To say that taking on a home renovation can be expensive is an understatement. Whether you’re renovating your forever home or flipping a fixer-upper, it’s important you have a plan in place so you don’t accidentally make costly mistakes. By planning ahead and having a budget, you can ensure you don’t make these 4 mistakes that make your renovation cost more.
1. Not Having a Budget in Place
Starting a renovation without a budget in place is a costly mistake many homeowners make. If there’s no perceived limit on how much you can spend, you won’t notice how quickly things add up. For example, choosing a different tile that costs a few dollars more per square foot might not seem like a big deal, but it will add up quickly. Not only will the price of the material go up, but you could also see an increase in the amount of time it takes to lay that tile and in turn, your labour costs will go up.
Going into a project with a rough idea of what it will cost and what you’re comfortable spending will make the planning process much easier. Make sure that when you start interviewing pros, you ask for an itemized bid that breaks down the costs of materials, labour, the scope of the project and an overall estimate of how much it will all cost.
2. Forgetting Living Expenses During Reno
Certain types of major home renovations will require you to move out during them. A mistake many homeowners make is not budgeting in where they’re going to live during the reno. Are you going to stay with friends or do you need to rent a temporary place? Will this impact your commute to work or school? These costs should be accounted for in your renovation budget.
If you do not need to move out completely during your reno, you may need to spend money to make your home livable during the reno. For example, while your kitchen is being redone, you may invest in a hot plate or other appliances to make a makeshift kitchen elsewhere in your home. While cheaper than renting another home, these little costs can add up. Think about how the reno will impact living in your home and be sure to add this to your overall budget so you don’t end up paying more than you had expected.
3. Hiring the Wrong Pro
We always recommend thoroughly researching any company before you hire them. Reading their reviews from past clients, checking out photos of projects and last but not least, actually interviewing the company is the best way to make a smart hiring choice. While the allure of the cheapest company may pique your interest at first, you’ll quickly discover you get what you pay for when it comes to renos.
Hiring a company that does things on the cheap will inevitably end up costing you more in the long run. This is because you will likely have to correct the poor quality of work they did, meaning you’ll end up hiring the more expensive but competent company you should have hired from the start. Use HomeStars to easily get quotes from companies in your area and then be sure to ask them these questions while interviewing.
4. Ignoring Structural or Necessary Updates
Updating your kitchen’s appearance is a much more exciting renovation to plan than updating the old plumbing behind the walls. While we would all rather spend money on aesthetics, ignoring structural and necessary updates can end up costing you more. Don’t ignore these kinds of updates with the hope of saving money in the short term. Having outdated plumbing and electrical is common in older homes and can be dangerous. These types of projects are expensive but remember you are only investing in your home and your safety. This is something to consider when purchasing a home too. Have the previous homeowners invested in this already or will it be left up to you? Factor this in when thinking about buying a fixer-upper.
Proper planning and setting a realistic budget will help to ensure you don’t make these common renovation mistakes. Once you’ve done your research and have a rough budget in place, it’s time to get in touch with pros. Simply click on the banner below to get quotes from pros in your area who can help you with any home improvement renovation you need.
