Saving money for renovations can be hard — saving money in general can be a struggle. We all know the benefits of a well-planned out renovation. If you don't you can think of it this way, a 100 percent return on your money, sweat equity and improving your homes look and feel if you make the right decisions. Renovations are not for the faint of heart though. It cost money, time and most importantly it may cost you your patience.
Renovations can also be fun though. To improve your home, love where you live, and leave a personal touch on your house is a joy that every homeowner wants to experience. So here are a couple of tips that we've put together to help you save up for your next home renovation.
The first tip that we wanted to give is to remember the golden rule, if you can't pay for it with cash then don't buy it. This helps you stay out of any debt that may creep up way too quickly if you aren't keeping an eye on it. You want to keep a strict count of your budget and where you are spending your money so that you can look to see if you are making positive investments. A great way to keep your reno cash positive is to do some of your projects yourself. If you are renovating a room, you can save a ton of money by demoing the room yourself. Not only will you save money, but you'll get some free therapy too.
Sometimes the cash tip doesn't work, we get that. Most people can't pay for a $25,000 kitchen remodel out of their pockets. A popular homeowner choice for renovations is getting a home equity line of credit. With this line of credit, you can withdrawal money as you go and as long as you pay back the minimal amount back each month.
Decide wisely. Again, be smart with your money. Learn where to invest and where to cut corners. For example, if you want to add an addition to your already three-bedroom home when you live in a two-bedroom neighborhood. You don't want to spend money where you will not see a return. Look at your market and recognize what people are looking for in a home before you spend your money!
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