Home improvements starting soon?

ROCKFORD, Ill. (WIFR) - Home improvement projects seem to spring up each summer. However, financial experts at Northwest Banks say before you get started, set a budget and stick to it.

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

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

“It’s very important that you don’t want bite off more than you can chew as it relates to the dollar amount that’s going to be spent, so really selecting and narrowing what needs to be completed and then going from there in terms of dollar amount that’s going to be needed either out of pocket, paying in cash or if there is financing needs,” J.T. Quillen of Northwest Bank of Rockford said.

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

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