When most people think of home renovations, they think of time-consuming projects that sometimes cost an arm and a leg. However, remodeling your home and giving it a fresh look doesn’t always have to be a big to-do. You can add some pizzazz and unique touches to your home in as little as a weekend – and best of all, these are all projects that you can easily do yourself. If you’re looking for quick and easy ways to breathe new life into your space, you’ve come to the right place. Here are a few of our favourite DIY weekend renovations.
1. Update your doors
Sometimes doors can look plain and take away from the aesthetics of a room. This is especially true if you own an older home. Naturally, when a home has outdated doors, the first thought is to replace them. But, not so fast! You can save yourself the time and cost this renovation project. With a little paint, some decorative trim and precise measuring skills, you can easily create the illusion of having brand new doors. Sound like something you’re willing to tackle this weekend? Then check out this easy to follow Hometalk tutorial.
2. Create a feature wall
A feature wall is probably the easiest way to make over any room in your home. Within one weekend, you can turn your walls from drab and washed out to bold and eye-catching. We suggest you create your feature wall using either paint or wallpaper. But, before you go to town with your hue or pattern of choice, you want to be sure you don’t go overboard with this remodelling project. Avoid over-the-top murals as they’re often hard to fix if something goes wrong. Also, extravagant paint jobs and wallpaper typically don’t add value to your home and aren’t worth the investment.
3. Replace bathroom fixtures
When it comes to the bathroom, a new fixture can go a long way. A new faucet can completely revamp the look of an outdated vanity. You can also opt to replace your showerhead if that’s the problem area. Not only can this renovation transform the look and feel of your bathroom, it could potentially save you some money down the line. You can opt to install low flow shower heads and faucets. They’re eco-friendly and will decrease your monthly water bill. Here are some easy guides to help you install a brand-new faucet and shower head.
4. Give your closet a new look
Closet renovations are a new trend that’s taking over the renovation industry! Homeowners are pulling inspiration from celebrity closets and turning what used to be a basic space for storing clothes into their own personal show rooms and walk-in retreats. The best thing about an over the top closet is that it’s pretty easy to create. All it takes is a few new storage units and a weekend of reorganizing. You can even incorporate some décor and art pieces in your closet to give it more of a personal touch.
5. Boost your curb appeal
Sprucing up your home’s exterior is another great renovation project to tackle this weekend. This can easily be done by giving your yard a little TLC. Planting a garden and investing in some lawn care can make a big impact on your home’s visual appeal.
Updating your home’s look doesn’t have to be a time-consuming process. With these simple renovations, you can create a brand-new space that you love in no-time!
Thinking of renovating 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!
From replacing the countertops in your kitchen and bathrooms to completely revamping your home’s exterior – the options for renovating your home are almost endless. Your renovations can also be as luxurious and comprehensive as you can imagine. However, as your list of wants grows, so will the budget required to bring your vision to life. Figuring out how to finance a home renovation is a common source of stress for a lot of homeowners. Luckily, there are a number of financing options available for your home renovation project. Here are a few you may want to consider:
Personal savings and credit cards
Using your personal savings is probably one of the easier ways to finance your home renovation. If you’re embarking on a small renovation project such as replacing light fixtures, and carrying out the renovations yourself, this is probably your best financing option. You can set aside a little money each month for a period of time to raise funds for small remodels. This fund should be enough to cover the materials and tools necessary for your home reno. It’s also a good idea to set some money aside for unexpected costs and circumstances. Using a credit card is also a good option when it comes to small reno projects, just avoid carrying the balance on your card for too long to avoid paying a high interest.
Renovation Loans
Renovation loans are another great option for financing your home reno. If your renovation is going to end up costing thousands of dollars, a renovation loan is the best way to cover the expenses. Generally, the types of home renovation loans available include:
1. Personal loan: Personal loans provided by banking institutions provide you with the funds to make large purchases required for your home reno. These loans typically have lower interest rates than credit cards and a set time frame, typically 1-5 years, in which you’re required to pay off the loan.
2. Home-equity loan: Home equity loans offer pretty similar tax benefits in comparison to conventional mortgages. The only exception is the closing costs. When you’re approved for a home equity loan, you get the lump sum up front and pay it back at fixed interest rate.
3. Home-equity line of credit: Lines of credit are very similar to credit cards – you only have to apply once, and have continuous access to a set amount of money. When using a line of credit, you have the freedom to withdraw money whenever you feel necessary, and you’re only charged interest on the amount you use. Fees and interest rates associated with lines of credit vary greatly from institution to institution. If you’re considering a line of credit, talk to professionals and weigh your options carefully to get the best deal. Unlike credit cards, home equity loans and lines of credit typically offer the lowest interest rates as the loan is secured by the equity in your home.
