The beginning of the year is a great time to plan future projects and set your budget for 2017. A home or office renovation project is a big decision. One that can be expensive, disruptive, and time consuming. It’s important to take several things into consideration and do your research before taking the leap.
Why are you renovating?
Deciding why you are renovating is the first step. Some people are looking to build their dream home, others just want to try to boost their home’s value, but for most people the motivation to renovate lies somewhere in between.
Canada was mostly shielded from the US housing bubble in 2007, but it should serve as a warning sign to anyone looking to make an easy profit on their home: there are no guarantees. Right now, in Canada, the real estate market is red hot – especially in Vancouver, Toronto and Southern Ontario – but in the real estate industry you never know what might happen. So, unless you are looking to sell soon, you should make the renovations that you want. Spending $80,000 on a new kitchen for a $120,000 home won’t boost your home’s value by $80,000 but it might make you happy.
Safety and necessity are also practical considerations to factor into your reasoning. Is your roof leaking? Does the walkway from your driveway to your home pose a hazard to visitors?
Once you have decided why you are renovating, it is time to determine your budget. You don’t want to break the bank to renovate your home, but remember that renovating is an investment. If you plan carefully, then you may be able to recoup or even make a profit on however much you spend. Teresa Mears, a home and design expert suggests that homeowners spend no more than 25% of the home’s value on a kitchen, and a maximum of 10-15% of the home’s value on bathrooms.
You may have your heart set on a new kitchen, but if you are working with a limited budget then you need to prioritize. First on the list should be any necessities like fixing damaged or outdated areas of your home (like a leaky roof or inefficient furnace). Then, consider any major upgrades or repairs that you may have to pay for in the future – nipping these minor issues in the bud will save you money down the line.
Once your necessities are covered, then it’s time to focus on your needs. Balance budget and time against your goals.
For some people, renovating is not just a spectator sport. If you want a hands-on project then you need to honestly assess your own level of expertise, and ensure that you have the right tools for the job before taking on an ambitious project. Finding yourself over your head can be a costly mistake.
If you’re doing a DIY project, look for materials designed for easy installation. Fusion Stone’s DIY kit is designed to make installation of your interior or exterior stone project simple and affordable for homeowners of all skill levels to take on.
Some renovation projects will need permits and approval from local municipalities, and of course, everything must meet local building codes. Make sure that you familiarize yourself with the finer details before you begin making purchases.
Just because you aren’t looking to sell now, doesn’t mean you won’t want to sell eventually, so avoid making renovations that could reduce the value of your home. Unless you absolutely cannot live without the latest ultra-modern design then you should stay more on the classic side. Some things, like stone, never go out of style.
Finding the right renovation project for 2017 takes time and a lot of planning, but if you are willing to put in the work then the reward is worth it.