Are you in the process of planning a home renovation? A main concern many homeowners have during a remodel is the cost and the possibility of unexpected problems. So how do you avoid overspending while still accomplishing your home renovation goals?
We spoke to owners of real estate in Toronto, contractors, and real estate agents on how to successfully complete a home remodel.
Why Should You Renovate?
Your first priority is to understand why you should be renovating your home. A goal as a homeowner should always be to strive for the highest value of your home you can reach. This is why it’s important to continually update your home to the current market and to find where your home is lacking.
Where to Focus Your Renovation Efforts
Determining where you should be renovating is key. You don’t want to spend thousands of dollars into an area of your home that is not going to reap the benefit of a higher resale value. Generally speaking, you can recoup the costs of updates in areas such as the kitchen, bathrooms, and making your home more energy efficient.
Determine Your Budget
Depending on how you plan to pay for your home renovation projects may make a difference in how much you plan to spend. You may be looking to spend out of pocket money or looking into a home improvement loan. However you plan to do so, ensuring that you are financially comfortable with the budget you have planned is crucial.
Figure Out the Costs
After determining your budget, you’ll then want to create a list of home remodels you are seeking. Set out to speak with multiple contractors for price comparisons for your requested updates to get the best bang for your buck. Don’t immediately choose the cheapest option. You’ll want to consider the quality and craftsmanship that the contractors provide, as well.
You should also consider leaving about 20% of the overall budget out of the equation for wiggle room just in case any unforeseen repairs are needed during the process which may be more likely to happen than you assume.
Stick with the Plan
After completing plenty of research, setting your budget, speaking with numerous contractors and finalizing the plan, it’s important to stick with it. Adjusting your renovation ideas throughout the process can lead to costly expenses and a greater amount of time that is required.
Be diligent during your planning process to ensure that when everything has been finalized you are satisfied with the choices you have made and the money you will be spending.