How to Plan for a Home Renovation in Canada
If executed properly, a home renovation can be really exciting. But poor planning can take what should have been exciting and turn it into something stressful.
And since we don’t want your home renovation to be a source of stress, we have compiled some of our top tips for planning a home renovation.
Tips for Planning Home Renovation
Don’t underestimate how much it will cost.
One of the biggest problems that Canadians have when they begin thinking about renovations, is that they underestimate how much those renovations will cost.
According to TrustedPros.ca,
The average budget that Canadians had for a kitchen renovation was $14,480 – or about $5000 less than the average cost of a kitchen renovation.
Consider whether the big ticket items are really worth the price.
Especially if the purpose of your home renovation is to increase the value of your home for resale, you need to think about what kind of return you are going to get.
When it comes to renovating for resale, sometimes simpler is better.
According to Remodel Magazine,
the return on re-insulating your attic can be as much as 117% while a bathroom remodel can expect to recoup around 60-65%.
Honestly Assess Your DIY Skills.
If you are handy, chances are you might be able to save yourself some money by doing a portion of the work yourself. But be honest about your skills.
If you end up having to hire someone to correct your mistakes, there is a good chance that you will end up paying more than you would have had you simply hired a professional in the first place.
Figure Out Your Finances.
If you are not going to pay for your home renovation out of your savings, how are you going to pay for it?
Having a plan in place as to where the money is going to come from will go a long way towards alleviating some of the stress that is often associated with renovations.
Some of your options include using a home equity line of credit (HELOC), refinancing or government rebates.
Plan How You Will Manage Your Day to Day
Depending on the extent of the renovation, you will likely have to change the way you use your home for a few weeks or maybe even months.
If you are having a kitchen renovation, you may want to set up a microwave and coffee maker in another room.
Likewise, if your bedroom is being worked on, maybe you need to inflate the air mattress and set it up in your basement. Take some time to think about how a renovation will disrupt your daily pattern and then find a way to accommodate that.
Speak to a member of the Superior Construction team, for Home Renovation services in GTA and York region!