Shownotes
Wisdom-Trek / Creating a Legacy
Welcome to Day 793 of our Wisdom-Trek, and thank you for joining me.
This is Guthrie Chamberlain, Your Guide to Wisdom
Renovation and Remodeling on a Limited Budget – Ask Gramps – Ask Gramps
Thank you for joining us for our five days per week wisdom and legacy building podcast. This is Day 793 of our trek time for our Philosophy Friday series. Each Friday we will ponder some of the basic truths and mysteries of life and how they can impact us in creating our living legacy.
As we continue on this trek called life, sometimes we have questions about life, so our Friday trek is a time where we can “Ask Gramps.” Gramps will answer questions that you would like to ask your dad or granddad, but for whatever reason, are not able to.
No matter how old we are, I know that all of us would like the opportunity to ask Dad or Gramps questions about life in many areas. We will address areas such as finances, relationships, health/fitness, business/work, home repairs/renovations, seasons of life, spiritual/Biblical questions, and any others areas that come our way.
As your fellow sojourner and mentor on this trek that we call life, it is my goal to provide you with practical wisdom and advice about any area of life. It is crucial that I receive a constant flow of questions, so please submit your questions to guthrie@wisdom-trek.com. And I will answer your questions on our Friday podcast.
We are broadcasting from our studio at The Big House in Marietta, Ohio. Our trip to assist Aunt Pauline has been delayed again since she still remains in rehab and does not have a discharge date yet. On the home front, we do hope to get started on the renovation of our bedroom this winter, but so far this year, we have either been traveling or have had family in every weekend. Our bedroom is the last room in the main part of the house which we have not renovated yet.
We do still have the third floor, which is a large open gathering room to renovate, and also the basement, but those are farther down our list. We are starting to come to the point where some of the rooms that we renovated early on are now in need for additional TLC, but nothing close to the initial work we completed. Living in the homestead that my great-grandparents built in 1903 is a blessing, but it also requires a lot of time and resources to maintain The Big House in good shape. So the question for today is…
“Hey Gramps, what is the best way to approach renovation or remolding of our house, considering that we are on a limited budget?”
Renovation & Remolding on a Limited Budget
When considering major renovation or remolding of your home, the first thing you need is a lot of patience, especially if you are on a limited budget. Here are some tangible suggestions that may make the process more enjoyable.
First, if you can do the renovations and remodeling without borrowing any funds, that is always the first thing to consider. You may have to delay some of the work as you save and sacrifice, but in the long term, it is a much better approach.
If the scope of the project is large, and it would be nearly impossible to save the money before beginning, then a general rule of thumb is to ask, “Will the value of your home increase more than the cost of the renovation/remodeling?” If so or if the repairs are needed to keep your home safe, then you may consider using an equity line of credit based on the current value of your home.
The next step is to determine both the long-term and then the short term plans for your renovation/remodel. What is the scope of the overall project, and how can that be broken down into segments that you can complete on a timely basis and that fits within your current short-term budget. Make sure you are able to complete the entire segment, so you do not have multiple unfinished project segments left partially completed.
Although most of us would like to work on large parts of the overall project, be willing to delay gratification by completing smaller segments that you can pay for as you go. Learn to be frugal and patient.
After you have determined the overall scope of the project and the individual phases, then determine what parts of the project you are able to complete yourself. For instance, if you are not trained or capable in framing and drywall, but feel confident you can handle painting of the walls and ceilings, plot out the various duties and determine where you may need to hire a contractor.
A contractor should be able to complete tasks quicker than you may be able to, but it will cost more to hire one. Finding a reputable contractor that will also complete the work on a timely basis is not always that easy. In our experience with contractors, they do a good job for about 90% of the project, but trying to get them to finish the last 10% has been challenging. There is always a trade-off between your time invested into a project and determining how much your time is worth and what it will cost to hire a licensed and reliable contractor.
Another factor that needs to be considered is whether you enjoy the work of renovating or remodeling. If you do not enjoy that type of work or don’t feel qualified to complete the work, then you will need to save and sacrifice so that you can earn the necessary monies to hire someone. I think the only thing that may be worse than the contractor not finishing a project on a timely basis is the tension it may cause with your spouse or children if you attempt to do a project and never quite complete it.
So my encouragement to you when contemplating a renovation or remodeling project is threefold.
- Plan – Understand the entire scope of the project before moving forward.
- Prepare – Save until you have enough money to complete the project or at lease definable stages of the project. Make sure that you understand all the cost associated with time and materials. If you are not doing the work yourself, make sure you agree in writing with your contractor of what the project cost will be and the timeline for completion.
- Proceed – Once you are committed to the project, have the funding available either through savings or a line of credit, then move forward to complete the project on a timely basis.
Don’t fall victim to the parable that we read about in Luke [14:28]-30.
“But don’t begin until you count the cost. For who would begin construction of a building without first calculating the cost to see if there is enough money to finish it? Otherwise, you might complete only the foundation before running out of money, and then everyone would laugh at you. They would say, ‘There’s the person who started that building and couldn’t afford to finish it!’”
I trust that I have provided you with some tangible insights for your next renovation or remodeling project. The concepts can be applied to any type of project which you are participating in. Next week we will have a different question to “Ask Gramps.” Gramps will answer any questions you may have about life and will provide you with practical wisdom about any area of life.
Please submit questions that you have to guthrie@wisdom-trek.com, and Gramps will answer them on our Friday podcast with wisdom and philosophy that Gramps has gained over his years of experience and study. I know you will find these insights interesting, practical, and profitable in living a rich and satisfying life.
Our next trek is Mediation Monday where we will help you reflect on what is most important in life. So encourage your friends and family to join us and then come along on Monday for another day of our Wisdom-Trek, Creating a Legacy.
If you would like to listen to any of the past 792 daily treks or read the associated journals, they are all available at Wisdom-Trek.com. You can also subscribe to iTunes or Google Play so that each day’s trek will be downloaded automatically.
Thank you so much for allowing me to be your guide, mentor, and most of all your friend as I serve you through the Wisdom-Trek podcast and journal.
As we take this trek together, let us always:
- Live Abundantly (Fully)
- Love Unconditionally
- Listen Intentionally
- Learn Continuously
- Lend to others Generously
- Lead with Integrity
- Leave a Living Legacy Each Day
I am Guthrie Chamberlain reminding you to Keep Moving Forward, Enjoy Your Journey, and Create a Great Day Everyday! See you on Monday!