If you are thinking about remodeling your home or parts of it, now is the time to start planning. If you are a single mom, the planning process can present some challenges, especially since you already have a lot of responsibilities. The good news is that creating an action plan will help you stay within budget and ensure you stay on track.
Coming Up with a Budget
One of the most important parts of any remodeling project is the budget. If you are not on budget, you might find you are compromising on things that are important to you. In worst-case scenarios, you may even find you don’t have enough funds to finish the project. Luckily, you have several options for paying for the project.
You could use your savings account or put it on a low interest credit card. But if you are doing something larger or don’t have the funds on hand, you might want to consider taking out a home equity line of credit. It involves tapping into your home value to take out a loan. If you are thinking of going this route, you can review a guide with everything you need to know about the process. That way, you can know important laws and rules before you begin.
Consider the End Result
Think about what you what the end result to look like. Why do you want to remodel? For example, if you want to raise the value of your house because you want to sell it at some point, the process might involve deciding what others are looking for in a house.
On the other hand, if you want to remodel for the sole purpose of enjoying it, the process will look a lot different. No matter your reasons, consider whether the investment is worthwhile and how much value the project will add. You can then use this information to create a master remodel list. The planning phase is one of the most important if you wish to remain within budget. Your master plan will act as a checklist so you are successful.
Start with the things you know you will need, such as prices of tools or paint, permits, or bigger purchases, such as appliances. If you are doing things yourself, the list will be a lot longer. That’s because contractors often take care of permits, and the price of tools and paint is included in the final cost of their services. Still, if you are working with harder things, like electricity or plumbing, don’t be afraid to call in a contractor.
Know Your Limits
You likely already have a lot on your plate as a single mom, so know your limits when working on this project. Also consider what it will take to keep your home in the best condition afterwards and maintain these new improvements. You can save some money by doing as much as possible yourself. Still, if you don’t know what you are doing and something goes wrong, you could end up spending a lot more. If you run into a big issue, you might use up most of your budget. If you are in doubt, don’t be afraid to call in a professional.