Remodelling your kitchen? Adding another bath space? Upgrading the backyard? Whatever your renovation project may be, you have to make sure you’re prepared. But how? By making a realistic renovation budget for your home renovations in Welland. Here is our expert advice for getting an accurate estimate of the cost of your renovations, as well as some tips to help you save.
- Pick improvements with long life expectancy.
Roofing, energy-efficient heating and cooling systems, and windows can provide homeowners with worry-free home improvements for as long as 10 to 15 years. But keep in mind…regular maintenance is as important as the initial investment.
- Invest in modern updates in high-traffic areas.
Update the main rooms of your home such as the kitchen and bathroom. This can be as simple as changing door knobs, resurfacing cabinets, or replacing fixtures and countertops.
- Don’t underestimate the value of inexpensive updates.
A fresh coat of paint, trendy lighting fixtures, light landscaping or gardening, or upgraded door handles can give your Welland’s home an updated look and feel – and it doesn’t have to cost a lot of money!
- Go for energy-efficient renovations that have a high return relative to cost.
Energy-efficient renovations are called one of the highest paybacks relative to cost. Energy efficiency translates into reduced operating costs over time.
- Be careful about over-improvement.
Notice your neighbourhood and the expectations of buyers in your region when planning your next renovation project. Investing in an expensive project may be an over-improvement for a home in a particular market, and the investment may only be partially recognized by homebuyers.
- Think about your personal needs.
How much you spend on improvements will depend on how long you plan to live in your home. If you are looking for shorter-term, smaller and less –expensive improvements may be your best bet to recover your investment.
- Be sure to get a building/renovation permit.
Take the time to obtain the proper building permits from your municipality or appropriate authority. This is a good step to ensuring that the renovation work complies with the building codes.
- Hire a designer, architect, or contractor.
Talk to a professional when you start planning your renovation project. They can help you draw up a plan, provide renovation advice, or assist in the construction. This will add to the quality of the renovation and go a long way in preventing cost overruns.
- Consider unique features with care.
Unique designs or improvements that are rare for a particular market may impact the resale of a home. This is where the expert advice of a real property appraiser can provide an objective perspective on the marketability of the property.
How much should I budget for the renovation?
Keep your home’s resale value in mind when planning your budget. For example, the kitchen represents 10% to 15% of a property’s value. If you want to renovate it, limit your expenses to that proportion of the home’s value. If a house is worth $300,000, renovating the kitchen should then cost $30,000 to $45,000.
If you’re redoing the bathroom, which is another major part of the home that can increase its resale value, calculate 5% to 10% of the property’s value for your budget. That means you can expect to spend $15,000 to $30,000 to renovate it entirely.
Always remember that some kinds of renovations pay off more than others; avoid spending most of your budget on the wine cellar or on a new pool.
In conclusion, transforming fixer-uppers into dream homes through renovations requires careful planning, budgeting, and prioritization. Focus on long-lasting improvements like roofing, energy-efficient systems, and windows to ensure worry-free upgrades for the next decade or more. Modernize high-traffic areas such as the kitchen and bathroom with cost-effective updates like new fixtures, countertops, and paint. Emphasize energy-efficient renovations for their high return on investment and long-term cost savings. Be mindful of over-improvement and consider the expectations of buyers in your neighbourhood. Tailor the renovations to your personal needs and future plans for the property to optimize the investment.
Also Read:
5 Reasons Why You Should Move to Guelph
Top 10 Real Estate Tips For Home Sellers
Obtaining proper building permits and seeking professional advice from designers, architects, or contractors are crucial steps to ensure a successful renovation. Utilize their expertise to avoid cost overruns and enhance the quality of your project. While incorporating unique features can add charm, assess their impact on resale value with the guidance of real property appraisers.
