Ozark Living

Budgeting for home improvement projects Home improvements can add value and aesthetic appeal to a home. However, to reap the rewards of a remodeled room, home addition or any home improvement project, homeowners will have to invest both their money and their time. Establishing a project budget can be helpful and prevent overspending. According to Visually, a marketing information service, nearly half of the homeowners surveyed said the cost of their renovation projects did not exceed their budgets. However, more than one-third of those surveyed reported going over budget on their projects. To keep costs down, consider hiring a contractor. ey will have industry contacts and may be able to get materials at a lower cost. While you will pay for labor, working with a contractor greatly reduces both the time spent on the project and the risk of costly mistakes being made. In addition, think about the way you finance the renovations. Industry experts have found that homeowners who finance their home improvement projects with lines of credit end up spending more money on average than those who use their savings to fund projects. While it may be tempting to take out a line of credit for a home improvement project, spending only money you already have may be the more responsible route to take. No matter how simple popular home renovation television shows make remodeling projects appear, homeowners should know that such undertakings are far more difficult than they appear on television. Homeowners who overestimate their abilities and the time they have to complete projects can cost themselves substantial amounts of money. In fact, there are a variety of reasons homeowners might want to work with professional contractors when tackling home improvement projects. Experience A trial and error approach can work with various projects and problems. But applying such an approach to home improvement projects is risky and potentially dangerous, not to mention costly. Experienced professional contractors with strong track records (seek recommendations from friends or neighbors) won't have to go through trial and error and are therefore more likely than DIYers to complete a project on time and on budget. Inspiration One o-overlooked benefit of working with professional contractors is the likelihood that they can draw up ideas for projects that homeowners might otherwise never have thought up on their own. Homeowners without specific ideas in mind can ask contractors to come up with various scenarios before committing to a particular one. Veteran contractors can draw on years of experience to create designs that DIYers might be incapable of coming up with and/or incapable of seeing through to completion. Cost Conventional wisdom suggests it's less expensive to do something yourself than to hire someone else to do it for you, but that's not necessarily true of home improvement projects. Labor costs typically account for a substantial amount of professionally contracted projects, but homeowners can cut those costs by volunteering to do some of the simpler tasks themselves. In addition, contractors oen purchase materials at a much lower cost than individual homeowners because contractors buy in bulk. So while labor costs might be lower on DIY projects, the cost of materials can offset those savings. Resale value Many homeowners renovate their homes with eyes on improving the resale value of those homes. But if homeowners want to showcase a newly remodeled kitchen when selling their homes, they should be prepared for prospective buyers to ask who worked on the project. Fearing potential problems down the road, some buyers might be put off by homes that were remodeled by DIYers. It's important that homeowners recognize the many benefits of working with professional contractors before making any final decisions with regard to who will tackle their next project. professional contractors The benefits of hiring Home improvement projects can inadvertently expose homeowners to hidden dangers. For example, lead paint may be lurking underneath layers of existing paint in older homes. Exposure to lead dust or fumes may cause brain damage or other adverse health effects, especially in children or pregnant women. It is essential that homeowners control their exposure to lead or other hazardous substances through the use of protective equipment, such as a properly fitted respirator. If lead is discovered, it may require professional containment and cleanup. Contact your local health authority if you discover or suspect you have discovered lead paint or other hazardous materials in your home. Did You Know? OZARK LIVING • SEPTEMBER 2020 • 27

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