Planning on taking on a home improvement project in the new year? Congratulations! It’s a big step for any homeowner that can add value and comfort to your home.
Nevertheless, it’s a big undertaking. There are plenty of moving parts to even the simplest renovation, and it doesn’t take much to gum up the works.
To make sure you aren’t making a mistake that could take a big bite out of your budget, check in with the list below. Here are three home improvement tips you’ll want to avoid
1. Building a Budget around a Personal Line of Credit
A renovation is an exciting time in your life. But the thrill of finally changing the original living room, shag carpet and all, can go to your head.
You can get carried away with making changes as soon as possible, even if you don’t quite enough savings to finish the job.
Some people may get a personal line of credit to take on a renovation right away. But financial institutions like CreditFresh recommend relying on savings over credit when it comes to planned, cosmetic upgrades.
A personal line of credit is reserved for emergencies that happen unexpectedly midway through your plans. Tearing down the shower wall to find black mould, for example, may be the right time to look into financing.
If you aren’t sure when a personal line of credit belongs in your renovation, check out CreditFresh for more information. Generally, you’ll want to tap into one if your savings fall short of unexpected emergency expenses.
2. Believing Everything Will Go According to Plan
Having a glass half-full attitude will help keep your spirits up during the long slog of your renovation. But don’t let blind optimism prevent you from recognizing the real challenges involved with your revamp.
Drew and Jonathan Scott, stars of HGTV’s “Property Brothers,” never take on a renovation without first thinking of how it can go wrong.
They recommend adding at least 10% of the provisional budget as a cushion to cover delays, mistakes, and unexpected damages.
This way, you’re not left in the lurch in case something goes sideways.
3. Taking a DIY Approach When You Don’t Know What You’re Doing
A DIY philosophy can be a boon to a renovator on a budget. Done right, it can shave off significant costs from your final bill.
While there are some things even a renovation novice can tackle on their own, there are some things better left to the professionals.
It boils down to safety.
Rewiring your house, for example? You’ll want to a licensed and insured electrician for this job. They’ll make sure your house is wired according to code, so your house doesn’t become a fire hazard.
And with a pro on the job, there’s no risk of accidentally electrocuting yourself!
Bottom Line? Be Prepared
Taking on home improvement jobs impulsively can get you into financial hot water. So before you swing that sledgehammer, think about what you want to do and how you’ll afford it.
There’s no rush! Take all the time you need to make sure you’re prepared for whatever happens.