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How to Budget Your Home Projects

calander May 27 , 2020 user-icon Nash Painting

Don't Overspend on Home Paint Projects

If only we could snap our fingers and have all of our home renovation desires come to fruition. Of course, unless you have access to a genie’s lamp and some wishes left over, you, like everyone else, must put considerable thought and effort into home painting, repair, redesign, and general improvement. Not only do these home projects take time -- they don’t come cheap either. In order to realize your vision, you must plan accordingly, budgeting your schedule and finances.

While every situation is unique, there are a few steps every homeowner can take to better budget their home projects.

Set Goals and Prioritize

It may seem obvious, but budgeting your home projects is virtually impossible without clearly defining them first. In other words, you need to determine exactly what it is you want to get done. Perhaps home interior painting is your main focus. Or, maybe you’re thinking bigger and want to overhaul your entire interior layout, color scheme, etc. Exterior repairs and painting might be part of the equation, too.

Your list may be bigger or smaller depending on your needs and wants, but it’s important to simply get all your cards on the table. Once you’ve come up with such a list, though, you might find that some cuts or changes are necessary. This is when you should start prioritizing -- ask yourself which improvements are the most pressing. This way, as you clarify your budget, you can allocate more resources to the most important matters.

Save Specifically for Home Improvements

Even if you don’t anticipate any home projects on the horizon, it’s always smart to set aside some funds for future renovations. Just by saving only a small percentage of your income each week, month, etc., you’ll have some extra cash on hand to give you more breathing room when creating a budget.

Estimate on Your Own

Once you’ve decided what you want to get done, it’s time to run some numbers. Take measurements and do some research online on what certain materials cost and what contractors might charge in your region for the work in question. You won’t end up with a concrete number this way, but putting in this effort will help you gain some perspective on how near or far you are from being able to afford your desired renovations.

Get Multiple Quotes

Next, it’s time to land some professional estimates. Doing so will help you compare local painters and contractors (if you plan on hiring help) and also give you a more definitive idea of what your project will cost and how long it will take overall. Keep in mind that the quotes you receive may vary quite a bit depending on who is delivering them. For instance, more reputable residential exterior painting services will likely present a higher estimate based on the quality and thoroughness of their work, while newer and/or less reliable contractors might try to undercut the competition to secure your business.

Be careful -- settling on the company with the lowest offer might yield poor results and other drawbacks. While it’s smart to cut costs wherever possible, you don’t want to sacrifice quality in the process. Your decision should take both cost and quality into account so you get the best value in the end.

Look into Financing Options

If you decide to go with a quality contractor but their estimate is just out of your range, you might look into financing options through your bank or credit card company. If you do take out a loan, though, pay attention to the interest rate and time frame for repayment so you don’t end up in loads of debt down the road.

Do What You Can Yourself (Within Reason)

A good way to save some money on your home project is to tackle some parts of the job yourself. You might, for instance, take the time to wash and sand your surfaces, make minor drywall repairs, etc. Of course, not everyone can (or wants to) handle these tasks on their own. You could pressure wash your home yourself, for example, but you might not have access to a pressure washer or know how to properly use one. In that case, you’d be better off hiring pressure washing services.

The bottom line is this: do as much as you reasonably can to make the project go as smoothly as possible. But don’t overextend yourself and perform tasks beyond your expertise. Doing so might just set you back.

Take ROI into Account

Finally, whenever crafting a budget, you have to keep both the short-term and long-term in mind. In the short-term, a home project might be a significant burden on your finances. In the long-term, however, the project might end up saving you the trouble of investing in larger repairs and possibly even increase your home’s market value. If and when it comes time to sell, you might make most of that initial investment back. So, it’s worth factoring the potential return on investment (ROI) into your budget and deciding how much this matters to you.

They say nothing in life is free -- this is certainly true of home improvement projects. Still, by following the tips outlined above you can strategically build a budget that allows you to achieve your goals without breaking the bank. Here at Nash Painting, we want to help you achieve those goals, too.

To learn more about Nash Painting, our services, and our values, call us at 615-829-6858 today!