Most banks offer different types of renovation loans, so you should be able to sit down with a professional in your institution of choice to go over their services, and decide which is best for you. Another thing to note is that some banks offer fixed home equity loans with increasing limits on the line of credit as you continue to pay down the fixed equity portion of the mortgage. This combines the best of both options and let’s you pay interest only on the amount you need to borrow — only when you need to borrow it.
With a fixed loan you start paying interest & principle on the full amount right away, regardless of when you actually need the money.
Mortgage refinancing
When you refinance your mortgage, you’re essentially replacing your current home loan with another one governed by different terms. Refinancing your mortgage is a good option if your home has increased in value and you’re able to get a lower interest rate. This option can free up some cash for homeowners through lower monthly mortgage payments.
For more helpful information on financing options for your home reno visit the CMHC website.
Thinking of renovating your home? Get in touch with us today!
Home renovations are inherently noisy. With hammers hammering, drills drilling and workers scurrying in and out of your space, the noise, hustle and bustle of it all can be overwhelming. During a home reno, your first instinct is probably to find a different place to stay, but, this may not be necessary. In certain situations, staying at home is the best choice. Plus, you get to avoid costs associated with finding temporary accommodation. Here are a few things to consider when deciding whether or not to stay at home during your renovation:
1. Safety
There are different types of home renovations – some safer than others. The safety level of your renovation is a huge factor when deciding whether to stay put or move out for the time being. Major roof remodeling, wood floor refinishing and asbestos or mold removal are examples of projects that definitely require moving due to health and safety concerns. In cases like these, there’s really no decision to make. Always prioritize your health and safety above anything else.
2. Timeline
Before packing your bags and hurrying into a hotel, you want to consider the timeline of your renovation. Some projects can be completed in less than a month, so you’ll be able to have your space to yourself in no time. However, for bigger renovations like kitchen remodels which take over a month to complete, you may want to look into housing options as it can be difficult dealing with the noise and clutter for an extended period of time.
3. Project scale
It’s important to think about the scale of your renovations. Some projects like a complete home remodel, make it practically impossible to live at home while they’re being worked on, while others only place little restrictions on your movement within the home.
4. Access to necessities
Regardless of the scale of your renovation, you have to consider the access you have to necessities such as your bathroom, kitchen or even your home office. As a general rule of thumb, when a home reno restricts access to any part of the home you consider an integral part of your day-to-day routine, it’s probably best to live elsewhere for the time being.
5. Effects on project outcome
Some homeowners choose to stay at home during a renovation to avoid excess costs. However, in some cases, trying to avoid these costs can actually affect the project outcome. Living at home could extend the timeline of your renovation as workers have to adjust their schedules to accommodate your daily routine – and the longer the timeline, the higher your budget. If your presence in the home stops workers from doing their work efficiently, moving out may be a better choice. Your bank account will thank you for it!
6. Personal boundaries
As previously mentioned, renovations come with a lot of noise. Depending on the project, you may have restricted access to various parts of your home. Also, different tradesmen coming in and out of your space could impact your privacy. It’s up to you to decide whether or not you can deal with the impacts of a home reno on your day-to-day life. This may even be the biggest factor to consider.
Deciding where to stay during a home renovation isn’t as cut and dry as it seems. However, if your project has a short timeline, is small in scale and affects small unintegral parts of your home, then it’s okay to live in while renovations occur.
Thinking of renovating your home? Get in touch with us today!
When remodeling their homes, many often ask “do I really need an interior designer?” It may seem like an unnecessary expense up front, or even a bit frivolous, however, if you are spending time and money on remodeling your house, it may very well be worth it. Here are some reasons why.
1. Save Yourself Some Money
When doing a remodel, paying an interior designer might not seem like it will save you money, but creating a cohesive look in your home can be a daunting task, and costly mistakes can easily be made. For example, do you know with certainty that the paint colour you picked will work with your lighting and furniture choices? Or if you’re shopping for furniture, are you certain that you’ll be just as happy having it in your home as you were seeing it on the showroom floor?
Additionally, a designer will know how to get the best value out of your design budget. They work with you to ensure you understand where every dollar of your money is going. Plus, they have access to resources and know of products that you may not even be aware of. This will save you endless hours of researching and comparing products and prices, which, of course, is valuable when you have other important things to attend to.
2. Increase Your Home’s Future Resale Value
Hiring an interior designer can help boost the appeal of your home when you eventually decide to sell. Their professional touches can add an appealing aesthetic to your home, which translates into an increase in showings. Plus, this increased appeal means your house will sell faster and won’t be sitting on the market for an extended period of time, which means money in your pocket much sooner.
