3 Financial Challenges That Can Come With Home Projects and How to Navigate Them
Now that the weather is warmer, you may be thinking about the ways in which you can make the exterior of your home more lively and inviting. Although the end result is worth it, your renovation project will require a lot of teamwork, time, and transactions that can strongly affect your finances. Renovation always has its challenges that can be associated with construction supply, housing design, and housing regulations.
To ensure that you’re following a seamless home project timeline all while keeping your financial status in mind, here are ways to navigate the possible money-related challenges of any upcoming home renovation that come your way.
Photo by Rene Asmussen
Challenge #1: Hiring a Team Can Be Costly
What you can do: Research and Utilize Budget-Friendly Options
Your renovation can be made possible by a talented team of designers, architects, engineers, consultants, and even construction experts. Discuss the historical background and relevant concerns of renovating a home with your team ahead of time, and in an open and transparent manner. It’s imperative to work with a renovation team that can use a mix of more modern materials, and interior decor to save costs. Bring along friends and family that are knowledgeable about home renovation to help you delegate your finances and where you’ll need to spend the most and least amount of money. To navigate finding the right payment plan, you can consider using cash, credit, or exploring other options available, like learning about how a personal line of credit works. Your home renovation can be seamless with the right financial resources and plan in place. Spend a good amount of time researching and networking so you know you’re moving forward with a project that isn’t going to send you into a money-related dilemma.
Challenge #2: Needing a Complete Room Redesign
What you can do: Plan for what materials you know you’ll need first
A start to navigating the process of a complete room renovation, don’t hop into it thinking of immediately buying brand new everything. Depending on whether you need kitchen cabinets, new flooring, brand new appliances, or everything in between, it can be beneficial to create a list of what is a top priority first. A second technique to navigate the financial challenges of kitchen renovation is getting an energy-efficient appliance brand set or an induction stove to save energy and cost over time in your home. As well as making sure your renovation teams are using the latest smart home technology to help save time and cost during your projects. For a bathroom renovation, an over-the-top bathroom makeover can become dated in a short period of time. Focusing more on classic traditional elements in your bathroom space can be found in the bathroom vanity sets that look great without adding financial challenges to your home projects. Keeping your old sofa, chair, pillow, and flooring can make your home feel new for less with the addition of new finds from affordable shops or outlets.
Challenge #3: Roofing And Landscaping Improvements
What you can do: Plan for what future costs you know you’ll need first.
Roofing costs for a renovation can be expensive. The average cost of a new roof in the United States can reach $30,000, and when you pair that with other minor home improvements, your budget can change and costs can add up. Landscaping can create a headache with the time and fees spent maintaining your outdoor space. Based on Home Guide’s Landscaping cost analysis, landscaping projects can lead to expenses in the tens of thousands of dollars.
Compare the prices for multiple construction teams and investment in quality roofing material can ensure your roof is built to last through every season. Replacing your landscape with local plants or drought-resistant plants. This can help save on costly yard maintenance for current or future renovations. Keeping the environment in mind during your renovation by finding the use of solar panels and re-insulation of your home will also help reduce your home's energy costs.
A renovation is a chance to redesign your home differently from before, yet often comes with challenges. Home projects can be exciting from interior to exterior with know-how on making your next renovation a breeze while navigating financial challenges.
