{"id":19636,"date":"2019-04-01T07:01:02","date_gmt":"2019-04-01T07:01:02","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=19636"},"modified":"2019-04-01T07:04:38","modified_gmt":"2019-04-01T07:04:38","slug":"planning-for-a-fixer-how-much-to-put-away-for-your-home-renovation-budget","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/planning-for-a-fixer-how-much-to-put-away-for-your-home-renovation-budget\/","title":{"rendered":"Planning for a Fixer: How Much to Put Away for Your Home Renovation Budget"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p><b>Fixer 101: How Much to Put Away for Your Home Renovation Budget<\/b><\/p>\n<p>In the market for a fixer upper? Make sure you make room in your budget for it. Read on to learn how much to set aside for your home renovation budget.<\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">We are expecting to shell out anywhere from <\/span><\/span><a href=\"https:\/\/www.cnbc.com\/2018\/07\/10\/home-renovations-can-cost-homeowners-thousands-per-year.html\"><span style=\"color: #0000ff;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\"><u>$5,600 up to $7,500<\/u><\/span><\/span><\/span><\/a><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\"> on home renovations every year. The older generations typically spend more than the younger ones.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">Is that reliable though? Let&#8217;s really dive in and see what our home renovation budget should entail.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: x-large;\"><b>Budgeting for the Unexpected<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">Everyone tends to believe the unexpected will not happen to them. In reality, a foolproof budget will include wiggle room those unexpected things pop up.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">You will want to budget for these unexpected costs.\u00a0<\/span><\/span><\/p>\n<ul>\n<li><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">Plumbing<\/span><\/span><\/li>\n<li><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">Electrical\u00a0<\/span><\/span><\/li>\n<li><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">HVAC<\/span><\/span><\/li>\n<li><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">Roof<\/span><\/span><\/li>\n<li><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">Foundation<\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: x-large;\"><b>Do Your\u00a0Research<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">With anything, I will want to do my\u00a0research. If we are looking to tackle our kitchen, we will want to research what other people have spent or what the going kitchen renovation is in\u00a0our area.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">This is going to be the best thing we can do to ensure our renovation budget is as solid as it can be.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: x-large;\"><b>Get Bids From Multiple Contractors<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">If we are choosing contractors to do the dirty work for us, its best to get as many bids from contractors as\u00a0we possibly can.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">Make sure all bids are written on paper and it clearly states that this includes everything that we are looking for.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">Just like you shop for auto loans on <\/span><\/span><a href=\"https:\/\/viefinancial.com.au\/home-loans\/\"><span style=\"color: #0000ff;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\"><u>https:\/\/viefinancial.com.au\/home-loans\/<\/u><\/span><\/span><\/span><\/a><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">, you will be shopping for contractors. It&#8217;s a great way to get the best possible price.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: x-large;\"><b>Renovate in the Off-Season<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">Great money saving tip that we highly recommend is renovating your home in the off-season.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">The off-season is in the winter months, especially around the holidays. Contractors usually don&#8217;t have much work going on because no one wants to renovate near the holidays.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">This is a great method to use when we are sticking to a strict budget. The only downfall is our home may not be holiday ready!<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: x-large;\"><b>Realistically, How Do We Fund Our Home Renovation Budget?<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">Now, that we&#8217;ve spent a little bit of time on what we should do to come up with a number, let&#8217;s see if that number can be a reality.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">Budgeting for a home renovation is going to be a pricey project. There are a few ways we can tackle this. We can use one of the below options.<\/span><\/span><\/p>\n<ul>\n<li><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">A home equity line of credit<\/span><\/span><\/li>\n<li><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">A home equity loan<\/span><\/span><\/li>\n<li><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">A cash-out refinance<\/span><\/span><\/li>\n<li><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">A personal loan<\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">These four options are what is typically used in this type of situations. We will have to <\/span><\/span><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/how-to-choose-the-right-loan-for-your-2019-home-renovation-project\/18960\/\"><span style=\"color: #0000ff;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\"><u>choose the right option<\/u><\/span><\/span><\/span><\/a><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\"> for us. We do highly recommend that you figure out how much a month you can afford, before applying for any of the options above.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: x-large;\"><b>What&#8217;s Next?<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">When you are 100-percent ready to start your home renovation budget, we will want to figure out exactly what we want to do, what time frame, and secure a contractor. After we find a contractor we like, we will want to ensure we have the funds to do everything that we are planning. Lastly, we wait.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">If you are looking for\u00a0more <\/span><\/span><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/6-tips-on-how-to-budget-for-home-improvements\/2767\/\"><span style=\"color: #0000ff;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\"><u>home improvement tips<\/u><\/span><\/span><\/span><\/a><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: medium;\">, you&#8217;ll want to check us out.\u00a0\u00a0<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fixer 101: How Much to Put Away for Your Home Renovation Budget In the market for a fixer upper? Make sure you make room in your budget for it. Read on to learn how much to set aside for your<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/planning-for-a-fixer-how-much-to-put-away-for-your-home-renovation-budget\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":19637,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[700],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2019\/04\/Home-renovation.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/planning_for_a_fixer__how_much_to_put_away_for_your_home_renovation_budget","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19636"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=19636"}],"version-history":[{"count":1,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19636\/revisions"}],"predecessor-version":[{"id":19638,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19636\/revisions\/19638"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/19637"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=19636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=19636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=19636"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=19636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}