Taking on home renovations can be a big commitment, especially at a young age. If you’re fortunate enough to take ownership of a house as a young adult, it’s important to find the right balance for investing in improvements.
Here are five smart tips to help you renovate your home at a young age without breaking the bank.
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Build Your Credit
Having good credit can be a gamechanger when renovating your home. Not only will a good credit score create borrowing opportunities to finance your renovations, but it will also help you get lower interest rates. You can accomplish this by taking the time to review your credit report for any negative issues and take steps to make improvements.
One of the challenges many young adults face is having a lack of credit history. Doing renovations may be the perfect opportunity to start building more credit. Many home improvement stores have credit options with rewards to help you save money on your renovations. Consider applying for one of these cards to finance your renovations while building some credit history.
Remember that good credit comes from making payments on time and practicing healthy borrowing habits.
Be a Deal Shopper
Taking the time to research your options and shop around can save you thousands on renovations. There are many apps available to help find sales and discounts. Additionally, you can subscribe to the local home improvement shop fliers to stay up-to-date on savings opportunities.
Consider which items you can buy for value rather than personal preference. For example, purchasing standard faucets and light fixtures from the bargain bin can help you cut costs when upgrading your home.
Set Priorities
Some home renovations and upgrades will add more value than others. When determining where to focus your resources, it’s best to set priorities. Consider the tasks that need to be completed compared to upgrades you’d like to see for personal preference and comfort reasons. For example, you must upgrade your roof if it’s getting old; replacing an outdated-yet-functional shower can wait.
Your priorities will also depend on your plans with the home. If you’re staying for a while, the cosmetic upgrades that appeal to buyers can wait and you can focus on personalization. Conversely, if you’re planning to sell in the near future, you should prioritize renovations that add resale value to your home.
Know When to Outsource
Becoming a skilled handyperson and doing DIY renovations is a great way to expand your knowledge and save money. However, there are several areas in which you should always outsource to professionals. These upgrades include:
- Plumbing
- Electrical
- Structural changes
- Cabinet installation
There’s also value in outsourcing things like painting and laying a laminate floor, but these core skill sets could impact the safety and structural integrity of your home. Making mistakes with plumbing, etc., can cause costly damage and may even void your home insurance if you handle it yourself.
Extend Your Timeline
Finally, don’t rush your renovations if you don’t have to. While there will undoubtedly be a few maintenance tasks and upgrades you must do, give yourself time to pick away at the others. Taking the slow and steady approach will help you limit how much debt you take on and give you time to save money for your renovations. The slower approach also provides time to deal shop and find savings opportunities.
When planning a home renovation at a young age, the key takeaway is to set a budget and take your time. Work on building your credit to create better financing opportunities and know when to invest in professional services. With a strategic approach to renovations, you’ll eventually get your dream home without breaking the bank.
