Not sure if you can afford to renovate your home? Read this for tips | Ask the Experts

When considering remodeling your home, your first concern is likely the potential cost, what you can afford, and whether you can get the home you want within the budget, you’ve got it. You may already know what you want your home to look like, but you don’t know how to get there because everything seems so expensive. While it’s appropriate to worry about finances, those concerns shouldn’t get in the way of having a home you love. Here are some tips to help you decide if you can renovate your home.

1. Learn about finances.

You don’t have to go to school to learn about finances. Many educational resources are available for free online through companies such as Wealth Rocket. You can learn Canada’s best robo advisor, how to create a budget, market performance, investment services, taxable income, personal loans, and how to build an emergency fund. You can learn how to thrive financially, regardless of your budget.

When it comes to home improvement, you may think there’s no way you’ll have enough money to do it. However, learning how to save money for a purpose, increase your income, or create passive income can go a long way in helping you do the things you want to do that you currently can’t afford.

2. Set a budget.


Using the educational resources you have found, create a budget based on your current income and expenses. Once you have a budget, determine if you need to cut costs and increase revenue to meet your financial goals. You determine this by looking at your expenses to determine how much is necessary and how much is optional. Tracking your expenses will also allow you to see where you are spending money without realizing it. There’s something called the latte effect, and it shows people how something as small as buying a coffee at the gas station every morning costs you a lot of money over a year.

3. Get quotes for the work you want done.


To determine what you will need to save for remodeling, you will need to determine what it will cost. Call several contractors to get estimates for exterior home renovation, new siding, shutters, new windows, exterior lighting, new facade, gutters, garage door, stucco repair if your home is stucco, overhangs, paint colors, landscape, shrubs, garden, plumbing. , electrics, walkways and anything else you can think of. Get estimates for everything, even if you’re sure you can’t afford it or aren’t sure what you want. The estimates will allow you to consider the remodeling with real figures. Consider the home’s curb appeal and energy efficiency. Don’t leave anything out during this process, because you might find something is more affordable than you thought.

4. Determine exactly what you allow yourself to do.


Once you have all the estimates in front of you and your budget, you can figure out exactly what you can afford. You may decide that you can do some things this year and others have to wait until next year. You can decide to postpone everything for a year while you save more money or realize that you can afford to do whatever you want. After looking at the numbers, you might realize that there are things you can do yourself for a lot less money, allowing you to have other things done by professionals.

Wanting to renovate your home can be stressful when you worry about money. However, taking control of your financial situation first will allow you to do more with less stress than before.

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