Can I Afford Home Improvement and Repair?

Couple Painting

When you first buy a home, you may be focused on the list price and how much your mortgage payment will be. However, it is also important to consider the cost of maintaining or upgrading a home while you live in it. How do you know how much a home improvement project will cost or whether you can afford to complete it?

Define Your Budget and Stick to It

It is important to shop around to get an idea of how much labor and materials will cost and find a way to pay for it before work begins. For instance, you could pay for a project with a credit card, a tax refund or the bonus that you got at work. Using a tax refund or a bonus as a funding source can be ideal because you won’t be tempted to spend more than you actually have on hand. According to Rules of Renovation, It’s extremely difficult to predict how much your home’s value will improve as a result of your efforts. Therefore, it is important that you only follow through with a project if there will be some tangible result attached to it. For instance, it may not be a good idea to finish the basement unless you need the extra living space or want to make it resistant to moisture.

Can You Do Some of the Work Yourself?

According to A Beautiful Mess, a home improvement project generally costs less when you do some of the work yourself. This is because you don’t have to worry about labor costs, and you also don’t have to worry about a contractor marking up the cost of materials. However, don’t take on a task unless you can do it safely and in a timely manner.

Some Repairs Are Necessary Despite the Cost

If the roof is leaking or has a hole in it, you have to fix it regardless of how much it will cost to do so. The same could be true if the home is infested with termites or rodents. You could have a rodent problem, even if you never see one, so keep an eye our for the common signs of rodents. By allowing the problem to linger, it could lead to secondary damage or make the home uninhabitable. In some cases, your insurance company will cover some or all of the cost of emergency repairs. Government grants may also be available to help defray home improvement costs.

You want your home to be a comfortable and safe place to occupy. Therefore, it is important to have an emergency fund or some other way to pay for upgrades or improvements as they need to be made. If you plan ahead and save, you should have plenty to make your home the way you want it. 

If you’re looking to buy a new house or fix up your house to sell, we can help! Contact us to get the process started.