Buying an old house for renovation or
renovating one's own house is a significant decision and a complex process.
However, renovations can increase the value of the property, improve energy
efficiency, and bring more comfort to daily life. After reading this home
renovation guide, you will find that renovating a house may not be as difficult
or stressful as imagined.
Determining Priorities for Renovations
Everyone has a renovation wish list, such
as replacing the roof or windows, remodeling the kitchen and bathrooms,
planning a full house renovation, or simply repainting and replacing the
flooring or carpets.
The key is to distinguish between what you
need and what you want. Start by creating a renovation checklist and categorize
everything needed to turn your house into your dream home into the following
three categories:
Must-do: List renovation projects that
require immediate action. This includes projects that pose safety hazards, such
as electrical issues or foundation damage, as well as projects that
significantly impact daily life, such as adding accessibility ramps or fixing a
leaking roof or basement.
Home improvement: List interior decoration
or projects that enhance comfort in this category. Examples include painting,
replacing flooring or carpets, upgrading kitchen appliances, upgrading
bathrooms, or renovating the basement.
Wish list: Does a new swimming pool or a
home theater sound appealing? These projects fall into this category. They are
considered as "nice-to-haves," and while they would be great to have,
life can still be enjoyable without them.
Once you have organized your renovation
checklist, you can clearly see what you need and what you want. This way, you
can prioritize the urgent renovation tasks, which will save you a lot of money
in the long run.
Budgeting for Renovations
There are several factors that influence
the cost of home renovations, such as the quality of materials, the age and
condition of the house, whether it's a complete renovation or partial upgrades,
etc.
I consulted a friend with extensive
experience in home renovations, and he mentioned that the cost of renovations
can vary significantly depending on factors such as the choice of materials,
appliances, contractors, and construction teams.
Specific cost figures for renovations can
be found online, but in general, basic renovations for bathrooms and kitchens
tend to be more expensive, while costs for other rooms are relatively lower.
Regardless of the type of renovation, you must consider the following cost
categories:
Soft costs (approximately 25%-30% of the
total budget): This includes permit fees, engineering fees, interior design
fees, surveyor fees, etc.
Hard costs (approximately 70%-75% of the
total budget): This includes labor and material costs.
Contingency fund (additional 10%-15%
outside the budget): It is essential to set aside extra funds to deal with
unexpected expenses resulting from project delays or underestimations. No
renovation is perfect, and you certainly don't want to find yourself in a
budget shortfall due to deviations from the original plan.
Incidentals: Keep in mind that once the
renovation project begins, there will be many changes in your daily life. You
may need to temporarily move or stay in a hotel, and you may need to store your
furniture or other household items. Allocate some extra money to cover these
expenses, as they may not align with your usual weekly or monthly budget.
Hiring Professionals
Now that you have determined the priority
order for renovations and set a budget, it's time to research in detail. When
seeking professional help, it's important to ask for recommendations from
friends and family and let them recommend reliable individuals or companies.
Request references from different companies and search online resources such as
the Better Business Bureau. Once you have a list of professionals or companies
you are interested in hiring, you can contact their previous clients to have a
conversation with them.
The type of professionals you need to hire
may vary depending on the planned renovation project, as different types of
projects require different types of professionals. Here are some common types
of professionals:
General Contractors: You may need to start
by finding a professional home renovation contractor who can help you assess
the renovation projects and estimate the costs and timelines. Look for
contractors with years of experience, as their established relationships with
trusted suppliers and subcontractors can be beneficial. They can assist in
organizing the construction schedule and provide advice and assistance with
project permits.
To find construction contractors, you can
consult the Canadian Home Builders' Association website for more information,
which you can find in the list of essential renovation websites at the end of
this article.
Architects: If your renovationThank you for
sharing this information about house renovations in Canada. Indeed, the cost of
renovations involves multiple factors, making it difficult to provide an
accurate number. Here are some additional details that may be helpful to
readers:
Ways to save on renovation costs:
Compare quotes: Get quotes from multiple
contractors and suppliers and compare them. This can help you find options that
offer reasonable prices.
DIY renovations: Consider doing some simple
renovation tasks yourself, such as painting or installing fixtures. This can
save on labor costs.
Renovation permits: Keep in mind that
certain renovations may require permits from local authorities. It's important
to check the specific regulations in your area and obtain any necessary permits
before starting the work.
Financing options: If you need financial
assistance for your renovation project, there are various options available.
These may include personal loans, home equity loans, or lines of credit. It's
advisable to research and compare different financing options to find the one
that suits your needs and budget.
Energy efficiency incentives: In Canada,
there are government programs and incentives aimed at promoting
energy-efficient renovations. These programs offer financial incentives,
rebates, or grants for specific energy-saving upgrades, such as insulation, windows,
or heating systems. Check with your local government or utility providers to
see if you qualify for any energy efficiency programs.
Renovation contractors: When hiring
contractors, it's important to do thorough research. Ask for recommendations,
check online reviews, and request references from previous clients. Obtain
detailed quotes from different contractors and compare them based on the scope
of work, timeline, and cost.
Remember, each renovation project is
unique, and costs can vary significantly depending on factors such as the size
of the project, desired quality of materials, and the specific location in
Canada. It's crucial to plan your renovation carefully, set a realistic budget,
and communicate clearly with your contractors to ensure a successful outcome.
