Home Improvement on a Budget

If a man’s home is his castle, it’s important to keep it updated. Sure you want things to last forever, but reality has a different plan. If you’ve been dreaming about updating your outdated kitchen, there’s no time like the present to beautify.

Price and plan

Step one is to create a financial plan. Someone’s going to have to pocket the bill for all your new stuff! Develop a budget. Is the cash put aside, or will you need a home improvement loan?  If you have no idea how much things cost, visit your local Lowe’s and Home Depot, and start doing some pricing. It’s a smart idea to opt for energy-efficient appliances. Not only is it the current trend, but you’ll get the most long-term bang for your buck, and future buyers will be more interested.

Home improvement loans

Once you know how much you plan to spend, arrange for financing. If you need a home improvement loan, visit your local bank. They’re eager to keep their funds within the community, and can be creative when it comes to home improvement loans. Also check with lenders via the Internet.

The two most common ways to finance a home improvement project is through a home equity loan or a home equity line of credit (HELOC).  The former generally offers a fixed interest rate over a fixed term. The latter allows you to draw funds as needed, and offers a variable interest rate. Once you have all the offers on the table, choose the best deal.

Cutting corners

It’s important to balance short-term savings with long-term advantages.  The best ideas bring you benefits now, and are attractive to buyers down the road. Such items include products that conserve water, like an on-demand tankless water heater, and low-flow kitchen faucets. Opt for a new pullout faucet that provides functionality, and is only slightly more expensive than a traditional one.

The largest single expense will be your cabinets. But you can save thousands of dollars if your current ones have good structure, by either refinishing or refacing them. Either of these alternatives will make your cabinets feel brand new. At the very least, an inexpensive way to get a new look is to change your cabinet hardware.

The second largest kitchen remodeling expense will be your countertops. While granite is beautiful, it’s also beautifully expensive, and could eat up a substantial portion of your budget. It’s not necessary to go to the low end of laminate countertops to save money. There are beautiful – and far cheaper – alternatives, like IceStone, which is as heat and scratch-resistant as granite. Quartz countertops, also known as engineered stone, mimic the look of stone, but are a low-maintenance, and less expensive, alternative.

By following these simple steps and using a home improvement loan that doesn’t break the bank, you’ll feel like the Queen or King of your castle when stepping into your new kitchen, even if you don’t have a servant to prepare your meals.