Thursday, June 16, 2016

Let's Talk Money

The farmhouse renos - money and budget.
They go hand in hand...renovations, money, budget, sleepless nights.

When I first started renovations on the farmhouse I had a total of $15,000 budget to work with.
Just before the work was to start I got an emergency request from a family member to borrow half of that amount.
I did it because they needed it.  However now I was down to a very crippling amount.
But I am a resourceful woman.  I am a clever woman.  I am a focus and determined woman.
I sat down and took a good hard look at what I was going to do, with next to no money for a very big renovation job.

Of course the first thing I did was run to my mortgage broker.  Help, I need to borrow money!
Then I got to thinking.
I am doing this for one reason, and one reason only.
My whole purpose of pursuing this plan was to be mortgage free, or have a small mortgage.
Why am I looking at owing more with a 2nd mortgage.
So I rearranged my thought process.
Dump the 2nd mortgage idea, and rescale my budget.  Rescale it to a very tight budget.

First thing I did was purchase and get the major material stuff out of the way.
So I went to Lowes and purchased the kitchen.  Check....done.
The flooring was the other major expense for materials, and luckily I started on that when I was on route from my trip out west.

When I first started the renovations I hired workers I had hired before, but they were turning out to be at very expensive rates.
After a while I was seeing that my money was fast disappearing.
I had to put an end to this expensive labour.
Now what.  So for a few days I surfed Kijii.  Letting ideas wash over me.  See what's out there, what's what.
Then I started emailing some of these people.

At first, yes I was finding general handymen, but the rates were still too much for my tight budget.
So I developed a plan.
I put an ad out to hire people at minimum wage.  For the smaller jobs around the property.
Good plan, and I can report it is working out very well.
I am finding that there are guys out there wanting to bring in a few extra bucks for their families.
Semi-retired men looking for just a few hours to have something to do.
And it's pleasing me how resourceful they are.  They paint, drywall, landscape.

Then I started trading services.
I have two guys that are collecting metal around the property in exchange for work around the house, and I also pay them minimum wage.
They really are doing me a favour by collecting the metal from my property.  There is a lot of it.

Then it came time to address the bigger renovations jobs, how can I be creative with these costs.
Electrical issues.  Issues with the well.  The roof needs to be replaced.

The electrical issues -  I initially got two written estimates from qualified electrician.  They both came in at $2000.
Staggering for my small budget.
I persevered and finally found someone who would do it at a cheaper rate, and at sections at a time.
The well issue - see below.  Still sitting on this baby!
The roof issue - Have 2 quotes in, both at the $4700 range.  Sitting on this one as well.

This well issue will be expensive for me, the well needs to be pumped, cleaned and re-filled.
It's a retaining tank dug well, not a drilled well.
I have applied to the Township to get a nearby water line brought up to my lot line, but that may take a year.
I do need water, so this expense has be allocated.
I am calling around for the best price.  And doing my best to educate myself on the mysteries of well water.

Show me the money....
Resourceful ways I am earning money.
I do have income from my linen business, but it has scaled down considerably since I took on this reno work.

You would be surprised what sells on Kijiji.
I am accessing a bunch of stuff around the property and listing them on Kijiji for sale.
You know that fallen barn at the back of my property....yup, I have someone interested in buying it for $1250.

That pile of garbage the previous owner had gifted me, I am accessing what will sell, what I am giving to the ReStore, what I can burn and what is going to the dump.
Even some of my linen, I am accessing to see what is not renting anymore, and's up for sale.

I love every aspect of these renovations.
And even though budgeting is not as fun as drills, paint brush and sledgehammer, it is all part of the experience.

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  1. I marvel at your creativity! How clever of you to "Just Do It". I am NOT a money person and find it an area where I am so immature and ignorant. I have watched you overcome such challenges and frustrations over the years and seen your belief in your abilities flourish. I for one appreciate your determination and have watched with joy your ambition. I'm so happy for you. Not for your struggles but for your victories. Bless you dear one. Bless you.

  2. amazing how resourceful you are! You have come up with some pretty fascinating way to budget incoming and outgoing monies! Keep up the good work and stay focused, that's all you can do!
    Happy to see it coming together for you.
    I'm catching up on all the progress to date!