3. Receive Invaluable Professional Guidance
A good designer can help you determine your personal style without pushing their own preferences and style on you. While they may give some nudges to help you think of ideas that you haven’t thought of yourself, they’ll be adaptable in integrating your feedback and personal tastes. Also, they are trained to expand on your vision and bring it to life. A lot of designers also offer 3D modeling or sketch boards to help you visualize what your new space will look like. With that being said, it’s always good to choose someone who takes the time to understand your tastes and your lifestyle. If it doesn’t feel like a good fit when speaking with a prospective interior designer, move on until you find someone you can trust and connect with.
4. Get the Wow Factor
Have you ever walked into a showhome, seen photos online, or visited a showroom and said ‘wow! how did they do that? This looks fantastic!’? Designers are always the ones behind the vision that make people feel an ineffable sense of awe. They are the ones that bring all the components of a room together beautifully. And rightfully so – they do this all the time! They are trained to think differently and can see the overall picture of a room while knowing the little components that pull it together. With an interior designer, not only will you get good design, you’ll also get an attention to detail that ensures everything fits perfectly and is truly unique to you and your home.
It can be difficult to determine your bathroom remodel budget because of the many components that go into making a bathroom functional and beautiful. There are countertops to choose from, bathtubs to consider, and design styles to sift through. Here are some things to keep in mind when building a bathroom renovation budget:
Set a budget as early in the process as you can
Ideally, the bathroom renovation process starts months before the first hammer falls. This ensures that you can come into the process well informed about the products you’d like, and set realistic expectations about how a remodeler can work within your budget. While your cost estimates may change as you learn more about the options and your project goals, having a realistic budget in mind helps guide the entire process.
Deciding on the scope of work
Your budget will largely be dependent on your project’s scope of work. Of course, just replacing a bathroom vanity is cheaper than a full gut-and-replace renovation. The scope of work will also affect soft costs – the larger the job, the more time a remodel will take so things like jobsite cleanup, debris removal, and project management will cost more.
Your cost will also be dependent on the amount of design work needed, as well as building permits, especially if you plan on removing walls, rewiring lighting, or rerouting plumbing. If layout changes are required, expect the total cost of the remodel to increase by 10-20%.
Which bathroom are you remodeling?
The bathroom you remodel also affects the overall cost. For example, a powder room (or small half bath) will be a lot less costly than a hall bath or master bath because there are less materials, and less hours required to complete the renovation. For reference, a powder room remodel takes 2 to 3 weeks, a hall bathroom takes 3-4 weeks, and a master bathroom can take 6-8 weeks.
Average costs for vanities
If you’re looking to update your bathroom for the lowest cost, replacing the vanity and countertop can make a huge difference. This can be done inexpensively with an all-in-one vanity (where the cabinet, counter and sink are included). Alternatively, you can go the custom route.
All-in-one vanities are a great option to save money, but be aware that the quality varies significantly. For this reason, you’ll see whole packages ranging from $200 to $3,000. There are limitations to all-in-one vanities though – they come in limited style and size options that may not work with your personal tastes or bathroom layout.
A custom vanity, on the other hand, is designed and ordered to fit your space, and comes in a multitude of design options, including custom storage solutions and detailing work on cabinet doors. Custom vanities start around $1,000, and go up from there, depending on the level of detail you want. However, unlike all-in-one vanities, you will need a sink (which can range from $50 to over $2000) and a countertop.
Average cost for countertops
Every countertop material has its advantage and disadvantages, so it’s a personal decision to weigh price versus quality of materials. Laminate countertops are the cheapest option at $40-65 per square foot, but aren’t as durable as stone options. Granite countertops are durable and versatile, but can run you around $50-$200 per square foot. And unlike laminate, you can’t just buy what you need – you’ll have to buy a slab and have it cut to your bathroom’s dimensions. Resin countertops will cost about $50-$125 per square foot and are very durable – an attractive option if granite is too pricey.
Average cost for bathtub and showers
Again, the cost is largely dependent on your choice of materials and style. If you are looking to replace and install a bathtub or shower, it will cost between $1,500-$6,000 plus the cost of labour. There may also be other costs associated with replacing a bathtub or shower, such as moving walls, re-plumbing, and installing a new waterproofing system.
Do you have any questions about how much it will cost to renovate your bathroom? Give us a call today at 289.780.0748 for a free, no-obligation estimate.
