Poor budget planning can put your window replacement project at risk of overspending, making unplanned changes in the middle of the project or not completing the project at all. Here are a few things you need to keep in mind when planning your window replacement budget.
Find Out What the Ballpark Price Is
Every home is unique. With many variables like the frame material, glass types and the number of windows that will need to be replaced, it only follows that no two window replacement estimates are the same. However, knowing the ballpark price can give you an idea of how much such projects cost, which is important if this is the first time you’re having your windows replaced. You can ask friends and family who have had their windows replaced or have one or two contractors offer free, no-obligation estimates.
Consider Financing Options
Many homeowners choose to save up for building and remodeling projects. After all, cash is still the best way to pay – it doesn’t incur interest, it doesn’t require approvals, and there will be no further obligations once the remaining payment is collected. However, cash is not always the most convenient way to fund a project, as is often the case when you need to replace broken windows.
There are other ways to fund your window replacement project. While you can choose to use your credit card to pay for your new windows, there are various types of loans like home equity loans, home equity line of credit (HELOC) and cash-out refinancing that can help you finance your project if you want to keep your credit line separate.
Include a Contingency Budget
A contingency budget is essential for unexpected expenses that would occur during the project. It’s not uncommon for window installers to find hidden problems like dry rot or damaged insulation after the old windows are removed. Since repair costs are not included in the estimate, your contingency budget can help cover these costs. A contingency budget should be worth 10% to 20% of the project estimate.
Nuss Construction Company provides remodeling and window replacement services to customers in Cherry Hill and Moorestown, NJ, as well as the surrounding communities. Give us a call at (856) 988-9982, or fill out our contact form to schedule an appointment.