It is well known that spring is the hottest market for real estate. Spring is also a very busy time for renovations – maybe you’re even renovating before you put your house on the market. For whatever reason, if a home renovation is in your future, here are 5 tips on how to get started!
- Don’t Underestimate Cost
Studies from popular websites show that homeowners consistently under budget some of the most popular renovations. For example, the national average budget for a kitchen renovation came in at just under $14,480—at least $5,000 under-budget for the average Canadian kitchen renovation. Keep in mind if you are not doing the work yourself a kitchen can take multiple experts and that’s just for the bare essentials. Price can also vary greatly depending on how high end and durable you want all the finishings to be.
- Make Sure You’re Not Going Overboard
Many homeowners believe that to increase a home’s value you must buy the most expensive finishings and materials for home remodels. Remember that home renovations rarely get a $1 to $1 return and some of the simplest renovations can make the most difference. For instance, according to Remodel magazine, reinsulating your attic can recoup as much as 117% on the reno dollars you spent, while you can expect a 92% recoup on the cost of replacing your garage door and a 91% recoup on the cost of replacing your front, entry door.
- Be Honest
Sit down and ask yourself some important questions and more importantly be honest with the answers. Are you a handyman? If so, do you have the time to dedicate to your remodeling project? Don’t forget – it’s not just labours and materials. You may also have pay to obtain permits.
- Add More Always
No matter how well you plan your budget reno there will always be unexpected costs. To avoid blowing your household budget, due to unexpected reno costs, add a contingency fund. Most contractors suggest adding 10% but larger projects may need 20% of the reno budget.
- Be Patient
A very simple yet important rule. Putting your home reno project on hold gives you more time to save up the money needed for this expensive endeavour. It also means not going into debt for an expenditure that may or may not give you a return on the dollar you spend. Finally, taking your time and careful planning avoids costly mistakes.