ROCKFORD, Ill. (WIFR) – Renovation projects seem to pop up every summer. However, Northwest Banks financial experts say that before you start, set a budget and stick to it.

They recommend that you set goals and figure out how much money you need to spend. Try to avoid putting anything to the credit and get estimates for your project. Experts also suggest that you consider potential loans such as refinancing and choose a contractor who will work with you on any adjustments.

They say to stick to your plan as closely as possible, as even minor changes can be costly.

“It’s very important that you don’t want to bite off more than you can chew on in terms of the dollar amount that is going to be spent, so really pick and narrow down what needs to be completed and then go from there in terms of the amount. in dollars. it will be necessary either out of pocket, or in cash, or when needed for financing, ”said JT Quillen of Northwest Bank of Rockford.

He said you also need to make sure you put money aside for surprises, hidden imperfections are one of the reasons renovation projects end up costing more than you expect. Give yourself a cushion of around 20% or more of your contract budget for unforeseen expenses.

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