Plan Smart Before Your Next Home Project

WASHINGTON – Budgeting is one of the most important skills a homeowner can have. Planning ahead and budgeting for home projects can help prevent unexpected costs and ensure your projects go smoothly from start to finish.

The first step when creating a budget is to evaluate the current state of your home and determine which projects need to be completed and when. Walk around your home as if you were a buyer, with a critical eye for things you want or need to change. Write down every potential project you want to complete – no project is too small (or large!).

Once you have your full project list, you can sort the projects from most to least important. Structural and safety projects, like roof repairs, smoke detector replacements, or rewiring, should be at the top of the list. Maintenance projects, like HVAC tuneups and gutter cleaning should be in the middle of the list. Finally, aesthetic projects, like painting, new countertops or updated fixtures, should be lower on the list. Then, do some research to figure out roughly how much each of these projects could cost. This is also the time you should determine how much you want to set aside for your home projects this year.

Many homeowners forget to set aside extra money for unexpected costs and emergency repairs. A good rule of thumb is to set aside 1% of the value of your home each year for maintenance and repairs. You should also set aside an additional 10% for each project in case unexpected costs pop up, like fixing water damage in the middle of a bathroom renovation. For example, if you tell your contractor that your project budget is $1,000, plan for the project to cost around $1,100.

Compare your project list to your budget to determine which projects fit within your budget. Try to complete as many of the top-priority (structural and safety) projects as possible. This will ensure you do the most important projects before moving on to the less critical, but often more fun, projects.

If you are on the fence about whether a large project (roof replacement, foundation repair, etc.) fits in your budget this year, contact a contractor. Large-scale project costs depend on a lot of factors, so it's important to get a pro to quote your specific projects. Getting an in-person estimate from a local pro will give you the best information on your expected cost.

Staying on top of budgeting is the key to a well-maintained home. Budgeting consistently allows you to take better care of your home and avoid emergency costs.

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