The risk of overspending is very real for many Canadians planning on home renovations however, many still do not prepare a budget. According to a poll done by CIBC Home renovations in 2019, over 49% of Canadians have plans of renovating their homes. The average cost for these renovations is around $10,211. However, over 39% go over their budget when doing these renovations.
The poll also reveals that a third of the respondents have a detailed renovation budget with most funding their renovations from cash and savings. The good news for painters in Vancouver is that a majority (89%) of Canadians consider home renovations a worthy investment.
Things to consider when making renovations
Reasons for renovations
Before you even start coming up with a budget you need to be very clear on why you need renovations. Are you doing it to improve the aesthetic appeal of the house, do you plan on selling the house and moving elsewhere, or are things falling apart in the house? If you plan to sell your house then your focus should be geared to certain areas of the house that will increase the resale value. Kitchen and bathroom renovations are known to have better ROIs than others.
Budgeting
Once you are done defining your needs next comes the budget. This allows you to get all your costs on paper and account for any unforeseeable expenses and taxes. You can involve consultants during the budgeting stage. This may include home improvement consultants, roofers, electricians, or painters. During the budgeting, take some time to shop around for the best prices. Also, get it clear what you are willing to spend versus what you can spend. If you decide to borrow for the renovation ensure you are getting the lowest interest rate.
Prioritize on projects
During renovations, certain repairs cannot be postponed as they pose a health hazard. Most residential and commercial painters in Vancouver agree that a leaking roof, dying heaters, and cracked walls are a disaster in the waiting and should be repaired fast. You then can go on to adding that kitchen you always loved to repainting the house with colors that complement your tastes.
Factors that influence renovation costs
If you are dealing with an old house (more than 100 years) then you are going to uncover many hidden surprises in multiple places. The roof could be a breeding ground for rodents, the floor could be creaking, and the walls could be falling apart due to age. Such renovations may mean replacing entire piping and heating systems. The size of the house will definitely have a direct bearing on the cost. You can reduce your costs by hiring professionals for some DIY tasks. You may think that a task like repainting your house is simple but you could save your time and resources by hiring a professional painter to do the work for you.
Real estate professionals estimate that you should allocate at least 1% of the home’s value for renovations. These funds go into ongoing maintenance and prevent your home from crumbling unexpectedly.
