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 yup...it'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.