Do you feel like your home could use an update? Whether you’re annoyed with your appliances causing your power bills to soar or you’re tired of looking at outdated pastel walls, 2018 has brought a few renovation trends that will bring your house into this decade and beyond. Here are the 6 most popular trends of this year.
1. Universal Design
Universal design, also known as “aging in place” design, makes it possible for people to stay in their homes well into their golden years. In a home with universal design, you’ll see things like wheelchair-accessible open showers instead of bathtubs. There are often also contrasting colours for easy visual navigation and open concept spaces for ease of movement.
2. Eco-Friendly Materials
In 2018, homeowners are looking for more than a simple energy efficiency sticker. They’re concerned about the sustainability of product development, the life cycle of products, and how they affect air quality in their home.
One of the biggest changes happening this year is in flooring options. Bamboo is becoming increasingly popular because it grows quickly and doesn’t require as much land to grow as other hardwoods do. This makes it a more sustainable option. Cork is another eco-friendly option gaining momentum, and is great for sound absorption.
Water consumption is also important if you plan to create a green living space. Homeowners are replacing their water-guzzling toilets and showers with low-flow options. They’re also planting native species of flowers and trees that are already climatized and therefore don’t require as much external water or pesticides to grow.
Additionally, we’re seeing more people upgrading their windows to eliminate air leaks; reducing heating and cooling costs. There is also an increased demand for plant-based paints with no volatile organic compounds (VOCs) to minimize indoor air pollution.
3. Luxury Basements
Basements are no longer the damp, cold storage spaces for forgotten household items. The basement has now become a luxurious getaway for homeowners. We’re seeing more requests to renovate basements to be an additional entertainment space, home gym or music room. Adding an in-law suite is also very popular to accommodate aging parents or multi-generational families.
4. The Connected Home
2018 has become the year of making technology a staple in any home renovation. The goal of new tech, is to streamline your life.
New tech will also save you time and money. Here are a few of the most popular options:
- Install USB plugins in the kitchen to charge your phone as you look up recipes or browse the internet while cooking.
- Get a doorbell equipped with a camera. You’ll save plenty of time not answering the door for solicitors!
- Install programmable lighting and thermostats. Both allow you to save on utility bills while giving you one less thing to worry about every day.
5. Colour
Painting isn’t exactly a major renovation, but it has turned into one of the hottest home renovations of 2018. Homeowners are turning away from neutrals like whites, greys and beiges. Now, they’re painting their walls and cabinets bold statement colours that stand out.
Just look at any paint company’s most popular colour of the year. Benjamin Moore’s colour, Caliente, is a rich red that is sure to make a statement. Dulux’s paint colour of 2018 is the deep hue Black Elegant. Valspar’s is the bold Deep Indigo. It seems that the trend of clean interiors is taking a backseat to a colourful, personalized, and homey feel.
6. A Natural Touch
Like in fashion, the 90’s seems to be making a resurgence when it comes to home renovations. Wooden cabinets are back, but homeowners are most interested in reclaimed wood, or wood with a less polished or finished feel. This is different than what was seen over 25 years ago. You’ll also see the more rustic wood look in furniture, cabinets, and wood ceilings.
Are you looking to update your home with one of 2018’s hottest renovation trends? Schedule a conversation with us today!
Your home is likely the biggest investment you’ll ever make and if you’re looking to sell, you will want that investment to pay off. Luckily, there are many renovations that will boost your home’s value and appeal to potential buyers. To ensure you get the most bang for your buck, here are five renovations that almost entirely pay for themselves in resale value.
1. Replace your garage door
Replacing your garage door is the best renovation for overall return on investment. You’ll not only recoup up to 98% of the cost, but it’ll greatly increase your home’s curbside appeal. Be sure to choose a garage door that can withstand Hamilton’s varying temperatures and weather conditions to get the most out of your investment.
2. Fix your flooring
Flooring makes a big impact, and can be a make-or-break for many potential buyers. Take a look at your carpet – is it stained or frayed? If you have hardwood, is it scratched from years of pets roaming around? Also check if any tiles are cracked or if any linoleum is peeling. Regardless of whether it’s true or not, the buyer is likely to assume your house hasn’t been well maintained if the flooring is in rough shape.
When it comes to flooring, hardwood proves to be the best return on investment adding up to 2.5% on to your home’s sale price, but it can be pricey to add to every room in the house. If you’re looking for a less costly solution to appeal to buyers, opt for hardwood in public areas like the living room and hallways, and install new carpet in the bedrooms.
3. Give your kitchen a makeover
Many buyers still consider the kitchen to be the heart of the home, and therefore the most important room in the house. So it’s no surprise that giving your kitchen a makeover will appeal to potential buyers.
