Monday, February 20, 2017

Planning ahead: short term savings goal #2: cosmetic and energy efficiency remodeling

Image: https://inexpensivebathroomremodel.net/wp-content/uploads/2016/03/remodel-a-bathroom-shower.jpg

Although I have yet to find and close on a possible future home, I am doing my homework and establishing short term goals to meet anticipated future goals. Of immediacy is acquiring funds for moving and closing (see other post). I have called that short term savings goal #1.

Short term savings goal #2 is 2 fold:

1-  an energy audit and possible work to better insulate (will check into possible utility sponsored programs and state as well as Federal rebates for homeowners), replace windows, doors, caulking etc. Work needed will depend upon ultimate future home.

2-cosmetic remodeling. I prefer not to buy a home that needs extensive remodeling. I do not have the funds nor the ability to do much myself. I do, forsee possibly replacing older appliances for more energy efficient ones, not to mention that sometimes*, appliances are not included in the home purchase although it is becoming rarer. The rest of these short term savings will be earmarked for things like refinishing wood floors, painting, sprucing up a bathroom such as was done in the above photos. If the bones of a home are sound, this type of work doesn't frighten me.

Naturally, a good home inspection is key prior to any purchase.

How will I raise yet a second, $10,000:

-proceeds of anything that I sell off prior to moving (frankly, I don't forsee this being a lot), so since this is an unknow, possible* amount, I will mention it, yet not account for any actual projections, which are total unknowns
-part of my second income stream from May
-my second income stream from June thru part of Oct (which will also leave me a sizeable balance moving forwardof $1367.98)

My overarching goal is to be working full-time come Sept 1, as our ins is thru the end of August. Any income from my anticipated, future employment will be earmarked for these expenses as well as creating a sizeable, general emergency fund.


Image: https://deanofstudents.unc.edu/sites/deanofstudents.unc.edu/files/emergency-fund.jpg


Short term savings goal #3 will become the general emergency fund, minimally starting in Oct, but anticipated to start more likely by Sept, when I need to have full-time employment.


6 comments:

Julie Vidani said...

can you explain your second income stream? it sounds like something that might help a number of us!

Mimi said...

Your planning amazes and inpires me!! Just a note, that vanity & sink combo in the second picture is awful. I have it in our recently purchased home, shoddy material and hard to keep clean. A bathroom update is on deck for this summer!

Lee Ann said...

Dang! You set lofty goals and meet them! I wish we were neighbors. I feel like I am the only person in this area who is even remotely interested in this stuff.

CTMOM said...

MImi-it's just a random before/after "budget remodel" from the Internet. Thanks for the heads up on that particular model, I agree: quality matters.

CTMOM said...

Julie Vidani-send me another post comment with your e-mail (which I won't publish) and I'll let you know privately. It's a unique situation.

CTMOM said...

Julie Vidani, please resend your e-mail. I deleted it and it didn't take when I thought I had it copied.
Thanks