Planning a renovation project is a big undertaking, and it’s important to have an idea of what you can afford. In addition to speaking with a financial adviser, you can take these steps to plan your spending:
1. Research the costs. Estimate what it will cost to complete each project you have on your list, including essentials such as materials and labor. Even with some rough numbers, you can get an idea of what your budget may look like for the renovation.
2. Get professional quotes. Contact contractors for estimates on your renovation project. This can help you form a more accurate picture of what you’ll be spending.
3. Set your budget. After doing your research and acquiring contractor quotes, create a detailed budget that covers all the anticipated costs. You may also wish to budget for extra funds in case any issues arise during the renovation.
With proper planning and professionals on your side, you can bring your renovation ideas to life. Be sure to talk with the pros so you establish a budget that fits your means.
Sources: BHG.com, Familyhandyman.com
We are ready to help you find the best possible mortgage solution for your situation. Contact Sheila Siegel at Synergy Financial Group today.
