Expert Tips For Planning and Budgeting Your First Home Renovation

So, you have decided to begin renovating your home, but where do you start? First you need to make a plan and write down a list of all the renovations you want to make. Make this your wish list. It does not necessarily mean you have to finish every item on the list, you just need a place to start.

Expert Tips For Planning and Budgeting Your First Home Renovation
Make sure to group your renovation ideas by the space where they are located. This will make renovating your project easier by allowing you to renovate your home one part at a time.

Now that you have a list of home renovations and updates, you need to prioritize them. Which renovations are a must? Will these renovations welcome any future life changes that you may have? Will these changes increase comfort and convenience for you and your family? Will it make an impact on your day-to-day living (Will I really use this space)?

What to consider when preparing your renovation wish-list:
  • Use of space – Will all your furniture fit? Will it be too cluttered?
  • Lighting – Will there be enough light or do you need more fixtures? Are you getting enough natural light?
  • People Traffic – Will my renovation increase or decrease the traffic in my living space? Will my renovation conflict with other peoples schedule and use of the house?
  • Budget – Can you really afford it?
  • Are you planning to sell? – If you are planning to move within a couple years, it isn’t worth making expensive renovations. Especially if you are unsure of the value the renovation might add to your property.
  • The reason you are renovating – One of the BIGGEST mistakes people make when renovating their property is keeping in mind WHY you are renovating. If you are renovating in order to “flip” (or sell) your property then you should focus on keeping COSTS low, in order to receive the most profit. However, if you are renovating more for comfort rather than profit, you can focus more on what you want rather than the bottom line.

Budgeting is a tremendous challenge that a lot of home owners face while renovating their living space. I have often seen homeowners not being able to complete their home renovations all because of careless budgeting.
Remember, it is VERY IMPORTANT to figure out your renovation budget before you actually start renovating.

What I suggest is finding out the appropriate budget for each area first. Then ballpark the amount of money that will be spent on supplies, labor and any architectural services or permits that will need to be put into your budget. This is harder then it seems, it requires a lot of research, but all you need is access to the internet, and you can do it all yourself (or hire us to do it for you!).

In the following weeks I will show you examples of how to budget for various projects, from washrooms to kitchens, and everything in between!

BUDGETING TIPS to keep in mind!

Prioritize needs over wants – Spend your finances wisely! A second washroom should always be a priority over a new game room.

Start Small! – If you are a first time renovator or just unfamiliar with large renovation projects it is better to start small. Smaller projects cost less and take up less time. By starting smaller projects first, home owners can gain the experience needed to successfully complete a large renovating project on time and budget.

Be Patient – Often renovations take longer than planned and go over budget because of unforeseen events. Be prepared to add 10% to your renovation budget to counter the unexpected expenses.

Stick With Your Design – Sticking with your design will allow you to stick to budget. Usually changes in design or last minute alterations increase your budget by more than expected. So, it is better to have all your design choices made before starting your renovation.

Do it yourself or hire a contractor? – Look over budget, consider hiring a contractor if you can afford it. If your finances do not allow you to hire one, then do it yourself! However, I would not suggest doing the skilled work yourself, such as electrical, plumbing and even drywall, because a mistake could cost a fortune to fix! Do what you can and what you know, leave the rest to the professionals.

BUDGETING IS IMPORTANT. A lot of home owners have negative experiences when renovating their homes because of errors in budgeting and unrealistic time estimations.

*** IF you are unsure of your estimating skills you can always hire an estimator. Value Architecture provides cheap and reliable estimates for any residential construction and/or addition. We supply the home owner with estimates on materials, labor and time. So you can start your renovation worry free!

Finally, if you are creating the budget yourself, don’t forget to factor in garbage removal, permits, and any building inspections you will need to pay for.

What does your renovation budget look like? Comment Below! I would love to hear about the challenges you came across while preparing and planning your home renovation. If you like my article, please subscribe and/or Like this post!