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4 Home Additions To Save Up For Years Before Undertaking

Jan 3, 2019


While many home renovation projects are simple and inexpensive, there might be a few major upgrades that you are interested in. If that sounds like your own situation, then you need to start figuring out your finances a few years in advance. Here is a look at four large projects that are going to require careful planning and a solid budget.

In-ground Pool


Installing an in-ground pool is going to turn your backyard into an outdoor getaway, but there are a few major expenses to consider. In addition to the initial installation costs, you also need to think about how the pool is going to impact your home insurance. As a general rule, most basic home policies don’t cover any liability issues with a new pool unless the owner has purposefully added that coverage.

Upgrade Major Mechanical Systems


Adding a new electrical outlet or faucet generally won’t be a big deal, but replacing all of the wires and pipes in your home is a serious undertaking. That being said, you should consider carrying this project out if those systems haven’t been updated within the last few decades.




Old pipes often contain a wide variety of unwanted contaminants, and frayed wires are a fire hazard. This project should only be carried out by licensed and insured professionals who have permits to work in your state.

Outdoor Patio



Depending on where you live, installing one of many outdoor patios is another major project that can drastically increase the resale value of your home. This upgrade is also going to extend your living area and give you an excellent place to relax with family and friends throughout the year. Before your contractor breaks ground on this project, you will need to consider a few different variables including the overall size, what types of materials you would like to use, and what amenities you would like inside the covered area.

Remodel the Kitchen


Even though remodeling an outdated or unattractive kitchen will make a home much more appealing, it is a serious undertaking that shouldn’t be taken lightly. You might even need to leave your home for a few days if the contractors are going to turn off your water or electricity. That being said, this is a great option for anyone who would like to increase the value of their property as much as possible. Simply installing new appliances and cabinets could boost your home’s resale value by tens of thousands of dollars.

When it comes time to pay for one of these projects, homeowners need to consider all of their financial options. Some homeowners might benefit from taking out a small loan while others will actually save money by putting the expenses on a low-interest credit card.


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