As Any homeowner can tell you, there are a variety of ways to spend money on your house and property. Some projects are “need to do” (think fixing a broken air conditioner in a Texas summer) while others fall more into the “want to do” category (such as adding an outdoor living area). The foundation for a
successful project is started by getting an accurate budget. The following are some things to keep in mind as you plan your next project.
Budgeting For A Successful Project
- Prioritize projects: Make a list of projects you want done. Begin to separate these projects into “need” and “want to do” categories. Once you’ve listed these various projects, you can begin to prioritize them according to timelines and individual budgets. Coming up with a plan to prioritize projects takes some work, but it is the best way to accomplish those goals in a realistic manner.
- Set a realistic budget: While you should always have some funds set aside for unforeseen repairs that pop up, budgeting for larger projects is a separate matter. It may involve cutting back on other discretionary spending to free up money. This could involve scaling back vacations or dining out to pay for a project. Having a good understanding of your monthly financial commitments will help guide you as you build a budget for home improvement projects.
- Get bids from reputable contractors: It is usually a good idea to meet with multiple contractors to get a few bids or proposals. Bids can vary widely, so it is a good idea to compare them. When you meet with contractors, you will also want to assess their knowledge. Are they experienced in this type of work? Do they have a good online reputation? Does their website show photos of similar projects? Are they insured? Pricing alone does not make one bid better or worse than another. There are plenty of stories out there about hiring the cheapest bidder only to pay more in the long run when the work is not completed in a quality manner.
- Account for variables and other fees: Is the bid a firm bid or has some element of pricing been left open? Does the contract specify that all materials and labor are included in the project? Make sure you have a good understanding of the agreement before a deposit is paid. It is a good idea to get a written proposal for any construction-related project just so there is no confusion about the scope of the work.
- Consider the value of the renovation: You should consider home improvement projects as you would any other investment. You will need to understand how much value the project will add to your home in addition to the enjoyment you will get from the project. Taking on a large project if you are planning to sell the home in a short time frame may not make much sense either personally or financially. On the other hand, a house that clearly needs to have work done may be harder to sell for the price you are expecting.
Georgetown Fence & Deck • We complete hundreds of projects annually and are dedicated to creating exceptional outdoor living spaces that provide years of enjoyment and add value to your home.
GeorgetownFenceAndDeck.com • 512-948-7539