NELA Living Blog by Emilie Broughton

Save on Home Repairs and Renovations

There are a couple of rules of thumb that can help guide you when budgeting for unexpected home repairs. According to the one percent rule, you should set aside at least one percent of your home’s value every year for home maintenance. For a $360,000 house, this works out to $3,600 per year, or $300 per month.

Here are some ideas on how to save money…of course you will need to weight the pros and cons of what will work best for you:

  1. Create and stick to a budget
  2. Pay Cash
  3. Prioritize projects and take your time
  4. Do a lot of it yourself
  5. Reuse materials
  6. Balance high and low-end materials
  7. Wait for sales before making big purchases
  8. Enlist the help of friend
  9. Be smart about hiring help
  10. Find money-saving hacks from DIY videos
  11. Keep your home’s footprint the same
  12. Stick to the classics-avoid trends that will become outdated
  13. Don’t skip on cost-saving opportunities
  14. Sell anything you are not using
  15. Use credit cards that have rewards
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