Home renovations can cost thousands of dollars depending on the price of labour, materials, and unexpected expenses. Making and sticking to a budget (with some extra money set aside for contingencies) helps manage costs. Here are some tips that can make it easier to stay within budget.
- Have a Plan
Know exactly what you want to change and what it costs. Having a plan helps avoid unexpected expenses, especially if you consult with designers and contractors before starting work. Get guidance from licensed architects and consultants who understand municipal codes and associated paperwork. It’s not enough to have a “pretty picture” of what you think you want — you need people who can execute that plan.
- Set Objectives
Set specific, realistic, and timely objectives when setting a budget. Compare costs and prioritize which areas (e.g. flooring vs. countertops) deserve a greater percentage of your dollars. Know how much you can spend on fixtures and other materials. Talk with your contractors about how long each project will take, and how to save time. There may be some unexpected delays, but they will be minimized by hiring an expert team.
- Be Selective with Splurging
Some compromise may be needed during the renovation; choose carefully where to “splurge” and where to cut costs. Expect to spend more money on high-traffic areas like the kitchen, and save in places you don’t expect to use as frequently (guest bedrooms).
- Find the Right People
You may be tempted to simply hire whichever contractor offers the lowest bid. Though this sounds like a way to save money, the lowest bidder may not be the right fit for the job. Use reviews and recommendations to find quality workmanship at a good price, and ask designers if they can receive professional discounts on materials.
- Communicate with Contractors
Communicate with all the contractors involved. This ensures that everyone is aware of what you want from the renovation and that no work proceeds without your knowledge. Keeping in touch keeps you in the loop every step of the way.
- Hire Professionals
Always hire professionals for specialized work (e.g. plumbing or electrical wiring). Experts with a good reputation will give you a clear quote for how much work should cost. They also have high standards, meaning fewer expensive delays. Professionals can source materials better than amateurs, also saving money.
- Add a Buffer
In spite of all your precautions, unexpected costs (e.g. unanticipated ground works or structural issues) arise. Prepare a contingency buffer of funds ranging from 10-20% of the budget.
Make following your renovation budget easier by planning before starting work and hiring a licensed, qualified team.
For quality home renovation at an honest price, contact V-CAN Construction Inc. We offer the services of architects, electricians, and plumbers to save you the trouble of contacting multiple contractors for one building project. Contact us at (647) 560-4955 for assistance through the entire process.