How To Budget For Your Home Renovation

Home upgrades are undoubtedly a vital part of homeownership in Canada and worldwide. According to an Altus Group report, Canadians spent a whopping $80 billion on home renovations in 2019, a spending increase that outpaced the country’s overall economic growth. Drawing up a realistic budget is necessary to your home improvement efforts, so investing significant effort into this for the best results is vital. If you wish to learn more about budgeting for your home renovation, consider the following points.

  • Research The Material Costs For Your Projects

 

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It is vital to have a fair idea of how much everything costs when budgeting for a home renovation, so keep this in mind. Consequently, spend some time researching your unique renovation needs, from the price of kitchen countertops to how much new flooring would cost. Knowing these specific costs will help you keep a realistic tally of your renovation costs to keep the entire project within budget. You can look up these costs online, but feel free to take trips to your local Home Depot or hardware store to check out prices for yourself if you have the time.

  • Examine Cost Versus Value For Each Upgrade

 

According to the RE/MAX 2021 Renovation Investment Report, although over half of Canadians renovated their homes in 2020 mainly for personal use and enjoyment, 59% of Canadians still insisted that a renovation’s return on investment was a top consideration. Indeed, it is always an excellent idea to prioritize projects that can improve your resale value to make your renovation efforts worthwhile. Nowadays, window and door replacements, bathroom and kitchen renovations, flooring upgrades, interior and exterior painting, landscaping, and a new roof are some of the best projects worth considering for a high return on investment when you resell.

  • Know Your Priorities

 

Homeowners renovate their properties for various reasons ranging from creating more space to addressing needs in their present living situations. Therefore, it is essential to write down and prioritize all your renovation goals, regardless of your reasons for upgrading. For example, a more extensive kitchen island may be high up on your list of priorities, while updating your kitchen appliances may be lower on this list. As such, it is clear that hiring a kitchen designer to help you create your kitchen island is a greater priority to invest in than shopping around for appliances. This way, you don’t get side-tracked by less important projects that can wait for later.

  • Consult Others Who Have Completed Similar Upgrades

 

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Helpful tips from your friends and family can also assist you in drawing up a budget, so prioritize consulting others before proceeding with your renovation. Besides obtaining practical knowledge and insights that will ensure a successful upgrade, you can also receive crucial tips that can help you trim costs and budget correctly for particular projects. For example, someone who has completed a master bedroom renovation can readily offer you advice on where to find excellent deals on supplies and hardware. Also, they can share their mistakes with you, so you can avoid these errors and save significant cash.

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