A home improvement project is an excellent way to freshen up the look of your home. You can find yourself re-inspired by the property and likely add some value as well. Before you begin making these changes, however, you have to set (and stick to) a budget. If that’s something you’ve never done before, it doesn’t have to be intimidating.
Setting the Scale of Your Project
The first step is to decide how big your project will be: small, medium, and large. Small projects cost less than $1,000; medium undertakings range from $1,000 to 10,000, and large projects cost more than $10,000.
Creating a Budget for a Small Project
Believe it or not, you can make some pretty significant changes to your home for under $1,000. Even the most minor projects can substantially transform your space. Things like replacing faucets or cabinet handles can be tackled in a weekend, and such changes add character and value to your home. Some of the most typical small projects are:
– Updating the landscaping
– Changing light fixtures
– Refreshing/Repairing grout or cracked tiles
– Replacing the front door
If you have several of these small projects lined up, you can put a set amount into your home each month and spread them over time. If your monthly budget was $100, for example, you can change a light fixture one month, skip the next, and have a new faucet the month after that.
Budgeting for Medium Projects
Mid-sized projects like this are perfect for new homeowners because they can often be completed without a loan. Putting some money back each month allows you to build your budget and tackle things like adding crown molding. On the high end of the spectrum, a small loan might be necessary, but the relatively low balance will keep payments manageable. Paying a lower amount due each month, you can add some extra (even as little as $20) to get the balance paid sooner and improve your credit at the same time.
The Budget for a Large Project
Projects of this size have the most effect on your property value and usually require some outside funding. Setting a reasonable budget can be difficult since the balance could end up being very costly. It’s important to make sure you can afford the payments each month.
If you plan ahead and set reasonable goals, budgeting for your improvement project will be easy and stress-free.
We’re proud to announce that we here at MilMar are expanding our service into the home improvement realm. Please be sure to stay tuned for updates and give us a call for all your home improvement needs.