Twitter Facebook LinkedIn Instagram
Phone 1.800.501.2001
CAREERS LEADERSHIP OUR STORY CMG CARES CONTACT
CMG NEWS PARTNERS
WHOLESALE CORRESPONDENT CLEAR LOG IN
PAYMENT CENTER
Menu Close CMG Logo START
CONSUMER
FIND A LOAN OFFICER
PURCHASE
REFINANCE
RESOURCES
LOAN PRODUCTS
WHOLESALE
CORRESPONDENT
ABOUT CMG
PARTNERS
CMG NEWS
PAYMENT CENTER

BlogMORTGAGE BLOG

Search

Home Renovations

Blog posted On August 11, 2015

Maybe you got the fixer-upper of your dreams. And maybe your home is just in need of some TLC. No matter what the reasoning is, home renovations require time, energy, and money. Here’s how to budget home renovations to keep things on track and running smoothly.
 
Plan It Out – Nothing deters a renovator from spending more time and money than not conforming to a plan. Lay out exactly what it is you want to renovate and the expected result of the completed project.
 
Make a List of Priorities – Your dream renovation could end up being much costlier and time consuming that you had anticipated. So in the event you run into an issue in either of these aspects, have a list of priorities ready to go. Making the decision at the last second on which renovation to move forward with can be difficult. Knowing what your priorities are ahead of time will allow you to consult the list and make an informed decision while sticking to a plan.
 
Know How Much to Save – Price everything out ahead of time. Know a good estimate of how much the project will cost. Of course, always try to save up a little extra in case something does not go according to plan or something breaks. Make it your goal to save as close to the needed amount as necessary so you do not end up dipping into savings halfway through the renovation.
 
Schedule – When do you hope to have this renovation completed? How long will the entire project take? Give yourself some wiggle room and work back from the day you would like everything completed. Knowing when a project will start and the expected completion date will help you keep the project moving forward at a realistic pace as well as establish how much time you have to save up the money.
 
Stay Focused – Try not to let the shiny, soft, or newness of items steer you away from your carefully laid out plan. A different countertop, new windows, or a suave shower can easily make you lose focus from items you already have picked out. If something will save you both time and money in the long run, carefully consider the option. But for the most part, staying focused in key. A slight change to the project can alter everything from budget to scheduling to end results.