There are a number of unique renovation projects you can choose from but not all may be a good investment. However, each situation is different, and we all know of someone who has renovated and been able to sell their house for top dollar after a renovation project. With this being said, we thought it could be helpful to provide some insightful information that will help any homeowner make a good decision if they are considering an upgrade to their home.
Renovations within Canada have grown tremendously in recent years. In August 2019 alone Canadians spent $6.3 billion on residential renovations in August 2019 alone, which was up from the $5.8 billion in the same month in the previous year, according to Statistic Canada.
Tip #1 Never underestimate how much a renovation will cost
With data collected from over 2 million users search behaviors, Trusted Pros stated that homeowners regularly set unrealistic budgets for a few of the most popular renovation projects. Take for example that the average kitchen renovation in Canada according to Trusted Pros came in $5,000 under budget.
Tip #2 Make a realistic budget
It may not always be easy to balance between what you dream of having in your home, and what you have allocated to the project. Make sure to get a true and accurate understanding of pricing, what materials may cost and labour, so you can have accurate expectations. Home improvement and renovation TV shows can sometimes be misleading in terms of overall costs, as location and timing can play a critical role in a project. Make sure to have a contractor look over your budget to see if it’s realistic.
Tip #3 Get an idea of what’s already around
What is in your current house can drastically impact the budget and scope of a renovation project. It could be as simple as needing additional outlets to a room which could result in a much larger and more complex rewiring system to make it work. You may want to open up a room but may need additional load bearing support for that to happen. Get an understanding of how complex the project is, and what is involved in making it come true.
Tip #4 It’s not going to be perfect
Being a contractor and having worked on hundreds of houses and many renovation projects, it’s still not possible to think of everything that could happen on a project. There may be changes that happen throughout the process that you see could work better than originally planned.
Tip #5 Don’t try to be cheap when buying materials
Host Steve Watson of HGTV’s show Don’t Sweat It says, “One of the biggest mistakes that people make when it comes to home renovation (is that) they try to be cheap when they buy materials. The bottom line is, you’re going to get what you pay for.” If you’re going to do it, do it right the first time.