Renovations After Purchase By New Homeowners
This Article On Renovations After Purchase By New Homeowners
You have purchased your home and you are done moving in, all the boxes have been unpacked and you are settling in nicely, what is there to do now? Slowly but surely it is time to spend more money. It isn’t on repairs. Instead, it is on that basement finishing, patio, deck, or fence. Now I am not saying you need to find a magical bag with $30,000 in it. But if you plan it out properly, you can definitely get some functional spaces without breaking the bank. I would like to walk you through and show you my thought and rationale behind this.
Goals On Renovations After Purchase By New Homeowners
The first thing you need to do is put together your list of priorities on what you’d like to accomplish and in what order you’d prefer them. In my situation, since my home was new construction, I knew I needed to have a fence pretty high up on that list. We have a dog, and the thought of having to walk him every day instead of letting him out the back door seemed like a major hassle for us.
Another item that was pretty high on our list was a decent-sized patio in our backyard. It would be nice to have a space to put our patio furniture instead of having it just sit in the grass. The final 2 items on the list would be finishing the basement and putting in a wet bar and bathroom as well. This project might cost a pretty penny, so I am not sure how high on the list it would be.
Priorities On Renovations After Purchase
After laying all the projects out on the table, it was now time to determine in what order we wanted to get these items done. I think this was a fairly easy list to put together. We wanted to get our fence done, potentially a patio. Finally, the basement work if and when the money was right.
Alright, now that we got a list, it was now time to price out all these projects to see what we could afford, and what would take some time. The first item we went to tackle was the fence. We had a couple of companies come out and the prices that we were getting quoted were $4,000 or higher. This alone would just about be the entire budget we had allocated to spending on projects this year. Something would have to give and it finally did. Our neighbor approached us about getting a fence together. She has a friend who owns his own fencing company.
This would be perfect!
Getting Quotes and Permits For The Job
He came out, and came up with a quote of $2,300! Plus the cost of getting plans and permits. The contractor can start right away. However, the key to when he and his team can start depended on how fast the city can issue the permit. There really much thought here, I was sold, let’s make this happen! Found out that we can get a permit within a matter of day. We got our fence put up in July and that was one headache solved.
Budget And Costs Of Renovations
As the summer last year was winding down, we had determined to not go forward with the patio: We decided to push that off to spring of 2019. Now we are in the predicament of do we want to go with look or functionality? I simple concrete patio can be had for about $2,500, whereas brick pavers are going to cost at least $5,000.
I am a big fan of the paver patios. But I think in this situation, I can save a big chunk of money if we go through with the concrete. This decision isn’t 100%, but it sure is close. The final items on my list are the basement finishing. Quite frankly, I can see doing this project in steps to accomplish what we need to get done. There are 3 main components we need to be done: framing and electrical, drywall install, and floor install. Our tentative budget to get this done is $8,000 or less if possible.
After this is finally done, the $5,000 bathroom could possibly be entertained, but that is a LONG way away.
Keeping Up With The Jones With Renovations After Purchase By New Homeowners
No one has ever said you have to keep up with your family or neighbors, just go about getting your home and yard completed in a way that you can afford. Also remember, it isn’t worth going into debt to get these items completed, especially if you won’t see much return on investment down the road. Doing this in baby steps is a great way to proceed because before you know it, you will have everything you wanted! Make smart decisions and do your research!
About The Author
Massimo Ressa is the Chief Executive Officer of Gustan Cho Associates Mortgage Group. Massimo is also an associate contributing writer for Gustan Cho Associates Mortgage And Real Estate Information Center. Massimo is a veteran licensed mortgage loan originator with over a decade of experience. Massimo Ressa will be writing in the coming weeks and months on topics he is an expert in as well as his life experiences. Stay tuned!!!