From Vision to Victory in Your Home Makeover
By James Hait, Founder, Financial Advisor, Victory Wealth Services
Sitting on your couch, channeling through HGTV, you’ve probably seen those miraculous makeovers where dilapidated houses turn into regal residences. And you might think, “I could do that, right?”
Well, we dove headfirst into that dream, snagging a nearly perfect two-decade-old house in Prescott, thinking just a few nips and tucks would do. But you’re in for a roller coaster when you’re your contractor during the post-pandemic mayhem, with the supply chain in shambles and workers scarce. They told us appliances might take a year—or two—to arrive. They showed up in three weeks, and we couldn’t install them before the warranty was proofed. Go figure.
Embarking on a home remodel isn’t for the faint of heart. It’s a head-on collision between your vision and your wallet, demanding creativity and a grip on your finances. First, define what you’re up against. Is it a splash of paint here, a knockdown wall there, or are you gutting the place? Set an actual budget, then add 20 percent when life laughs at your plans.
Next, how will you fund this adventure? Savings? Perfect if you’ve got a fortune under the mattress. Home equity? It is a solid choice for better rates, but remember, your house is on the line. Credit cards or personal loans? They’ll do in a pinch, but watch out for those sky-high interest rates.
Consider the return on your investment. That chef’s kitchen might pay off, but converting your living room into a medieval banquet hall? Not so much. If you can’t tell the difference, a chat with the pros at Victory Wealth Services could be a game-changer. They’ll help you align your remodel with your long-term financial goals.
Deciding between DIY and calling in the pros is a biggie. Do you have the time, skills, and tools to tackle it, or should you hand it over to those who do this daily? Weigh the balance between potential savings and the quality you’re after.
If you opt for professionals, don’t jump at the first quote. Get a few, chew on them, and choose who gets your vision. Lock everything down in a contract as tight as your budget, with clear timelines and milestone payments.
In conclusion, treat your home remodel like any severe relationship: with lots of love, patience, and a good dose of reality. Whether after a Gaines-worthy gem or just aiming to avoid falling into a money pit, it’s all about planning, funding wisely, and taking strategic steps toward your dream abode.
Get in touch for your complimentary Financial Strategy session today. Call 928.778.1050 or visit us online at www.victorywealth.com.