4 Steps to Budgeting for New Replacement Windows or Doors July 24, 2015 When you’ve made the decision to replace the windows and doors in your Toronto home, one of the most important first steps to make is determining a budget. If you don’t establish a budget for this significant home improvement project, you run the risk of doing one of two things: overspending or not capitalizing on the opportunity to completely transform any or all rooms in your home. Here are four steps you can take to establish a budget for these new replacement windows and possibly even entry doors. Step #1: Understand your personal finances. This may not sound like a realistic thing because most people would already know their finances, but in reality the vast majority of Canadians actually spend more money than they can afford to. We carry a lot of debt. Determine what your actual budget is for this home improvement project. Avoid overextending yourself because that can lead to stress, anxiety, and other problems down the road. Step #2: Understand the average cost of replacement windows and doors. The average cost of replacement window in the Toronto area is approximately $250-$700, depending on the type, style, and size of the window. Entry doors can range anywhere between $500 and $2,500, and even more. Step #3: Determine what rooms in your house are most important to you to have the windows replaced. You may not be able to afford to replace all of the windows in your home at the same time, especially if you want to change, modify, or upgrade the style or size of them. You may need to focus on just a couple of rooms at the moment until you comfortably pay them off. Step #4: Establish a maximum amount of money you’re willing to spend right now. If it is $5,000, that’s fine. If it’s less, no problem. If it’s more, great. No matter how much it is, it’s a ceiling and commit to not exceeding it for any reason. When you establish the ceiling, and you stick to it, you won’t be tempted to upgrade and go beyond by a few hundred dollars or thousand dollars because you discover options you didn’t know existed.
