Home improvement is a popular home project for many homeowners, whether you want to make your home more functional or just spruce it up. TV schedules are filled with shows about renovations, like This Old House and Fixer Upper, and you can find plenty of DIY home improvement advice online and in publications.
But before you start snagging the hammer and wrenches, here are some things to keep in mind that will help ensure your renovation stays within budget:
Know Your Goals
A renovation can be expensive, so it’s smart to get all of the details out of the way before committing to it. That means creating a plan that breaks down exactly what you want to achieve, including what materials are needed and how much time it will take.
Use a Modeling and Design Tool
To save money, create two versions of a project: one that goes perfectly with your budget, and another that’s a few percent higher. This will help you avoid spending unnecessary money and wasting time chasing down the wrong materials or hiring contractors that don’t get the job done.
Consider a Credit Card
If you’re going to be making a major renovation, it might be best to finance it over time rather than pay it all upfront. There are a lot of credit cards out there with introductory 0% APR periods, which will help you avoid paying high interest rates and give you time to save up for your project.