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How To Budget For A Home Renovation

Home renovations are a great way to make your home space uniquely yours, add customizations, and increase home value all in one. For many homeowners, making small changes to their existing home is much cheaper, and easier than moving into an entirely different home. With that being said, home renovations aren’t free. Knowing how to properly budget is a huge part of successful home renovations. Here are three general budgeting tips for any home renovation you plan on doing.

1.   Organize your finances

Financial organization needs to be the first step you take in any renovation. Finding out how much you can actually afford to spend is the first step. Look for creative ways to fund your home renovation. Try not to max out your budget right from the start; everyone knows renovations hardly ever go to plan and costs can easily spiral after hitting a snag.

2.   Collect quotes

Collect quotes for all the remodelling you will be doing to get an accurate idea of what to expect. Multiple quotes per project may not be a bad idea; this way, you can get the best value. After getting all your quotes, check references and reviews thoroughly to make sure you are paying for valuable services.

3.   Consider DIY projects

Trying to save on your latest home renovation? Consider completing some of your projects on your own. Projects that you may be able to work on by yourself include demolition, painting, and certain flooring projects.

While those are some general tips, there are different specific budgeting skills you need depending on the room you are renovating. Here are the top three home renovations and how to properly budget for each of them!

Kitchen Renovations

Kitchen renovations are some of the most dramatic changes you can make to your home. For most homeowners, the kitchen is the centre of the home. Making sure your renovation is completed properly and with the right materials is essential to success. Budget wise, most kitchen renovation costs fall between $10,000 and $60,000. That’s because in a kitchen there are quite a few rather expensive elements to carefully consider.

Range Hoods

Having proper ventilation in the kitchen is essential for keeping the air clean and well-circulated. Aside from removing harmful particles in the air, a range hood also removes excess heat in the kitchen and improves overall cleanliness. So, only buy one from a trusted company. A good example is the range hoods from Fotile, as these are well-reviewed by many users.

Kitchen specific considerations

Countertops

Your countertops are one of the first things people will notice when they walk into your kitchen. Countertops are also the location all your food will be prepared on. There are three popular types of kitchen countertops: granite, quartz, and laminate. For lower budgets, laminate is the perfect option. Finishes look like real stone but cost only a fraction. However, laminate countertops definitely don’t have the same feel as true stone countertops.

Cupboards

Cupboards are the next thing people see when they walk into your kitchen. Finding quality cupboards is fundamental to a lasting renovation. Take a look at all the different kitchen cabinet options when planning and make sure you are factoring each cost into your budget. If you don’t want to replace your cabinets then painting them is another great way to make your kitchen look nicer.

Accessories

Kitchen accessories are sneaky costs that come up in a renovation. Cabinet handles, faucets, and lighting are just a few to name. Don’t overlook these costs while you’re picking other elements of the renovation.

Appliances

Unlike other rooms in a house, most kitchens have around three or four different appliances. Determining whether or not you will replace all of them plays a major role in your renovation budget.

The kitchen is not the space to cheap out. Make sure your budget has more than enough room for the exact materials and finishes you want.

Bathroom Renovations

When you decide to renovate a bathroom, you have the obvious elements like cabinetry and tile flooring, but there are two essential factors you cannot leave until the last minute. Without these two elements, you may just start all over again! Typical bathroom renovation budgets range anywhere from $6,000 to $25,000.

Plumbing

Definitely don’t leave your bathroom plumbing to the end of the budget. Without the right plumbing, you could be dealing with a smelly situation on your hands more often than not. Find a great plumber to work with your septic system and make sure to factor that into your budget.

Lighting

You cannot overlook bathroom lighting. The perfect lighting is essential for personal grooming. Without the right lighting, you might miss an entire section while shaving or apply your makeup completely differently than it looked when you applied it.

With these factors at the forefront of your budget, you’re already well on your way to a successful renovation!

Basement Renovations

Basement renovations are yet another popular home renovation. Whether you are finishing an unfinished space or completing an entirely new one, a new basement adds an entirely new space to your home. You will likely be looking at a budget of around $40,000 to complete everything you need perfectly. When creating your specific budget, keep in mind the following cost elements.

Waterproofing

In Canada, the number one place in a home susceptible to flooding is a basement. Basement flooding happens quickly and costs thousands to fix. While it likely is not what you want to spend money on, waterproofing your basement will be a make or break decision.

Flooring

Keep in mind your different flooring options and how they impact the overall space. Basements tend to be colder areas of the home, tile floors are a great option, though they may not be the best option if you’re looking for temperature regulation. Talk to your contractor about all your options.

Overall, when you’re creating a budget, make sure you have enough room to complete all the tasks you want fully, completely, and well. It is much better to wait a few months and save more for the finishes you want as opposed to rushing with a project and being unsatisfied only months later.

Author’s Bio

Nicole Howe is a content writer at BreezeMaxWeb. When she isn’t writing, you can find her walking half marathons, biking, or watching Raptors basketball!

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