The Citizen, 2008-05-08, Page 22PAGE 22. THE CITIZEN, THURSDAY, MAY 8, 2008.How to set a home-improvement budget
(MS) - When it comes to projects
addressing a home’s interior,
homeowners know full well the
bottom line plays a big role. For the
unprepared homeowner tackling a
first do-it-yourself project, costs can
quickly escalate out of control.
One way to successfully combat
that is to make a budget prior to
starting a project. When putting one
together, consider the following
guidelines:
· Consult a professional:When
initially sitting down to plan a
budget, chances are you’ll have no
idea where to begin. Tools,
materials, timeframe, etc., all
contribute to how much you’ll have
to spend.
To make your budget as realistic
as possible, consult a professional
about providing an estimate for the
job, be it a bathroom renovation,
home theatre installation or refacing
the kitchen cabinets. Explain the
situation to the contractor and ask
for an estimate that doesn’t include
labour but does include the cost
you’ll need to pay for supplies
(contractors often pay less for parts
because of existing and ongoing
relationships with suppliers).
The budget you receive will act as
a guideline and let you know if the
job you have in mind is the one
you’ll be able to afford financially.
· Leave some leeway:Many a job
has gone unfinished at the hands of a
poorly set budget. When budgets are
absolute at the onset of a project,
dollars are often stretched too thin to
handle the inevitable surprises that
pop up on a project. For example,
old pipes might stall a bathroom
renovation, leaving the do-it-
yourselfer with a less than fully
functioning bathroom that will have
to remain that way until more money
can be saved.
Plan for the surprises, as they will
surely rear their ugly heads.
· Be realistic:When determining
your budget, don’t fool yourself. If it
becomes increasingly apparent you
cannot afford the job, don’t go ahead
with it anyway. Because many
people get loans through their bank
for home projects, taking on too big
a loan can be a genuine albatross if
it’s a loan you cannot afford.
Keep in mind that other
unexpected problems (i.e., a leaky
roof, new appliances, etc.) will arise
sometime, and you don’t want to
stretch your dollars too thin. If the
budget you’ve come to is simply
beyond your reach, consider a less
expensive project or continue saving
and tackle the project down the road.
· Consider the value:While it’s
nice to improve your home, it’s not
always beneficial. In fact, most
renovations fail to recoup 100 per
cent of a homeowner’s initial
investment. The bigger the project
does not necessarily equal the bigger
return. In their 2006 Cost vs. Value
Report, Remodeling magazine
found that while costs of remodeling
projects continued to climb, the
recoup value of those projects at
resale was declining.
This is definitely something
homeowners should consider before
making any improvements. If the job
you’re about to sink a small fortune
into won’t yield you nearly as much
money at resale, perhaps finding a
new place to live that better suits
your needs would be a better
approach. When making your
budget, compare the money you’ll
spend to the money you’re likely to
recoup at resale and go from there.
· Include professional help in
your budget:As previously
mentioned, surprises always pop up
during a project. One of the more
common surprises is the realization
that not all jobs can be accomplished
alone.
When your budget is just about
established, think long and hard
about hiring a professional to help
with the more difficult portions of
the project. Hiring a professional for
these parts will ensure that the job
gets done right, which will save you
lots of money in the long run.
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Tearing into it
Figure home-improvement renovation costs in advance, so
there are few surprise purchases. (MS photo)