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Solid plan is key toward an affordable home improvement project

Posted on Monday, January 13, 2014 at 10:05:15 AM

Home improvement spending is expected to increase in 2014, up as high as 6 percent, according to Fitch Ratings. These positive gains are closely related to higher home prices and a stronger housing market. However, consumer confidence is still down, which could limit how much some people are willing to spend on renovations.

Home improvement financing can be a fantastic asset for anyone looking to afford a new project. Recently, Home Loan Investment Bank's Brian Harvey explained a few key steps to help save money and achieve the desired renovation result. He noted that owning a home is one the most expensive investments you could have, and it is a must that all maintenance and renovation projects are prepared for. That way, everyone will be ready for any financial impact that comes along.

In order to get started, homeowners should prioritize their wants versus their needs, according to Harvey. 

"It is important to determine what improvements are necessary for the long term vitality of your home," he said. "You may not like the visual appeal of the kitchen cabinets, and having them replaced or resurfaced may be your preference, but replacing the tile in the bathroom where there may be broken tiles, loose grout, rot and decay will save you a major renovation cost down the road."

Finding bargains is another crucial aspect of spending home improvement financing wisely. 

"If you plan to do the improvements yourself you can plot your purchases and help minimize your overall costs by purchasing items on sale," Harvey explained. "If you have set out a project, plan in advance and know what materials you will need so you can find these sales and bargains over the long term. Small savings on individual purchases can add up over the cost of the project and greatly affect the bottom line."

He added that finding the right contractor can make a difference. Each qualified professional brings specific qualities to the table, and you should verify appropriate licensing and insurance qualifications, then check references on both the project and industry levels.

"By planning in advance and taking the opportunity to prepare any homeowner can successfully complete home improvements with confidence," Harvey stated. "A renovation - big or small - to your greatest investment is a decision that should take time and be well thought out."

Preparing before any renovation project will help all homeowners manage the costs and get the most out of their home improvement financing.