8 Steps to Creating a Home Renovation Budget

An experienced renovator will turn your home renovation dreams into reality.  Before that can happen, you need to first make sure that your dreams are attached to a realistic budget.

In this blog, we’ll explore the necessary steps to creating a sensible home renovation budget.

1. Evaluate the Condition of your Home

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You must be realistic about the current condition of your home.  We all have blind-spots when looking at our homes.  Be honest – can those floors really be salvaged?  Does the electrical require an upgrade to handle all your electronic needs?  Are your current heating and cooling systems sufficient?  Is the plumbing adequate for an additional bathroom and a steam shower?  Is your foundation water-tight?  If the answer to any of these questions isn’t a resounding “no” – then it will require upgrading.

2. What are you Renovating?

The kitchen is typically the most expensive space in your home.  Consider cabinets, countertops, sinks, faucets, door handles, faucets, appliances, etc.  It adds up and it adds up quickly.  Traditionally the second most expensive space to renovate is a bathroom.  You must consider plumbing, plumbing fixtures – shower, tub, toilet, flooring, lighting and ventilation.  Living spaces – such as living room, dining room and great rooms, generally don’t require so many elements and will often be less expensive to renovate.

Bear in mind – your finishes will always be factors in determining price.

3. The Size of the Area to be Renovated

Size matters!  Generally speaking – a small renovation will cost less than a large reno.  If you’re updating a bedroom by adding a walk-in closet, that would be considerably less than a full-scale 2-storey addition.  Additions often require architectural designers, building permits, and significantly more building materials and labour.  

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4. The Reason for the Renovation

Why are you renovating?  Are you hoping to increase the sale value or you making it more livable for you and your family?  In the Toronto housing market – it’s not always wise to renovate for potential homeowners; many buyers include a renovation in their moving costs.  However, if you’re planning on ‘staying put’ – then you only have to imagine what your home is worth to you.  

5. Your Wish List

This is where you can allow yourself to dream, and dream BIG!  It’s a great opportunity for you to imagine all the features that would make the space perfect. The next step is to prioritize – what is a ‘deal breaker’ and what you can live without.  You are now well on your way to looking at what is realistic and what is possible.  

6. Get Quotes

This is tricky.  Before you get a quote from a renovator you must first ensure that they are reputable – check for insurance, WSIB coverage, warrantees, and references.  Then and only then, can you consider the price!  You will often hear renovators speak of a ‘per square foot price’ – this can be a guide but, it doesn’t give you a full picture, so don’t be wedded to the idea.  

7. Reassess Your Budget

When you have a few quotes from trusted renovators - you may need to reassess your initial budget.  You may discover that the project is going to cost more than you thought, you may have to find ways to scale back on your dream.

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Your home contractor is a great source for offering cost-saving suggestions.  They should be able to work with you to discover low-cost alternatives, ways to repurpose things like older appliances or lighting fixtures, and other ways to get the most out of your budget.  Your contractor wants you to ultimately be satisfied with your renovation, so let them be your ally in helping you stick to your budget.

8. The Renovation Process Begins

Once you and your contractor have reached an agreement, it’s time to start the home renovation process.  Though it may seem out of your hands once the work begins, there are still ways you can work to making sure you stay on schedule and budget.  Setting up good communication with your renovator, working out a daily work schedule, and having contingency plans in place are some ways you can not only ease your mind, but ensure your project is completed on the proper date.

To get your home renovation quote or deeper insight into how you can achieve your dream home with professional interior design, contact the Toronto home renovation experts at Bryant Renovations today.