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Retired Military Finances 101: Financial Planning for Fall Home Maintenance and Renovations Thumbnail

Retired Military Finances 101: Financial Planning for Fall Home Maintenance and Renovations

Managing Your Finances

You've retired from the military, you're in your forever house and fall is approaching. Fall is the perfect time to consider your home's maintenance and renovation needs and is an ideal season to tackle these projects before the winter chill sets in. But it's crucial to approach them with a solid financial strategy in mind.

Let's explore how you can prepare financially for fall home maintenance and renovations.

Assess Your Home's Needs

Before diving into planning, assess what your home requires. Take a walk around your property, noting any areas that need attention. This could include:

  • Roof Inspection: Check for loose or damaged shingles.
  • Gutter Cleaning: Clear out leaves and debris to prevent clogging.
  • HVAC System: Schedule a maintenance check to ensure it's ready for winter.
  • Exterior Painting: Look for chipped or peeling paint.
  • Window and Door Seals: Check for drafts and reseal as needed.
  • Landscaping: Trim trees and shrubs and prepare flower beds for winter.

Create a Budget

Once you've identified the projects you want to tackle, it's time to create a budget. Start by researching the costs associated with each task. Get quotes from contractors if needed, and factor in materials and labor. You may also want to set aside a contingency fund of around 10% to 20% of your total budget for unexpected expenses.

Prioritize Projects

Not all home maintenance and renovation tasks need to be done at once. Prioritize based on urgency and budget. Critical repairs, such as fixing a leaking roof, should be a higher priority over cosmetic upgrades. Make a list and rank items from “essential” to “nice-to-have.”

Explore Financing Options

If your fall home projects exceed your current budget, there are several financing options to consider:

Home Equity Line of Credit (HELOC)
A HELOC allows you to borrow against the equity in your home, often with lower interest rates than other loans.1

Personal loans
Depending on your credit, personal loans can provide a lump sum with fixed interest rates.

Credit cards
For smaller projects, using a credit card with a 0% introductory APR offer can be an option, but be cautious of high interest rates after the introductory period.

Government programs
Some local governments offer grants or loans for specific home improvement projects, especially those focused on energy efficiency.2

Decide between DIY and Hiring Professionals

While DIY projects can save money, be realistic about your skills and the time required. Some tasks, like electrical work or major roof repairs, are best left to professionals to ensure safety and quality. If you choose the DIY route, factor in the cost of tools and equipment.

Save for Future Renovations

Fall is also an excellent time to start saving for larger renovations down the road. Consider setting up a dedicated savings account for home improvements. Even small monthly contributions can add up over time, giving you a financial cushion for future projects.

Stay Flexible

Lastly, stay flexible with your plans. Unexpected issues may arise during renovations that may require adjustments to your budget. Having a financial buffer and a willingness to adapt will help reduce stress and keep the project on track.

Fall is a beautiful season of change, and it's the perfect time to prepare your home for the colder months ahead. By approaching your fall maintenance and renovations with a solid financial strategy, you can ensure your home remains safe, comfortable, and aesthetically pleasing.

Military Finances are Different

A lot of retirees own houses. We're of the belief that it is more likely that a retired Senior Military Officer or NCO is more likely to have a mortgage on that house. Let's face it, you haven't been growing roots during your military career. That is the only way an Active or Retired Senior Military Officer's or NCO's finances are different from a civilian. That's why we think you should work with a financial planner/advisor that works with Active and Retired military members each and every day. If you'd like to find out how we work with people just like you, use the button below to schedule a free initial consultation.

If you found this article useful, you might like the following blog posts:

Military Finances 101: 8 Often Over-Looked Costs of Buying a Home


Some High Tech Gadgets for Your Forever House


5 Home Renovations That Can Affect Your Insurance




  1. https://www.bankofamerica.com/mortgage/learn/what-is-a-home-equity-line-of-credit/
  2. https://www.usa.gov/home-repair-programs

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