Budgeting for Your Home Improvement Projects

Projects involving home improvement aren’t always as fun as they seem on TV. Things like replacing your roof or cleaning your HVAC ducts aren’t as exciting as a lavish kitchen remodel. Also, when it comes to real life, you’re going to be faced with actually having to pay to get these things done – maybe thousands of dollars. 

A lot of homeowners will finance their expensive home improvement projects, but if you actually create a budget for things you know will come up, it can keep you from going into debt for them when the time comes.

Planning beforehand for all of those home improvement wants or needs can give you the time you need to save up for those costs you’ll be running up. Here’s a quick look at a few things to consider when it comes to creating a budget for this.

What Has to Be Done?

As someone who owns a home, you’ll run into things that will need to be maintained on a regular basis. Secured personal loans can be an option for paying for these things if you aren’t the type of person who finds sticking to a budget an easy thing to do, and there are plenty of us out there. You probably won’t need to do this if it’s something like cleaning your sump pump out or getting the leaves out of the gutters, but it might be necessary for things like replacing your HVAC unit or fixing that leaky roof. 

However, if you ARE a budgeter, start getting ready for expenses of this nature by creating a list of any upcoming projects. Think about those things you know you’ll need to have done within the next year as well as those things that will be necessary within the next couple of years. The longer you have to plan, the more money you can squirrel away.


Chances are good that installing that new tankless water heater isn’t the only thing on your list of projects. Once you’ve gotten all of your projects written down, prioritize them so that the most critical ones are first. Something else you might think about is whether you can repair these things, or will they require a total replacement? For example, having a plumber come out so he can fix your toilet will cost quite a bit less than getting a whole new toilet.


You might have some idea of what’s reasonable for you to spend on a particular project, but until you get at least one accurate quote for it, you won’t be able to budget for it. Don’t stop with just one quote though. Get quotes from several contractors. The rule of thumb is to get a minimum of three quotes so that you have options as well as the knowledge that you’ll be getting a fair price.

Sinking Fund

Once you know which of your projects you’ll need to tackle first and how much they’ll cost you, it’s time to set up a fund and start saving for them. Some might call this a sinking fund. Even when you aren’t planning any home improvements, you should set aside a bit of money on a regular basis to pay for emergency repairs that may arise.

Actually, it’s highly recommended that you save at least 3 to 6 months’ worth of your expenses in a fund specified for emergencies. By making a list of what needs to be done and then prioritizing it, getting quotes, and saving for them, you can plan for each of your home improvements with as little stress as possible…and who doesn’t need as little stress as they can get?


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