Home renovations can be pricey. From contractors and quality materials to a top-notch interior designer – there are lots of things to budget for when it comes to a remodelling project. However, do you know that there are a number of avoidable mistakes that can greatly increase your renovation budget? We’ve come up with five common and unnecessary mistakes that most homeowners make which affect their home renos and their wallets.
1. Waiting too long to renovate
A lot of homeowners are guilty of making do with the damages in their homes. In an effort to save money, they wait until damages are unbearable before finally deciding to renovate. However, waiting to renovate isn’t always a good thing. Doing small renovations when they’re needed can prevent a small problem, like mold in your bathroom, from spreading or getting worse – thus requiring a more complex fix. Also, doing one small renovation at a time is significantly more convenient than waiting to redo your entire home. These small reno projects save you from the major inconveniences that large remodeling projects come with – like long timelines, and temporary residences.
2. Cutting costs
Sometimes, homeowners make the mistake of looking for and purchasing the cheapest materials for their home renovations. Although sticking to your budget is advisable, it’s definitely not a good idea to skimp on quality. Cheap materials have to be replaced more often because they’re more susceptible to wear and tear. So, while their current price points might be appealing, they’ll cost you much more in the long run.
3. Choosing the cheapest contractor
Deciding on the best contractor to work with is arguably the most important step in the home renovation process. Not only do contractors work to bring your vision to life, they also give much-needed guidance and advice. Since choosing the right contractor is vital to a successful renovation, is best that you don’t go for the cheapest option. When it comes to sourcing help for your renovation project, you want to get different quotes and settle on the average cost. Cheap contractors usually sacrifice other aspects of your renovation to make up for their low bids. So, for example, they may use subpar materials and quick fixes. As a general rule of thumb, if the price seems too good to be true, it usually is.
4. Overly trendy renovations
Remodelling your home is the perfect way to add personality to your space. However, you want to make sure that the vision you have isn’t too trendy or bold. Sure, gold faucets and loud paint colours may be in vogue now, but who’s to say what will be popular next year? Due to the fleeting nature of trends, you want to avoid incorporating too many of them into your renovation. A reno that’s too trendy will end up greatly decreasing your home’s resale value as it won’t appeal to a lot of buyers in the market.
5. Under Budgeting
Regardless of how well you plan, there’s still a chance that something will go wrong during your home reno. Materials could be delayed, or you may even come across a bigger problem while trying to fix the current one. Leaving allowances for delays and other unforeseen circumstances is the best way to ensure that your renovation is completed within your budget. Otherwise, you can expect to shell out some money you didn’t plan on spending.
Your pockets don’t have to take a big hit due to your home renovation. By avoiding these five common mistakes, you’ll be well on your way to an affordable remodel with no unpleasant surprises.
Thinking of renovating your home? Get in touch with us today!
In-law suites are all the rave! Whether you live in a multi-generational home or would just like a beautiful space for family to stay when they come over – in-law suites can be extremely useful additions to your home. Just like any other room in your house, your in-law suite can be constructed and styled in any way you want. However, before calling your contractor and selecting renovation materials, here are a few things to consider when constructing a space for your in-laws.
1. Building codes
Before making any addition to your home, it’s a necessary and good practice to check your local building codes. There are usually guidelines and limits to what you can do with an addition to your home. Typically, additions are limited to having a living area, bedroom, bathroom and small kitchenette. Anything other than these rooms will require separate permits. This is because a more sizeable addition to your home will result in it not being considered a single-family home anymore. So, before you get to building, check what is permitted and what isn’t. It’ll save you a ton of time and stress.
2. Location
As with everything that has to do with real estate – location is everything! With a vision of your dream space in mind, it’s time to pick the ideal spot to build or convert into the in-law suite. Usually, people opt to convert their basement, attic and even their garage into a separate space for their in-laws. When looking for the right location, choose an option that makes the most sense for your home and the occupants needs.
3. Accessibility
Since in-law suites are usually designed for elder or ageing residents, it’s important to address all accessibility needs and concerns. During the design and construction process, work with your contractor to identify and remedy any safety hazards. This could mean anything from using calming paint colours to installing shower seats and grab bars in the shower. It’s essential to ensure that your in-laws can comfortably and safely use every part of their space when they’re over for a visit.
4. Finances
As with every other renovation project, it’s important to take a look at your finances and figure out what you can and can’t afford. Your renovation budget determines everything from the scale of your project and the materials you use, to whether you can renovate at all! Before diving headfirst into any remodelling project, have an honest conversation about your finances and set a reasonable budget for yourself! For a better look at what to include in your renovation budget, check out our budgeting blog.
5. Utilities
Utilities are usually the last thing on anyone’s mind when renovating a part of their home. However, when it comes to in-law suites, it’s one of the major things to consider. We advise that your new addition have its own separate power, heat and water source. This way, you can turn the utilities off when your in-law suite isn’t occupied. Separate utilities can also come in handy if you decide to rent this space out in the future.
6. Personal taste
Last but certainly not least – personal taste. When constructing an in-law suite, you want to keep the occupants in mind when picking everything from renovation materials to colours and furniture. This will make sure that your in-laws are able to enjoy their space as it’s a representation of their personal style.
Thinking of adding an in-law suite to your home? Get in touch with us today!
