Home Renovation Budget Guide: Don’t Start Your Project Without Reading This!
Hey there, fellow homeowners! Tom from Fort Sask Reno here – if you’re thinking about embarking on your dream home renovation journey, you’ve come to the right place. We’ve seen, done and fixed it all! In this ultimate guide, we’ll break down everything you need to know about budgeting for your dream home renovation!
Renovation Goals & Evaluating Your Current Space
Figure out why you want to renovate. Are you looking to create more space for your growing family while increasing your home’s value? Is there something not working? Walk through each room and make a list of what you’d like to see. Prioritize these based on what’s most important. A contractor will help you understand what’s involved in the process. For one job, homeowners wanted to add a bathroom. Our drawings showed how we’d have to move walls, add plumbing and electrical, which increased the cost.
Creating a Realistic Budget
Now, let’s talk money. Budgets prevent you overspending during any size of renovation project. Your budget will be your roadmap, helping you make decisions and keep you from overspending. I about people with grand visions but have a shoestring budget. They cut corners and regret it when things start falling apart. Set a realistic, yet flexible budget for the unexpected. Once, we discovered hidden water damage on that needed immediate attention during one renovation. If the homeowner’s budget wasn’t flexible budget, we couldn’t have fixed the damage.
Research and Planning Your Reno
Spend time gathering ideas, whether online, from shows or magazines. Once you know what renovations you want done, and have design ideas, you need the right contractor. Depending on the scope of your project, you might need a variety of trades. Rather than try to find them all yourself, hire a contractor who will take care of that for you. When finding contractors, get recommendations, read Google reviews and check references!
Get More Than One Quote
Always get multiple quotes! Once, a client said they got a quote that was way above their budget, so they got quotes from other companies, including ours. Compared to us, the other company was charging three times more for labour alone. They were thrilled to get a better deal without compromising quality. Once you found the contractor you want to hire, always – and I mean always – get everything in writing. A contract protects you: don’t rely on verbal agreements; put it on paper! If a company refuses to put it on paper, walk away – it’s not the deal you think it is.
Funding Your Renovation
Have you planned how you’ll pay for the renovation – have you saved up, or is the renovation urgent? Try to avoid your credit card and look into these options instead: loans, grants and financing. For example, low-interest loans or government grants for energy efficient upgrades. You can get your renovation done for less and you help the environment!
Managing Your Budget During Renovation
Managing your budget during the renovation is crucial. Keep a close eye on costs, and don’t be afraid to adjust as needed. On a recent project, we discovered plumbing issues that required additional work. We adjusted the budget to accommodate these unexpected expenses.
Regular Updates
Stay informed about the progress and expenses. Regular updates from your contractor will help you make informed decisions. Communication is key. I once had a project where the homeowners didn’t want to be bothered with updates. It led to misunderstandings and frustration.
Handling Unexpected Costs
No matter how well you plan, unexpected costs can crop up. It’s crucial to have a contingency fund. While renovating an older home, we found extensive carpenter ant damage under the flooring. Thank goodness we had a contingency fund to cover the unexpected repairs. Aim for 10% of your budget as a contingency fund minimum. It’ll save you when the unexpected happens.
DIY vs. Hiring Professionals
Consider your skills and the scope of your project when deciding between DIY and hiring professionals. Not only do the pros have the knowledge, but they also have the right tools and access to the best materials at the best prices. It’s better to pay professionals to do it correctly from the start, than pay them more to fix your mistakes.
Staying on Track and Adapting
Renovations can be unpredictable. Expect changes, or to find things that need to be fixed during the process. Once, we had to delay a renovation because the homeowners wanted to change the layout mid-project. While it added time and cost – which they were informed of, they were much happier with the final result.
Adding the Final Touches
As you near completion, it’s time to think about the finishing touches. Allocate some budget for decor and furnishings to make your space truly yours. Consider colors, textures, and personal touches. Adding a consistent color palette and a few personal items transformed it into a cozy, inviting space.
Final Inspections and Quality Control
Before you celebrate, go through the final inspections and quality control. Walk through the space with your contractor to identify any issues that need fixing. It’s easier to address them now than later. Don’t rush through the final walk-through only to discover problems after the contractors leave. Be thorough!
Enjoying Your Dream Home
Congratulations, you’ve made it! Settle in and make it your own with personal touches and spending time in it. I once renovated a family’s kitchen, and years later, they told me it was their favorite room in the house. The memories made there were priceless.
Conclusion
There you have your dream home renovation! Remember, this journey is about creating a place where you and your family can make lasting memories. Plan carefully, stay on budget, and remain adaptable throughout the process. Fort Sask Reno would love to hear from you, for one room or a whole house. Home renovation can be chaotic, but with the right guidance, your dream home is in reach.