Budget preparation is considered as the hardest part of a window replacement project. Mistakes can result in overspending on the project, or making compromises and not getting the windows that you really want. Window and roofing company Kroll Construction shares a quick guide on how to prepare your window replacement budget.
Research the Average Price
The reason why window replacement contractors never give an exact figure except on a written estimate is because no two window replacement projects are the same. The cost depends on so many factors: window styles, colors and glass packages, along with the number of windows and the complexity of the project, can affect the cost.
But it doesn’t mean you can’t ask around for the average prices. Maybe you have friends, family, or colleagues who have had their windows replaced in the last six months. Just keep in mind that while the price will be in the same ballpark as those of others, you won’t likely get the same price.
Consider Financing Options
Cash remains the best payment option: no approvals, no interests and no future payment obligations. It is also the hardest to prepare for, which is why you should consider other payment options. Most remodeling and roofing companies accept credit cards. You can also apply for unsecured loans, or secured loans such as cash-out refinancing, home equity loans (HEL) or home equity line of credit (HELOC). If you already have a contractor in mind you may have additional options if they offer contractor financing.
Include an Emergency Budget
It is not uncommon for unexpected expenses to come up during a window replacement project, such as when structural issues are discovered after the old windows were removed. Repairs will have to be conducted, the costs of which will be added on top of the project cost. This is why you should factor in an emergency budget of about 10% to 20% of the estimated cost. If it ends up unused, you can simply put it towards your savings or a future home improvement.