Window Replacement: Preparing a Budget
It’s no secret that a window replacement can be a costly, but worthwhile investment. As such, it’s very important for a homeowner to prepare a budget when planning a window replacement. Common mistakes, such as undercutting or overspending, can lead to an underwhelming result for your window project.
Get an Estimate
First, you need to set your expectations and know that every window replacement project costs differently than everyone else’s. Keep in mind that each window replacement project is unique in its own way due to the window’s style, finish, glazing, contractor fees and other upgrades. With that said, you should still get an estimate to get a ballpark price on your window replacement project.
You can ask your friends and family who had their windows replaced and ask how much the total project cost. You can even request a quotation from your window contractor to see what kind of replacement windows can fit your budget so you won’t be surprised when the actual replacement starts.
Check the Available Financing Options
It’s no doubt that cash is the most desired payment option for window contractors and homeowners alike since it’s a one-and-done payment with the possibility of discounts offered if you pay in cash. However, it’s understandable if you may not have the required amount on-hand so it’s helpful to have flexible financing options for you to afford your window replacement project. Some of these include credit cards, bank loans, cash-out financing or a home equity line of credit (HELOC).
Ready an Emergency Budget
During an inspection, your contractor might find underlying issues in your window system that leads to unforeseen repair expenses. Since this isn’t included in your initial budget, be sure to include an emergency budget that’s equivalent to around 10% to 20% of the contact price.
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