Coming up with a budget for a large project such as an Edmonton home renovation can sometimes be more of a challenge then some of us might think.
When planning your renovation budget, you should have a list of your “must-haves” and “your would like to have”.
With every budget, there is one main objective to keep in mind and that is trying not to go over.
Before you begin any home renovation projects, be sure to do all the proper research. According to some studies, the average cost of renovating an Edmonton home can range anywhere from $15000 up to $100000, depending on the square footage of the home and what renovations you the homeowner wants to get done. Keep in mind that every renovation cost will be different because each home will require different renovations.
Normally with any home renovation in the Edmonton area, you can expect to spend anywhere from $60 up to $180 per square footage depending on the size and age of the home.
When trying to decide on how much you will need for your budget or how much your willing to spend can be a little overwhelming.
One way to make planning a home renovation project a little easier would be to try having a priority list.
Ask yourself, “What rooms or what part of the house will require the updates or renovation first.” If you consider this you will be able to come up with a budget based on the cost of each project. In most cases, the kitchen and bathrooms of a home are a top priority for many Edmonton homeowners.
A few things to consider.
How much should you be spending for any home renovation project?
Know your spending limits when it comes to renovating any part of your home. You should use a percentage of your homes total market value to set a spending budget for renovating any part of your home. The safest percent range to use would be 10 to 20 percent.
One example would be if your home as an estimated value of $200,000 and you wanted to do a kitchen renovation project, an ideal budget would range anywhere from $20,000 to $40,000 (10 to 20 percent of the value of the home will give you the targeted budget). Just remember if your house is worth more than the spending amount for the renovations may be higher.
Know What Finances You Have Available Before Finalizing Any Budget.
Now that you have your plans to begin your home renovations. How are you going to finance all the expenses for the renovation? Have a look at your available finances and see if you have enough to cover all the material and any labour fees. If you do have enough to cover all the fees. Way to go!
But if you don’t have enough to cover any of the renovation expenses you may have to take out a loan from one of the banks. The other alternative would be to apply for the Edmonton home equity line of credit to help you get the required finances to complete your home renovation projects.
As soon as you know how much you can afford to spend on your renovation project try to have a small percentage of your finances set aside. Doing this will give you the extra funds to use as an emergency expense coverage. In case something unexpected happens during the renovation. At least then you know you will be able to cover any extra cost. Not everyone likes surprises.
Have a Detailed Plan for Your Project
Once you have addressed all your must-haves for the renovation you should consider starting a detailed plan for your projects. Each plan should include a rough estimation cost for everything you would like to have done during the renovation process. Including all the labour fees, and even the cost of all the required materials needed for each project.
The best format for a detailed project plan would be a spreadsheet format. Because they are easy to read and generally well organized. To be able to get a well thought out plan for the overall estimated cost for the labour fees and the cost of materials.
Try some of the following guidelines:
Look for available resources in the Edmonton area.
Come into our Edmonton office, or give us a call and we can help you get an estimated cost of possible labour and materials that you will need for your renovation.
Do your best to find fixtures, hardware finishes, and any other materials that you think might be needed for your renovations. This would include any tiles, flooring, painting supplies, and don’t forget the nails and screws too. make sure the materials are of good quality but also a reasonable price.
Save Where You Can
When you are in the process of working on your renovation budget, there are a few ways that can help you save some money.
Choose the Right Contractor
Sometimes it’s best not to choose the very first home renovation company that you see an advertisement for. Because they might not be as honest as they claim to be.
When you are considering hiring any home renovation company or an individual contractor be sure to do all the required research. Ask for referrals from past clients.
Don’t be hesitant to interview multiple home renovation companies. To get as much information as you can regarding any past renovation projects they might have done. The right team will be able to save you the most time and money.
Try not to Rush the Project
You should expect to get a few bids from numerous companies for any of your renovation projects so you can compare all the differences and similarities that each company has to offer. Always pay close attention to all the finer details of the contract, an example of this would be whether or not the contractor will show up on time to review the project with you and what you would want to have completed and by what date.
The key point to remember is to set a budget for all of your renovation projects and stick to it. Be smart about your spending habits. You don’t need all high-end appliances or fixtures if you can’t afford them. If it’s affordable and functioning, by all means, do what you think is the right decision to save you a little money in the end.