Big-Ticket Items: Major Home Renovations You Need to Budget for in Advance
Sunday, October 11, 2020, 6:00 AM | Leave Comment
Home renovations can cost you a lot of money. Fortunately, you can easily deal with these expenses by planning for them ahead of time.
Here are four big-ticket items that you need to budget for in advance so that you will have money to pay for them when you are ready for these major home renovations.
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HVAC System
Your HVAC system is an integral part of keeping your home comfortable no matter what the temperature is outside. There are a lot of different parts that make up this system, and it can be an expensive renovation even if you just replace part of the system. It’s best to put aside some money every single month even if you don’t plan on replacing it soon.
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Residential Roofing
When it comes time to replace your roof, you will find that it’s a very expensive renovation. It actually may be the most expensive renovation that individuals have when owning their home. However, residential roofing repairs are not something you can put off. If you notice damage to your roof, whether it’s a small leak in the attic or a fallen tree after a storm, you’re going to need to fix your roof as soon as possible.
Homeowner’s insurance can help in covering this expense, but it likely won’t cover everything. Many policies only cover a fraction of what a new roof will cost, and you will be required to pay what their homeowner’s insurance doesn’t cover. This is why you need to budget in advance for new residential roofing.
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Flooring
The floors in your home certainly take a beating. They are walked on every day, and you will need to replace them at some point. If you plan on replacing multiple rooms at one time, you will find that this renovation will cost quite a bit of money. If you don’t set aside enough money for it, you may only be able to replace the flooring one room at a time. Some kinds of flooring, like carpets, wear out faster than others, so consider investing in sturdier flooring next time.
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Plumbing
There are all sorts of plumbing renovations that you may want to make on your home. Things like changing water lines, replacing a septic system or adding a new shower or bathtub can be quite expensive. When you are budgeting for this renovation, make sure you add a little bit extra as plumbing renovations tend to cost more than originally planned for.
Owning a home comes with a lot of expenses. By budgeting for the big-ticket items mentioned above, you can have peace of mind and ensure that you will have enough money for these major home renovations well in advance. That way, you won’t have to put them off just because you didn’t plan for them and don’t have the adequate funds to complete them.
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