Lynn D'Avolio
J. Barrett & Company | 801-597-2857 | lynn1@soldbylynn.com


Posted by Lynn D'Avolio on 1/15/2019

Home improvements are a vital part to keeping your home up-to-date with the times and also to ensure that it doesnít lose value when it comes time to sell.

To save money, many homeowners take the do-it-yourself route and use the tools at their disposal to upgrade their homes. Sites like YouTube have made it easier than ever to follow step-by-step tutorials that show you how to make substantial repairs and upgrades to your home without having to pay a professional.

The down side, however, is that when you choose to DIY, you take on the risk of going over budget by making mistakes. You also risk stretching out your project weeks or months longer than necessary due to a lack of time to work on it.

In todayís post, weíre going to talk about how you can stay on budget and on track to finish your home improvement project without bringing in the professionals.

Making a timeline

Letís start with the big picture for your home renovations. When deciding which improvements to make, itís important to know your limits in terms of the work you can do.

Set a reasonable number of hours you can work on your projects per week. Go easy on yourself. Most of us are already tired when we get home from work and probably wonít be able to start tackling big projects in the evenings. Rather, try to give yourself one weekend day to work on your projects and one weekend day to relax.

The most important aspect of creating your timeline is to try and keep your schedule open. So, write down the time you want to work on your home in your calendar, planner, or whichever app or tool you use to plan your time.

This will help you to avoid creating conflicting events and obligations, and help you stay on track to finishing your improvement projects.

If youíre looking for an evening activity related to your home improvement projects, itís a good idea to start watching some video tutorials of people doing the same renovations as you. This will help you avoid mistakes and look out for common obstacles that youíll face along the way.

Budgeting your improvement

Youíll want to save up for your project in advance, if possible, to avoid accumulating credit card debt. Your home improvement project should, in effect, gain you money by increasing the value of your home, not make you lose money on credit card interest payments.

Budgeting in itself is an art that few of us are taught in school. Fortunately, there are several free budgeting apps available. Or, you can simply draw one up yourself.

The key to creating a home improvement budget is to know how much of your monthly savings you can devote to this project without having to dip into other funds. To do this, youíll need a clear understanding of where your income goes.  

Once you have a budget and a timeline for your home improvement project, youíre ready to begin. Just make sure you check in on your timeline and your budget throughout the length of the project to make sure youíre meeting your goals and arenít overspending.




Categories: Uncategorized  


Posted by Lynn D'Avolio on 2/13/2018

With school loans at an all-time high, and growing for each passing generation, many homeowners are ready to shoulder off any and all debt as quickly as possible. If youíre in this camp and looking to aggressively pay down debt there are a few options available when it comes to paying your mortgage off.

Seller concessions.

Also known as seller contributions, are where the seller agrees to pay a portion of the closing fees for the buyer. This can include title insurance, inspection fees, and processing fees. If the seller is looking to sell the house quickly they may consider agreeing to seller concessions.

Government options for loans.

Energy-efficient Mortgage (EEM) was created to help homeowners renovate to add environmentally friendly features to their home. So if youíre looking to install double-pane windows or update insulation this could be the loan for you.

Federal Housing Administration (FHA) loans offer lower closing costs, smaller down payments, and a fair interest rate.

U.S. Department of Agriculture (USDA) loans can be applied to homes in rural areas, regardless of if they are a part of a farm. You may qualify to apply for zero down payment and loan payments will be at a fixed rate.     

There are also many local programs offered at the state and city level. A quick Google search for loan options for your area should set you in the right direction!

Plan to Refinance

Down the road, you can refinance for a fifteen year home loan instead of thirty. Youíll pay off your loan in roughly half the time and save money on payments towards interest.

Throw It Everything Youíve Got

Youíll want to check with your lending company first as some have penalties for payments outside of the loan terms. However, if possible, making an extra payment either regularly or time to time will help cut down the overall time it takes to pay off your loan.

For example, you can make one extra mortgage payment each year or tighten up your day to day budget and apply what your savings towards your loan. Many homeowners get creative and take on side gigs to create the extra cash necessary to make additional payments.

If you donít have that room to flex you can also always apply any bonuses, tax refunds or windfalls that come your way. This also makes a bigger impact when paired with regularly scheduled extra payments.

Aggressive debt payoff strategies arenít for everyone. And thatís okay! However, if youíre looking to live a debt free life and enjoy your home knowing itís been paid in total these tactics are for you. With some strategy and creativity, you can find plenty of ways to make the process go quickly and smoothly.