The very first thing you must do – and yes, it’s a must not a should – is come up with a budget. Before you choose colors or cabinets or decide which walls will stay or go, take a good long look at your finances. All the rest will fall into place once you have a number to work with.
Decide where the money is coming from – savings, inheritance, low-interest credit card, home equity loan, settlement, bank heist or selling vital organs on the black market. Determine when you’ll have access to the money, and when you’ll be ready to let that money transform your kitchen (or bathroom or basement or attic) into a space you completely and totally love.
Once these (important, very important!) things have been decided upon, look at the rest of your life … at least the parts requiring financial support. Be sure you’ll still be able to pay the mortgage, put food on the table, gas in the tank and clothes on your backs.
If things seem tight once you do this once-over, look around. Can you do without that 24-ounce triple mocha every morning? Do you really need to pay $75 each month for a gym membership you haven’t used since the Clinton administration? Can you cut back on beer money or throw less in the pot on poker night?
The point is this: Remodeling can be expensive. I mean serious remodeling. The kind that requires professionals (or very patient, talented friends) and power tools. Don’t get in to anything you’ll regret or resent later. The old bathroom will still be there (festering and grody as ever) a year from now when you’ve gathered the required cash to complete the job in a way that doesn’t leave you with a home-improvement hangover.
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