COST CONTROL
Make sure you do your homework before pulling the trigger on that pricey reno
Since renovating your home is about as hot as the real estate market right now, I've been getting many emails about how to hire the right contractor.
Homeowners are running into a supply and demand issue. There are many good contractors out there, but they are busy. I have some of the best renovators and builders in my Holmes Approved Program and they are all booked months, even years, in advance. Unfortunately, that leaves the not-so-good contractors. The good ones won't be able to start right away and you will have to wait.
Do your research, check references, understand the process, and what's involved in your renovation project. Knowledge is powerful — the more you know, the better the process will be.
WHAT RENO GIVES MORE BANG FOR YOUR BUCK?
Home renovations can increase the value of your home, and the most popular rooms are kitchens, bathrooms, interior/exterior painting, and creating more livable space in your basement or outdoors. Smaller tasks such as decluttering and updating decor also help potential homebuyers see your home as a space they can live in.
BUT HOW MUCH IS TOO MUCH?
Watch out for over-improving. All those new features and overthe-top finishes can add up fast, mainly when that money should be used on more important things, like fixing the leaky roof.
WHAT SHOULD YOU CONSIDER WHEN PLANNING YOUR BUDGET?
Consider the age of the house, the size of the project and the complexity of the project. Is it primarily cosmetic, or do you plan on moving walls and rearranging electrical and plumbing? Add 20 per cent to your budget for the unexpected.
SO WHAT'S THIS GOING TO COST?
For general home maintenance, homeowners should budget one per cent of the value of their home. So, if your property is worth one million, then save $10,000 a year for the unexpected.
Of course, this will depend on the range of finishes and materials you use. A bathtub at a big box store can cost $700, but a bathtub from a high-end store could cost $7,000.
KITCHEN RENOVATIONS
A kitchen renovation with midrange finishes can cost anywhere from $30,000 to $50,000 or more. Don't forget about upgrading to energy-efficient appliances, durable countertops and a high-quality exhaust fan — these all add up. If you can, consider increasing your budget if you are renovating your forever home and keep mobility and accessibility in mind.
BATHROOM RENOVATIONS
A three-piece bathroom renovation with mid-range finishes should run between $20,000 and $30,000. Bathrooms usually involve a new tub and/or shower, toilet, vanity, sinks, faucets, tiles, flooring, countertops, and light fixtures.
If you plan on moving plumbing or electrical, this will require permits and licensed professionals. Also, do your research on building materials and products, like investing in a water and mould proof substructure and tile membrane, plus a good air extractor/exhaust fan.
BASEMENT RENOVATION
A basement renovation will be between $50 to $75 a square foot, but lean toward $75 to be safe.
Again, I can't stress the importance of spending your money on quality building materials.
Remember, a basement has the potential for moisture, and before you do any major renovations, you need to make sure your basement is watertight.
I'd also recommend using a coupling subfloor under any flooring, but I would only recommend tile, laminate vinyl, or carpet for basements.
PAINTING
If you are planning to do your entire house, hire a pro.
The cost should range from $9,000 to $14,000 for a 2,000-square-foot house.
However, if you are doing one room or a front door, this is a perfect DIY project. A single room, 10-foot by 12-foot, ceiling, walls, trim and doors should cost between $500 and $600, including paint and labour.
TAKE `FREE ESTIMATES' WITH CAUTION
Most good general contractors will charge for a detailed estimate, as it takes time to do a site visit and put an estimate together. However, most contractors will credit the amount against the final invoice if the project is a go. Estimates should cost between $250 and $500, depending on the scope of the project. If you get a verbal ballpark, make sure you still get a detailed estimate before entering into a binding contract. Also, get a sample payment schedule before hiring anyone.
A detailed estimate lists every item going into the renovation, from specific materials, brand names and fixtures to permits. It shows you why one contractor might charge $100,000 when someone else is charging $85,000, so you can compare the brands or materials they're using.
Renovations are a massive investment, and if you don't know what you're getting into, a renovation can quickly go wrong.
Finding the right contractor is the most significant step of the renovation, and having a good understanding of the project's scope, materials, and costs will make your renovation journey much more manageable.