Budgets 101 Money-the one thing that causes more disagreements and stress than just about any other entity. Luckily, creating a budget for your home improvement project does not need to be intimidating or cause World War III in your living room. Just take this simple crash course in everything you need to know about remodeling finance:
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Whose Money to Use There are many ways to obtain financing for your home improvement project. Here are just a few (in order of popularity):
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Maintaining Your Budget Keep the cost of your remodeling project in perspective. According to the American Homeowners Foundation, moving to a new home typically costs 8-10 percent of the current value of your home. On a $150,000 home, this cost is $12,000-$15,000; this is simply what it will cost to move. This is a good base figure for beginning to establish your remodeling budget. A good number of remodeling projects can be done for the money spent in relocation, and remodeling will add value to your current home as well.
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Budget Busters There are two main reasons for busted budgets: changes and "whileyas" (that handy little phrase that often spills out of a homeowner's mouth, "While you're here, could you just..."). Here is how to handle both:
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Cash or Credit? Your home is most likely your largest single asset. Home improvements enhance that investment - which is smart thinking. What is not smart, however, is that many homeowners neglect to consider how paying for that home improvement is going to affect their other investments outside of the home.
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SBA Loans for Homeowners When disaster strikes, who helps communities pick up the pieces and rebuild? The U.S. Small Business Administration (SBA) plays a major role in assisting individuals and businesses after hurricanes, civil disturbances, earthquakes, floods, fires and other catastrophes. Don't let the name confuse you - the SBA disaster loans are not for small businesses only. They help homeowners, renters, owners of businesses of all sizes and nonprofit organizations repair damaged property, giving disaster-ravaged economies a boost.
