Renovating a home can be expensive, which is why you can just be doing renovations on a whim. When you have some extra disposable income, you will still need to be practical. Budgeting and planning should go hand in hand so that you won’t be wasting your hard-earned money. Every space and material should count. Here are tips to get the most of your renovation plans.
1. Ensure That You Have Enough Budget
Homeowners may want to have new tiles set up or perhaps add another room, but they tend to set budgets that end up being not enough. That’s the case with those who want some of the most popular home renovation projects. A kitchen renovation can reach up to CAD$14,480. General contractor service includes licensed and certified electricians, gas experts, and plumbers who have varying rates of their own.
Many homeowners also underestimate the cost of new flooring, windows, and fences. The budgets they tend to have suffices only for small spaces using standard materials. Window replacements can reach up to CAD$1,600 per window and more if you want larger windows in place of your current ones. Be sure to set enough budget for your home renovation.
2. Prioritize What Areas Need Renovation
Renovations happen because there’s an impending need in your home that requires it. Your current home doesn’t meet a specific need, so you want to launch a project to make it fit your lifestyle. It can be adding an extra room or space or maybe updating your kitchen or bathroom. Know what your priorities are and stick them.
You can list them down and make sure that you’d only focus on what locations need remodelling. Avoid adding minor details that can wait for later. For example, you need more space in the kitchen, so you may have to knock down a wall. Your kitchen appliances also need updating, but they’re still in good working order, so there’s no need to spend on new ones immediately. Stick to your priorities to avoid spending so much money right away.
3. Secure A Building Permit
When you’re able to get the permits ready before the renovation, you’re not only saving time, but you’re also making sure that you’re on the right side of the law. Some homeowners ignore obtaining a building permit and are forced to stop the construction in the middle of the project. The reason for building permits is to ensure that your contractors are meeting fire and structural requirements.
Code inspectors can force you to halt a construction job if you’re not following these requirements. A top tip for remodelling your home is to check the local municipal building department. They will share information that you may need to discuss with your trusted contractors regarding the project.
Making the right decision can make a difference when you’re looking to sell your home sometime in the future. It will serve you best to think ahead and get the necessary paperwork before the actual project.
4. Do Your Research
If you’re new to renovation projects, you can ask your family, friends, neighbours, and close colleagues if they’ve done any renovation projects at their homes. You also need to know about the possible challenges you could face in the middle of the project. Having practical information can help you while planning for the process.
You can also renovate your home economically this way. You can find options for the additional accessories for the space you want to change. If you’re eyeing a specific lamp, you might find a more affordable alternative. In truth, some tools and materials fall under the high-end range. Your budget doesn’t also have to suffer. Plan it carefully with your contractor as they can give you valuable advice.
5. Try Home Equity Line Of Credit
If you find yourself with barely a budget to start a home renovation, you’d want to check the home equity line of credit (HELOC). It’s a popular way in Canada to finance home renovations. The homeowner can borrow the amount of money they need that may reach up to the credit limit. It’s similar to regular credit lines that you can pay back and borrow again when you need it.
HELOCs have low interest rates, and they can reach up to prime plus at 0.5%, which is comparably more minor to regular credit lines ranging from three to four percent. If you have enough equity on your home, you’re in luck!
In Conclusion
Home renovations aren’t just costly, but they can also be stressful if you’ve not planned it well enough. You should have information on what you can encounter during renovations and enough budget for your project. Discuss it with your contractor to ensure that both of you are on the same page.
