Are you feeling brave? You must be if you’re planning a renovation around the winter holidays. It’s a lot for your budget to take on, and whether you have enough cash to spread between the festivities and your big project will be the question of the season.
If you’re worried about how you’ll juggle everything during the hustle and bustle, you’re in luck. This guide will help you multi-task everything, so you can make a home reno work during the holidays.
Save More Than You Think
If you have a neatly cost-out plan for both the holidays and your reno, think again. Winter has a few tricks up its sleeve that might change everything.
When it comes to your reno, things tend to cost more and take longer than you expect. Materials go on backorder, contractors get sick, and tools break.
So how do you budget for these unexpected speedbumps? Here are two rules of thumb to help:
- Inflate your budget by an extra 10–25 percent. This will act as a cushion should you run into any problems or delays.
- Research the average timeframe for your specific project and assume it will take the longest option.
Research Financing Options in Advance
While savings are the best way to cover the cost of a renovation, knowing you have a backup in case something goes wrong gives you peace of mind.
A line of credit or credit card is an easy way to have the funds you need if you run into an unexpected emergency over the course of your project.
Being able to draw on these funds quickly is vital. In a plumbing emergency, it could mean the difference between cleaning up minor water damage and recovering from a flooded basement.
Knowing what kind of line of credit or credit card you qualify for can help speed things up, so check your credit report often. Your score will help you determine the rates, terms, and conditions you have available.
From there, you can research financial institutions that offer suitable line of credit loans. Once you have one in mind, it’s simply a matter of applying if you need it.
Keep to the Essentials
Between the festivities and your big project, things add up, and it’s all too easy going into debt trying to juggle everything at once.
Paring back your plans to the essentials can help you insulate your budget from the winter’s expenses. This goes for both your reno and your holidays.
2. Spend time going over your plans to prioritize function over frill. Cosmetic upgrades are the most exciting changes you can make to your home, and they’re often the most expensive, too. Stick to work that fixes dangerous parts of your property or that improves the comfort of your space first.
3. Scale your plans so they match your budget.
Being Prepared Helps You Take on the Holidays and Your Reno
Taking on the added costs of a big reno this holiday is possible, as long as you plan for it. The key is to be reasonable when it comes to juggling both events. Don’t overextend yourself and save more than you think.