Page 19 - AAA Every Day – AAA Hudson Valley – March/April 2021

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Over the last year we’ve been venturing out less. Some household projects that have been put off may be getting more obvious. Maybe it is something as
small as getting new shelving for better organization. Or it could be a bigger task like finishing your basement. When looking at all of these things at once, it can be overwhelming, but taking steps to complete them might prove to help you take them on.
Make a list of things that need to get done. Put them
in order based on factors like “How much will this cost me?” and “Is this work I can do by myself or do I need
a professional?” Another important consideration is whether or not the project is a need or a want. Prioritize the projects that you know will drastically impact your quality of life. For instance, if you need a new roof or a new water heater, that should come before updating your home theater system. Once you have this list ready, you can get started.
Setting a budget is important. If you have already put money into savings for this reason, realistically evaluate
how much of it you want to put into these upgrades. Aim
a bit lower than what you can spend. Often we find when doing renovations that unexpected jobs can turn up and add to the overall cost. It is better to be prepared and have the cushion in your bank account. If you haven’t yet started saving, now is a great time. Start an account for yourself that is reserved specifically for your household, even if it is only a small amount per paycheck. When you need to get work done, you can take out money without worrying you’re
taking away your vacation or daily living funds.
When moving onto bigger projects, you want to make
sure that you are consulting professionals, as well as getting second and third opinions. If you are buying new furniture, check the customer reviews. If you’re using a contractor, get a recommendation from someone you know and trust. It is OK to have different people quote you, and it also is OK to ask for references. Have as many of your new elements, like new tiling and kitchen appliances, picked out ahead of time. This will help you and anyone working on your house keep to your vision and also help prevent sticker shock. When you have finally come to a point where all of the sizeable items are done (and paid off), you’ll feel relieved.
A coat of paint goes a long way. If you’re not in a place where you can take on the big stuff, pick a few smaller projects that will help make your space more livable. Plus, once you start building your nest egg, you may find you can afford more than you originally thought when you’re ready to start working on larger jobs.
When everything is said and done, make sure to update your homeowner’s policy. You’ll want your coverage to reflect your house in its new state so that you are covered properly should anything unexpected occur. Not to mention, you may qualify for additional discounts with these upgrades.
Visit AAA.com/Financial for more information on savings accounts and products with member-exclusive rates and on homeowner’s insurance coverage.
MAR/APR 2021 I 19
Home Renovation: One Thing at a Time