How to Budget for Home Repairs and Remodeling

Home repairs and remodeling are tasks that enhance the functionality, aesthetics, and value of a residence. While many homeowners may be able to perform basic DIY projects such as snaking a drain or redoing a small section of chipped paint, some projects are so complicated or risky that they require the assistance of a qualified handyperson, property manager, contractor/builder or other professionals. When budgeting for renovations, it is important to prioritize and plan ahead. It may be necessary to skip a vacation or cut back on take-out to save up for the cost of materials, labor and potential permit fees.

It is also important to consider your motivations, value payoff and future intentions with your home before beginning a large project like a kitchen remodel or addition. If your main reason for undertaking the renovation is to increase the size of your living space and you intend to sell it soon, a major remodel may not be worth the time and expense.

When deciding on the scope of a project, it is essential to communicate clearly with contractors and request estimates before work begins. It is also wise to set aside an emergency fund in case unexpected expenses arise during the renovation. If children and pets live in the house, make arrangements to keep them away from construction areas and safe while the work is being performed. Finally, remember to make a list of all needed supplies and tools and organize them so that they are easily accessible.