What to prepare for before undertaking any renovations
Before undertaking any renovation, getting a realistic estimate of how much your project will cost will help avoid costly surprises during the project.
While there is no set number for how many quotes you should get, meeting with, and getting estimates from, two or three professional renovators should provide a good understanding of price points.
Your renovator is your partner in the project, and he/she is someone that you will be spending a lot of time with, so it is important to make sure that there is a good fit between you. While obtaining your quotes, take the time to get to know the renovator and determine if you would be comfortable working with them.
After obtaining your quotes, you will need to assess them. How exactly do you compare between the estimates?
Each quote should include an explanation of the scope of the work and key milestones for your project. The scope should be a detailed account of all work that will be required to complete your renovation, and this varies depending on the type and scale of the project you are undertaking. It typically includes such components as structural, plumbing, electrical, cabinets and painting.
The quote should also include details about all materials that will be used in the project. The types of materials, such as flooring, trim and finishes can have a major impact on the quote, so it is important to un- derstand exactly what is included.
Ideally the quotes should allow for some unexpected costs, because when renovating you should expect the unexpected. For instance, existing wiring or plumbing might not be where it should be or it might not be at the required standard. Therefore, a10 to 15 per cent contingency amount is normal.
When reviewing your quote, know the pricing method that your renovator is providing for your project. The two most common pricing methods for renovators are the fixed-price method and the costplus method. In a fixed-price method, the renovator charges a flat fee for the project. In a cost-plus method, the cost of the project is a variable and is dependent on the amount of labour and the types of materials used. Both pricing methods have their advantages and disadvantages and should be carefully considered.
As always when renovating, make sure you are working with a professional RenoMark renovator. The nationally recognized RenoMark program was created by BILD in 2001to help GTA homeowners differentiate between professional renovators and underground reno- vators. The program is now in nine provinces and more than 40 municipalities.
RenoMark renovators follow a Code of Conduct, provide written contracts, offer a minimum $2 million in liability insurance, provide two years’ warranty on all work, and ensure they have all applicable licenses and certificates. Find one at www.renomark.ca.
If you’re thinking about renovating and have questions about quotes or other parts of the process, attend our “Five Steps to a Successful Renovation” seminar on Oct. 24 or Nov. 7. Two experienced professional RenoMark renovators will walk you through the essential steps, offer helpful tips and answer your questions. The sessions are free and they take place from 7-9 p.m. at BILD’s offices, 20 Upjohn Rd., Toronto. For more information or to register for a session, email us at renomark@bildgta.ca. Bryan Tuckey is president and CEO of the Building Industry and Land Development Association (BILD) and is a land-use planner who has worked for municipal, regional and provincial governments. Find him at twitter.com/ bildgta, facebook.com/bildgta and bildblogs.ca.