It’s the new year, and that means it’s time to start planning your big home improvement projects for the year! If you are planning an exterior renovation of your roof, siding, gutters or anything else, follow this guide to start planning out your budget.
What “Must” Be Done?
As with any budgetary issue, it’s always best to separate your “wants” and “needs.” You want to make sure that you have your priorities straight when it comes to exterior renovations. Ask yourself what absolutely needs to be done, then move forward and add on things that you would like to have done, but are not necessary. If you are on a budget, it’s best to break everything up into a list based on what needs the most immediate attention (kind of like how triage is at an emergency room).
If you are uncertain as to the state of your windows, siding, roofing, gutters, etc. ask your contractor to weigh in on what needs to be replaced immediately and what can wait.
Savings vs. Borrowing
While the best way to pay for exteriors renovations is cash (you can avoid interest rates, etc. by doing so), it’s not always economically feasible for homeowners to pay for an entire project all at once. You can always pay a portion of the renovation balance upfront and either finance or take a loan out for the rest.
Take a look at your savings and see how much you can afford to put down on the project and then look into other options for funding the rest of the work. These can include:
- Refinancing your mortgage
- Home equity lines of credit
- Home equity loans
- Construction loans
- Credit cards
- Borrowing from a 401(k)
- Federal loans
- Reverse mortgages
If you are at all uncertain about financing for a home-improvement project, make sure to speak with a financial advisor, lender or other professional to help you make the best decision.
Consider Long-term Investments vs. Short-term Spending
There are a lot of materials and options for exterior renovations. Each type of material differs in price and can oftentimes drastically change how much a project costs to complete. It’s smart to keep in mind that although some materials might be cheaper, and will save you money immediately, they may not be the best long-term investment. Lower quality materials will deteriorate over time, causing you to have to replace them sooner than if you were to invest a bit more in something of a higher quality.
Think of your exterior renovation as a long-term investment in the quality and value of your home.
Get a Quote
The best way to begin planning your budget is to have start calling roofing contractors and getting a quote on the work you would like to have done. It’s free and easy, just give us a call and we will be happy to come out to your home.