6 Tips to Help You Stay Within a Budget During a Home Renovation

You deserve the home of your dreams and a home renovation is an excellent way to achieve it. The process is exciting and it is fun to see your creative ideas and your living spaces come together. However, a home renovation in Hamilton, particularly if you are not prepared, can be costly. You want to be prepared financially for the large upcoming expenses.

The cost of your home renovation will vary greatly and will depend upon several factors including the room you are working on, the extent of the work being completed, and even the contractor hired to do the job. On average, you can expect to pay approximately $20,000 for a kitchen remodel and $18,000 to complete basement. A bathroom remodel is less expensive, but you can still plan to spend anywhere from $6,000 to $14,000.

To help you prepare financially for your upcoming home remodel and to keep you within your fixed budget, here are a few tips you should implement.

1. Do Your Research

One of the first things you should do during the home remodeling process is some research. Take the time to determine just how much your specific project will cost, as well as make a list of all the tasks you want to complete during your large project. For example, you may be able to save some money by completing multiple rooms at once or by keeping certain appliances in your kitchen. Do your research and determine exactly what you want completed and the average cost of these projects.

2. Get Multiple Bids

There are likely multiple contractors in your area that can complete the various work around your home for you. However, you don’t want to choose just any contractor on a long list of professionals, especially if you are hoping to save a little money. Rather, you should acquire bids on your project from multiple contractors. Many experts recommend that you receive bids from at least three different contractors before hiring one. This will help you determine the difference in prices from one contractor to the next and it gives you time to research and learn more about each professional.

While the price is critical when hiring a contractor, it shouldn’t be the only thing you consider. The right contractor will ensure that the home renovation process for your Toronto home is smooth and that you receive high-quality and beautiful results. As you look for a contractor, a few things you should consider include:

Talk to Past Clients: If many previous clients had a miserable experience, you may as well. Talk to past clients to determine how reliable, honest, and knowledgeable the contractor is to work with prior to hiring him.

Licensing: You want to ensure that the contractor you are considering has all the necessary licenses and insurance to complete the project. Also, make sure to ask the contractor if they will acquire all necessary permits or if you will need to do this critical task.

Experience: Look for a contractor who is experienced. They will not only have the proper training and experience to ensure you receive excellent work, but they will have ideas and knowledge to help you avoid rookie mistakes and to help you save a little money.

3. Give Yourself a Little Wiggle Room

It is always better to have more money for a home remodel in Toronto than not enough. To ensure this happens, you should set money aside in your budget for unexpected expenses and problems that may arise. These can be anything from replacing items that you originally didn’t think needed to be replaced, finding hidden issues beneath walls, ceilings, or floors, and even discovering certain areas that need updates to meet the current building codes. Many of these situations can cost you several hundred or even thousands of dollars so it is important you are prepared. Ideally, you want to set aside at least 20% of the contractor’s bid to cover these expenses.

4. Determine Your Needs Vs. Wants

During a home remodeling project, there are many things that you will need. For example, if renovating your basement, you may need to knock down walls and have some plumbing work completed to create another bathroom.

Then, there are also aspects of the project that you want. These could include things such as high-end kitchen appliances, luxury flooring options, etc. if you want to stay within budget, you need to determine what are absolute needs and what are the features that you could pass up. For example, rather than install true hardwood flooring, consider laminate flooring which looks like the real thing but without the high cost.

5. Be Flexible With your Design

During a remodel, particularly a kitchen or bathroom remodel, the layout of the room will make a drastic difference. It will help you create a space that is functional and open. However, if you want to save some money on your home remodel, you need to think carefully about the design. If you want to move a toilet, kitchen sink, or other large features, this could cost you an additional $500 or more. As you work with your contractor, determine ways that you can create a beautiful design and functional layout with the current location of these appliances. If you really want to move these items to new locations, make sure you prepare for those added expenses in your budget from the very beginning.

6. Shop Wisely

During your renovation, it is important that you get the look and the features that you want. However, you don’t need to spend a majority of your budget on certain appliances or supplies. By spending time doing a little shopping, you may find that there are many items that still boast all the features and specifications you desire and will not cost you a substantial amount of money. For example, a refrigerator with smart technology is nice to have but it could cost you several hundred dollars more than a standard fridge.

Additionally, if your remodel is being completed near a large holiday or another large event, you may want to wait until these occasions to do your shopping as you may find big sales that can also save you money. You may also find clearance sales or year-end sales that can help you save hundreds of dollars on appliances, home décor, and home improvement items.

No matter what your budget may be, one of the most important things you can do during a home renovation project is to communicate to your contractor about your budget. They need to know what your needs are and where you are willing to sacrifice.

When you work with professional and trained contractors, such as The Renovators of Canada, you will not only receive an end result that you love, but they will work closely with you to ensure you stay within budget. They can help you navigate those unexpected expenses without costing you a fortune and will create a smooth remodeling process with very little stress.

Give The Renovators of Canada a call today to schedule your consultation and to see how they can transform your home.