You don’t have to completely gut your kitchen to increase your home’s value. In fact, high end kitchen remodels have a lower return on investment than mid-range remodels. This is because it’s easier to recoup the cost of lower ticket items like appliances and an updated backsplash than it is for custom cabinetry. Also, neutral paint colours have been shown to be the most appealing when selling your home.
4. Upgrade the bathroom
Home buyers are typically looking for clean and modern bathrooms. The cheapest upgrade options are lighting fixtures and sink hardware. Though, if your bathrooms haven’t been renovated in over 20 years, it may be time for a more extensive remodel like a new bathroom vanity, sink and tub.
If you have multiple baths and are looking to prioritize what you renovate, master baths and powder rooms are the best places to start since the homeowners will be primarily using the former, and guests will be using the latter. Secondary baths like those found in the basement, hold less weight to buyers. And as with kitchens, buyers have been shown to overwhelmingly prefer neutral paint colours.
5. Don’t forget the outside of your house!
Buyers often make their decision whether or not they’ll buy before they even enter your house, so make sure to consider how the exterior of your home looks. For your front yard, there are a number of cheap and easy options to boost curb appeal, like keeping the grass cut, adding a few colourful flowers and trimming overgrown bushes. If your siding is still in good shape, consider adding a fresh coat of paint.
In your backyard, low maintenance gardens and a tree or two can go a long way – buyers value having privacy and some shade. In fact, mature trees can add up to 20% on the sale price of the home.
Are you ready to start renovating your house to attract buyers and boost your home sale price? Schedule a conversation with us today!
Home renovations are wonderful – you get to update your home to your tastes, and likely increase the resale value down the road. However, renovations are a large undertaking that require plenty of materials, time, and labour, all of which cost money. For this reason, before you even begin to plan the details of your renovation, the first step should be coming up with a budget.
It might not sound like the most enjoyable task, but it will help you avoid taking on unnecessary debts by determining at the outset what you can comfortably afford. And if you love HGTV or thumbing through home renovation magazines, a budget can also help you prioritize what is within your reach. To avoid breaking the bank with your next renovation, here are five tips to help you stay on track with your budget.
#1. Plan, plan, plan
One of the main keys to successfully renovating your home on a predetermined budget is to know as much as possible before the first nail is hammered. It can be easy to look online and make general assumptions about costs, but don’t forget that there can be huge differences in price for things you’d otherwise think were consistent. For example, floor tiles that may look similar in quality can be radically different in price. Small choices like ceramic versus porcelain, or the size of tile can result in a big change to both material and installation costs.
Customizing your selected materials also adds to the bottom line. For example, you may see countertop prices and think you know the price per square foot, but things like non-standard lengths and holes that need to be made for sinks and faucets can add to the cost.
#2. Stick to the plan
Once you do come up with a plan, stick to it as best as possible. Last minute changes will undoubtedly extend the timeline of your remodel, which means you’ll be paying more in labour costs. You also run the risk of doubling up unnecessarily on materials if you change your mind and are unable to return your original selections.
#3. Budget for additional expenses
Aside from labour and materials, keep in mind that you’ll likely have to pay for drawings and construction permits. And if your home is older, you may have to update things like electrical work that isn’t up to current code. Also, be sure to check if renovating your home means paying a higher tax rate and insurance premiums.
There are also expenses like taxes and shipping on materials, hotel stays and eating out more often which can add a hefty sum to your budget.
Overall, it is a good idea to budget 20% of your initial renovation costs for potential changes, material or design upgrades, and unforeseen costs.
#4. Make compromises
If you plan ahead, you can see an itemized list of what will be costing you money. And if one line item seems high compared to other higher ticket items, you can likely find comparable items at a lower cost. For example, while fancy lighting fixtures may look beautiful, they can cost a pretty penny. To reduce costs, see if the same style can come in different materials, in a smaller size, or can be created to be a bit less ornate.
If you’re having a hard time choosing materials or knowing what a comparable alternative is, an interior designer can guide you.
#5. Communication is key
When you’re ordering materials, don’t be scared to ask for discounts. Just because they gave you a quote doesn’t mean it’s not negotiable! Or you can always ask your contractor too if they have a recommended supplier – contractors are often repeat customers who do a large volume of orders, so they can have more leverage for price negotiations.
Also, be sure to tell your contractor your budget. Many people assume a contractor asks because they want to upsell you. However, the real reason for this is they need to see how they can best help you. Good contractors will always work with you to hone in on exactly what you want to make your renovation dreams come true within your allotted budget.
If you are ready to renovate your home or have questions about the renovation process, schedule a conversation with us today!
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