Financial Planning for Fall Home Maintenance and Renovations

Fall is the perfect time to consider your home's maintenance and renovation needs and is an ideal season to tackle these projects before the winter chill sets in. But it's crucial to approach them with a solid financial strategy in mind.

Let's explore how you can prepare financially for fall home maintenance and renovations.

Assess Your Home's Needs

Before diving into planning, assess what your home requires. Take a walk around your property, noting any areas that need attention. This could include:

Roof Inspection: Check for loose or damaged shingles.
Gutter Cleaning: Clear out leaves and debris to prevent clogging.
HVAC System: Schedule a maintenance check to ensure it's ready for winter.
Exterior Painting: Look for chipped or peeling paint.
Window and Door Seals: Check for drafts and reseal as needed.
Landscaping: Trim trees and shrubs and prepare flower beds for winter.

Create a Budget

Once you've identified the projects you want to tackle, it's time to create a budget. Start by researching the costs associated with each task. Get quotes from contractors if needed, and factor in materials and labor. You may also want to set aside a contingency fund of around 10% to 20% of your total budget for unexpected expenses.

Prioritize Projects

Not all home maintenance and renovation tasks need to be done at once. Prioritize based on urgency and budget. Critical repairs, such as fixing a leaking roof, should be a higher priority over cosmetic upgrades. Make a list and rank items from “essential” to “nice-to-have.”

Explore Financing Options

If your fall home projects exceed your current budget, there are several financing options to consider:

Home Equity Line of Credit (HELOC)
A HELOC allows you to borrow against the equity in your home, often with lower interest rates than other loans.¹

Personal loans
Depending on your credit, personal loans can provide a lump sum with fixed interest rates.

Credit cards
For smaller projects, using a credit card with a 0% introductory APR offer can be an option, but be cautious of high interest rates after the introductory period.

Government programs
Some local governments offer grants or loans for specific home improvement projects, especially those focused on energy efficiency.²

Decide between DIY and Hiring Professionals

While DIY projects can save money, be realistic about your skills and the time required. Some tasks, like electrical work or major roof repairs, are best left to professionals to ensure safety and quality. If you choose the DIY route, factor in the cost of tools and equipment.

Save for Future Renovations

Fall is also an excellent time to start saving for larger renovations down the road. Consider setting up a dedicated savings account for home improvements. Even small monthly contributions can add up over time, giving you a financial cushion for future projects.

Stay Flexible

Lastly, stay flexible with your plans. Unexpected issues may arise during renovations that may require adjustments to your budget. Having a financial buffer and a willingness to adapt will help reduce stress and keep the project on track.

Fall is a beautiful season of change, and it's the perfect time to prepare your home for the colder months ahead. By approaching your fall maintenance and renovations with a solid financial strategy, you can ensure your home remains safe, comfortable, and aesthetically pleasing.

As always, let us know if you have any questions.

Best,

CRA Investment Committee

Matt Reynolds CPA, CFP®

Tom Reynolds, CPA

Robert T. Martin, CFA, CFP®

Gordon Shearer Jr., CFP®

Jeff Hilliard, CFP®, CRPC®

Joe McCaffrey, CFP®

Phillip Tompkins, CFP®

Important Disclosure Information

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by CRA Financial, LLC [“CRA]), or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from CRA. Please remember to contact CRA, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. CRA is neither a law firm, nor a certified public accounting firm, and no portion of the commentary content should be construed as legal or accounting advice. A copy of CRA’s current written Disclosure Brochure discussing our advisory services and fees continues to remain available upon request or at www.crafinancial.com. Please Note: If you are a CRA client, please advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

Historical performance results for investment indices, benchmarks, and/or categories have been provided for general informational/comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your CRA account holdings correspond directly to any comparative indices or categories. Please Also Note: (1) performance results do not reflect the impact of taxes; (2) comparative benchmarks/indices may be more or less volatile than your CRA accounts; and, (3) a description of each comparative benchmark/index is available upon request.

Please Note: Limitations: Neither rankings and/or recognitions by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any professional designation, certification, degree, or license, or any amount of prior experience or success, should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if CRA is engaged, or continues to be engaged, to provide investment advisory services. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. Rankings are generally limited to participating advisers (to the extent applicable). Unless expressly indicated to the contrary, CRA did not pay a fee to be included on any such ranking. No ranking or recognition should be construed as a current or past endorsement of CRA by any of its clients. ANY QUESTIONS: CRA’s Chief Compliance Officer remains available to address any questions regarding rankings and/or recognitions, including the criteria used for any reflected ranking.