Major Renovations: Our Budgeting Tips

Major Renovations: Our Budgeting Tips

Have you decided to carry out a big renovation project? You no doubt wish to establish a budget so as not to run out of money halfway through. Our tips are sure to help you avoid this!

Home renovations usually cost between $100 and $200 per square foot; and yet, the project’s costs can increase dramatically, which is why it is so important to have a well laid-out plan.  

Determine Your Priorities

Before hiring a contractor to carry out the renovation work, ask yourself what most needs to be done first.

If you are planning to sell your house in the next few years, make the most of your investment by prioritizing improvements that increase a residence’s market value, such as a new kitchen or bathroom.

Find Out How Much It Will Cost

The costs you must consider include the labour; appliances; finishing; the electric, plumbing, heating, and ventilation work; permit fees; as well as the post-reno house clean-up. 

Once you’ve determined a budget for all these essential expenses, you will know how much money you can spend on selecting materials. So, what price range can you afford? You may be limited to lower-end options.

Then, take the time to obtain quotes from a few different contractors to select the one that best meets your expectations.

Once you’ve hired your chosen professional, ask them to send you a detailed timetable, including the duration and cost for each step of the renovation process.

The Good and the Bad News

Moreover, don’t forget that there are almost always nasty surprises when renovating. You might discover that the structure is damaged, that there is a water infiltration issue or that the pipes need to be replaced. So, set aside an extra 15% to 20% of the project’s total estimated cost so you won’t run out of money along the way.

Also, find out if you qualify for a government or municipal grant or rebate. You might be in for a pleasant surprise! You may be eligible, for example, for a partial reimbursement for work carried out to improve your home’s energy efficiency.  

Don’t Base Yourself on Your Friends’ and Family’s Renos

Has your best friend redone her bathroom on the cheap and you would like to do the same? Make sure you do your homework. You can’t solely base yourself on what you’ve seen at her place when estimating how much you’ll have to pay to achieve a similar result in your house.

Residential renovation costs vary depending on several factors, such as the property’s initial condition, labour rates, the availability of materials and even the time of year.

Setting a realistic budget before the renovations begin is the only sure way of avoiding headaches down the road. Now it’s up to you to decide if you want to paint, replace the flooring or windows, add an extension or reshingle the roof. You have all the information you need to complete your home improvement projects without breaking the bank.

RE/MAX Québec

By RE/MAX Québec

By RE/MAX Québec

A leader in the real estate industry since 1982, the RE/MAX network brings together the most efficient brokers.