Wilson Wolfe Real Estate


Posted by Wilson Wolfe Real Estate on 8/2/2020

Home improvements are a vital part to keeping your home up-to-date with the times and also to ensure that it doesnít lose value when it comes time to sell.

To save money, many homeowners take the do-it-yourself route and use the tools at their disposal to upgrade their homes. Sites like YouTube have made it easier than ever to follow step-by-step tutorials that show you how to make substantial repairs and upgrades to your home without having to pay a professional.

The down side, however, is that when you choose to DIY, you take on the risk of going over budget by making mistakes. You also risk stretching out your project weeks or months longer than necessary due to a lack of time to work on it.

In todayís post, weíre going to talk about how you can stay on budget and on track to finish your home improvement project without bringing in the professionals.

Making a timeline

Letís start with the big picture for your home renovations. When deciding which improvements to make, itís important to know your limits in terms of the work you can do.

Set a reasonable number of hours you can work on your projects per week. Go easy on yourself. Most of us are already tired when we get home from work and probably wonít be able to start tackling big projects in the evenings. Rather, try to give yourself one weekend day to work on your projects and one weekend day to relax.

The most important aspect of creating your timeline is to try and keep your schedule open. So, write down the time you want to work on your home in your calendar, planner, or whichever app or tool you use to plan your time.

This will help you to avoid creating conflicting events and obligations, and help you stay on track to finishing your improvement projects.

If youíre looking for an evening activity related to your home improvement projects, itís a good idea to start watching some video tutorials of people doing the same renovations as you. This will help you avoid mistakes and look out for common obstacles that youíll face along the way.

Budgeting your improvement

Youíll want to save up for your project in advance, if possible, to avoid accumulating credit card debt. Your home improvement project should, in effect, gain you money by increasing the value of your home, not make you lose money on credit card interest payments.

Budgeting in itself is an art that few of us are taught in school. Fortunately, there are several free budgeting apps available. Or, you can simply draw one up yourself.

The key to creating a home improvement budget is to know how much of your monthly savings you can devote to this project without having to dip into other funds. To do this, youíll need a clear understanding of where your income goes.  

Once you have a budget and a timeline for your home improvement project, youíre ready to begin. Just make sure you check in on your timeline and your budget throughout the length of the project to make sure youíre meeting your goals and arenít overspending.




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Posted by Wilson Wolfe Real Estate on 11/10/2019

A lot changes when you move into a new home. For the first few weeks youíll most likely be focused on getting everything arranged and put away in their proper locations. Youíll be adjusting to your new work commute, meeting the neighbors, finding out where to shop, and so on.

Itís easy to forget about updating your budget during the first couple of months in your new home. However, if you want to be mindful of your spending and gauge the true cost of living in your new home, itís essential to start tracking expenses and creating your budget as soon as possible.

In this article, weíre going to show you how to make a new budget for your new home so that you can start accurately planning your long term finances. That way, you and your family can rest assured that you arenít living above your means in your new home and can stop stressing about spending.

Cost of living changes

When most of us move we think about the change of our mortgage payments, property taxes, and home insurance. However, there are several smaller changes that will occur in your day-to-day spending habits that you might not think to update in your budget.

First off, make a note of how much youíre spending on transportation (whether itís train fare or gas for your car) in your new home and adjust this on your budget. This is hard to predict before you move since you canít be sure of the traffic patterns until your first trip to the office.

Next, make a list of your monthly services, including utilities. Weíre talking about internet, cable, trash and recycling, heating and electricity, and so on. At the end of the first month, add each of those to your budget and decide if you want to spend less on any of them.

One surprise expense that many people have when they move is the cost of internet. Your old plan at your former residence might not cut it if you move to an area with different coverage.

Furnishing your new home

Even if youíre moving with most of your furniture and appliances, there will likely still be expenses that youíll need to plan for in your new home.

It might be tempting to make all of these purchases at once so that you can feel like your move is ďcomplete.Ē However, the best course of action is to include these items into your monthly budget so that you are prepared for emergency expenses.

Decide which items you need the most in your new home, and prioritize purchasing those on the first month. Youíll likely realize after just the first couple of nights in your new house which items you need now and which can wait.

Budgeting apps and tools

Everyone has their own preferred method of record-keeping. Some people keep their budget in a notebook or planner, whereas others like to use an app that they can access on their phone or laptop.

There are dedicated budgeting apps and web applications that link to your bank account and tell you how much left you can spend that month and if there is an issue with your budget. Several such apps are available for free in both Android and Apple app stores.

For a simpler budget, you can simply use the spreadsheet application of your choice (Excel, Numbers, and Google Sheets are all sufficient).

Regardless of what tool you use, make sure you check in on your budget frequently to ensure youíre sticking to it and making adjustments as needed.




Tags: budgeting   moving   budget  
Categories: Uncategorized  




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