When it comes to home renovations, creating your dream space isn’t the only objective. Homeowners also want to get a bang for their buck! This means investing your time and resources into renovation projects that are within your budget and increase the value of your home. While it’s common knowledge that renovations like a kitchen remodel and new flooring can exponentially increase resale value, many homeowners are unaware of the more affordable tweaks they can make to make their homes more appealing. Here’s a quick look at five unconventional and affordable ways to increase your property value.
1. Paint your front door
There’s no doubt that the first thing buyers fall in love with is a home’s exterior. When putting their homes up for sale, homeowners usually get a fresh paint job and a well-manicured lawn. However, the front door is an important component often skipped over. Painting your front door and making it look brand spanking new is a great and inexpensive way to add to your home’s curb appeal. Depending on your home’s aesthetics, you can even get creative and choose bold colours to compliment the look of your house and make it more appealing to buyers.
2. Replace old windows
Not only do new windows have the ability to beautify a space, they’re also a great help when it comes to insulating your home. Replacing old windows with newer energy efficient ones is a great way to revamp your space and add to your home’s value. Not to mention, new windows can save you hundreds of dollars in heating bills. In a country like Canada with a long chilly winter season, a properly insulated home is invaluable.
3. Install modern lighting fixtures
Lighting is one of the most important components of a home’s interior – not only does lighting serve a crucial function, it can also be used to add a decorative touch as well. With buyers increasingly looking at every detail of a home before making a purchase decision, installing modern energy efficient lighting fixtures could make all the difference. This small renovation has the ability to turn an outdated shabby space into a contemporary and trendy one which is more desirable in today’s market.
4. Exchange light switches for dimmers
Nowadays, going green and living in a more sustainable way is the new normal. We’re seeing a surge in the number of buyers looking for energy efficient homes to complement their sustainable lifestyles. Exchanging your traditional light switches for dimmers is a fantastic way to capitalize on this trend. Modern day dimmers utilize motion sensors that turn your lights off when no one is in the room allowing you to use even less energy.
5. Landscape
As previously mentioned, a well-kept lawn does a lot for the visual appeal of your home. Since the lawn is one of the first things buyers notice, it’s a good idea to invest in a little lawn care. Mow your lawn, trim your hedges and put in a few flower beds to make your home look more inviting. However, when maintaining your lawn, you want to keep it simple. Steer clear of elaborate fountains, stone paths and the likes as they don’t appeal to everyone and most likely will not add value.
Increasing your property value doesn’t always require a major investment. With these minor and imaginative renovations, you can be sure your home will attract tons of buyers in the resale market!
Thinking of renovating your home? Get in touch with us today!
As exciting as a home renovation is, it can also be expensive. From materials to labour, the costs of creating your dream home can add up. When setting the budget for your renovation project, there are a number of factors to consider before settling on a final number. We’ve come up with a few major cost categories for a typical home renovation. These categories are where the money for your renovation usually goes and should be researched thoroughly before you start your project to ensure you’ve put the appropriate amount of money aside.
Materials
In regard to the materials required for your renovation project, you get what you pay for. When coming up with a budget, you want to consider the quality of materials you want to be used in your home. For example, if you’re upgrading your kitchen, opting for stone countertops and custom cabinets will require a much larger budget than laminate countertops and standard stock cabinets. Seeing that stone countertops such as marble or granite can cost anywhere from $2,000 – $5,000+, while laminate countertops come in at a more affordable price of $800 – $1,600+, there can be quite a difference in the budget required for your reno depending on the materials you want.
Labour
The amount of money you set aside for your renovation is heavily influenced by your decision to either DIY it or work with professionals. If you DIY your renovation project, you may get to save big on labour costs. However, unless you have some expertise, going down this route could cause some very expensive mistakes.
Homeowners who opt to hire professionals should always leave room in their budget for contractor costs. Most contracting companies will charge anywhere from 10 – 20% of the total renovation costs. So, if for example, your renovation costs $20,000, then you can expect a contractor to charge you anywhere between $1,000 and $4,000. Remember, each contractor is different, so it’s essential to get different quotes. This will ensure that you get the best deal and quality service.
Permits and inspections
Depending on the scale and type of renovation, you may be required to have a building permit and to book an inspection to make sure the work done in your home is safe and up to city standards. Generally, projects that require adding or removing walls, electrical work, adding accessory structures such as garages and patios, and even completing an unfinished basement requires a building permit and subsequent inspection. The amount of money set aside for building permits can vary greatly depending on where you live. Nevertheless, these costs should be factored into your final renovation budget.
Interior design and home styling
No home renovation is complete without the perfect touches of design. Interior design is an important step in bringing your renovation dreams to life and creating a space that truly reflects our personality. When budgeting for your home reno, it’s essential to consider the costs of working with an interior designer, if you choose to go down that route. Prices for interior designers vary as they all bring different levels of expertise. Some may charge $150 an hour or less, while others charge upwards of $250. As with any other hired labour, you’ll want to get different quotes to ensure you’re getting a fair price.
Mistakes and delays
Finally, when putting together the budget for your renovation, it’s important to factor in the possibility of mistakes and delays. No renovation project is perfect. Sometimes materials take longer than expected to arrive and delay the renovation process. We suggest putting some money aside, as much as 20% of your total budget, to cover unforeseen events and circumstances that may arise.
Budgeting for a renovation can be tricky. If it’s your first time embarking on a renovation project, it can be difficult to know what to set money aside for. There are many factors that go into a successful renovation. However, as long as you consider the major costs mentioned above, you’re well on your way to budgeting appropriately for your next renovation.
Thinking of remodelling your home? Get in touch with us today!
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