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Notes From The Doctor

How to Budget for Your Next Home Improvement

We’re coming into home improvement season, and they can definitely be pricy, but with the right budget, you can still make it happen even if you aren’t rolling in extra money.

Here are 4 tips to help you plan and budget for your upcoming renovation plans

  1. Prioritize your projects

Figure out what projects you want to do in your home, and list them by priority and by estimated cost. Ballpark the cost for each project, and then prioritize what fits your budget and what is most urgent and important for you to get done. Maybe garage cabinets will hit on the list before new interior flooring if your flooring still has some life in it. It all depends on your specific home and priorities.

  1. Zero in on your budget

Once you’ve picked your top projects, take a look at your current budget and see how they fit for you. If you already have the cash on hand, then you can move on from there, but if you don’t at the moment, you’ll need to figure out, the next two points will help with that.

  1. Find places to make cuts

Take a close look at your budget and spending and see if there is anything non-essential that you can cut out either temporarily or permanently. Unused gym memberships or other types of subscriptions can be easy to forget about when they are on automatic payments, if you have something along those lines that can be canceled, you might as well and put the extra cash aside for upgrades.

  1. Capitalize on tax refunds, mortgage refinances and more

As we roll into tax season, many people end up with refunds. Rather than just depositing straight into your checking account, put it aside and plan out a purpose for it. Other places to look for refunds are property tax reassessments, mortgage reassessments and refinances. Mortgage rates are still at lows and if you locked in at a higher rate than what mortgages are going for now, you might be able to find yourself with a reduced payment, especially if your credit has improved since you originally got your mortgage. Refinancing can drastically lower your payments, putting extra cash flow into your pocket for your home improvement projects.

After all that is said and done, we’re here for all your home organization needs, click below to schedule and appointment for a free design appointment if you’d like to find out if home organization can fit into your budget this home improvement season.
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