that doesn’t mean you won’t want to make changes and refresh things along the way. If you’ve made renovations in the past, think about the how long it took before you wanted to make changes and why. This can help you find the patterns by which you like to renovate and give you a chance to save the money you need before it becomes necessary.

Research and Get Price’s and Quotes

researching firstOnce you’re aware of what kinds of renovations you might need and when, you’ll need to find out how much it’ll cost and who to call when you’ve gathered your funds. Call the experts in your area or ask friends and family who have done similar renovations in the past. Their experience might be more reliable than the accounts you’ll find on the internet but there is a multitude of information there as well. If you’re proactive about it now, you’ll know how much you need to save for later and better be able to make your budgeting plans.

Make a Timeline

The information you’ve found is the foundation for building a timeline for your budget. Add up the amount you need and cross reference with the amount of time you learned about when you considered your past renovation patterns. Let’s say you’ve learned that you need $200 AUD to re-tile your washroom floor and you know you’ll need or want this done in the next six months. You can figure that you’ll need to save a little over $66 AUD per month in order to meet your goal. You can do this with any other project and be able to save what you need for the renovations you’ve always dreamed of making. Be sure to give yourself a little breathing room to adjust for price hikes and for if you change your own mind on what you want during the time it takes leading up to your goal.

Enjoy Planning Your Renovations

planning and organising renovationsA realistic budget makes your future renovations feel like they’ll actually happen. You’ll have the freedom to enjoy planning what you’d like to do instead of dreading the possibility that you’ll never be able to do it. A timeline lets you get excited about when your renovations will happen. It gives you something to look forward to as you keep saving and reach your goals. Get started today and find enjoyment about making your home beautiful.