Planning Your Finances for a Renovation

Planning Finances for Renovation

As homes get older they need lots of maintenance to keep up their value. But sometimes it gets to the point where a complete renovation is in order. Of course, this costs more than the odd maintenance job so you have to plan your finances accordingly. Having an experienced financial advisor to help you will the financial planning for your renovation will ensure you are not left without funds for other needs.

In fact, a financial planner can do much more than help you plan for a whole house renovation; they can find many ways to help you save on costs and make sure you are getting everything possible by going through your tax refunds, investments, superannuation and other things connected to your income.

When it comes to renovating your home, you may want to start off with the most important part such as the kitchen and then do the rest in steps so it is not such a drain on you financially. It’s important to have a builder come in and look over the home first. They will be able to tell you which parts of the home are most in need of renovation. It could be that you need a new roof and this should come before anything else, since the whole home depends on have a solid roof to protect it.

Walls are usually quite strong unless termites have been visiting, in which case you may be up for new frames and walls as well, depending on what your home is built from. Weatherboard needs to be constantly painted to seal it from the weather. You might want to cover up those old weatherboards with another material that does not need constant painting. All these external renovations may be even more important than doing up the kitchen and bathroom because without a roof and walls you have no home.

While a complete renovation will be costly, if you plan for it financially it will be manageable and will certainly add more value to your home than it had before. It will also enhance your lifestyle when you add all those nice things that are what makes a house a home. Upgrading your home may take some time and effort, but it’s truly worth it in the long run and your home will be good for many years to come.

If you need to sell it, it will bring a much better price than if it was left in a run-down or old-fashioned and inconvenient condition. Many years of our lives are spent paying off our home, so letting it go to wrack and ruin is not on the cards. You’d be left with nothing of value for all your effort.  Financial planning is the key to getting a great renovation for the home.