Making the Perfect Budget for Home Renovation Toronto Services
What a great experience it will be to do your first home renovation or kitchen renovation project! You might be planning a small project, such as installing a new kitchen floor. However, the new floor will clash with the cabinets, so you decide to update them as well. And as long as you’re at it, why not add a stunning kitchen island as well? A $2,000 renovation project grew to $25,000 before you knew it! You need a plan for managing your home renovation budget. Home renovation Toronto experts from Astaneh Construction will help you create a smart budget and make smart decisions that will add value to your home while not going bankrupt. Please grab your calculator and start calculating!
How Much Does It Cost to Renovate a House?
A Home renovation Toronto project could cost between $100 and $200 per square foot, depending on the type of room you renovate, where you live, and how confident you are with a hammer (for DIY projects). But how does that all add up? A home renovation or kitchen renovation can be costly depending on several factors, including the number of rooms, work needed, materials, and the size of the project. You may find the cost of your project is drastically different if you decide to build a bowling alley in your basement or put a jacuzzi on your roof.
As per the Home renovation Toronto experts from Astaneh Construction, creating a renovation budget is as easy as putting together a list of projects that you want to be done and pricing each one. Prepare detailed budgets for the projects you want to do first, and then get bids for each one. Rank them by priority and begin by determining who is most qualified to perform each project.
How Much Should I Spend on a Renovation?
As a general rule, do not spend half your home’s price on renovating just a room or two; that likely won’t produce an equal value addition. When it comes to budgeting for home improvements or kitchen renovation, the best approach is to scrutinize your current budget and go from there.
Imagine you have a household income of $80,000 and a home worth $250,000. It would be ideal to make $60,000 in renovations to fix your roof damage, evict squirrels from the attic, and remodel a few rooms. By saving $2,500 a month, you’ll be able to complete half of your renovations within the first year.
Home Renovation Budget in 3 Steps
Here are 3 smart steps to help you create a budget for your home renovation from Home renovation Toronto experts from Astaneh Construction:
1- Prioritize Projects
The first priority will be to fix a room in your home that is out of balance and causing problems. Or, if you are extremely passionate about remodeling a certain area, such as kitchen renovation, focus on it first. When the rest of your finances are in order, you might want to begin with renovations that will greatly improve the value of your home and provide the most homeowner satisfaction.
Home value: When you want to increase the value of your home, prioritize projects that will earn you more money at sale than what you spend on them. According to the Home renovation Toronto experts from Astaneh Construction, the resale value of projects like new roofing and new wood flooring is 6-7 percent greater than the costs of renovating the house. Among the 20 renovation projects, installing new roofing was the top performer when it came to closing a sale.
Enjoyment: The kitchen renovation scored the highest of 20 projects for homeowners who were satisfied with their renovations, regardless of whether they earned back the full dollar amount they spent on them when they sold their homes.
2- Outline Cost Estimates
Time to get your calculator out, and here’s where it gets fun! When you’ve decided which renovation to do first, add up all the materials and labor associated with that project. You’ll need to do some research, so grab a cup of coffee and get comfortable.
It is impossible to determine an exact cost until you speak with actual contractors. However, you can get a fairly good idea of what your budget can accomplish by digging around online.
Collect Contractor Bids
Now it’s time to contact a contractor. Find at least three reputable contractors in your area by asking around or searching online. To compare pricing, ask each company for their bid and timeline.
It is important not to go with the lowest bid—you may appoint a shady character who takes several lunch breaks every day, and leaves you with a half-finished project. When you check out the contractor, and the bid fits your budget, go ahead and hire them.
How Do I Cut Renovation Costs?
If you do your home renovation or kitchen renovation yourself, you’ll be able to reduce costs significantly. Over a third of homeowners went through all of their renovation projects themselves last year! Although it might not be possible for you to handle the entire demolition yourself, you can still cut costs by doing some of these tasks on your own:
By ripping up or tearing down flooring, drywall, or cabinets, you can cut costs upfront and maybe even have fun!
Hire your own subcontractors:
It is likely that your contractor will recommend subcontractors who aren’t the most affordable choice for your job. The best deal can be found if you locate the Home renovation Toronto experts from Astaneh Construction yourself. You should also check with your contractor first because some contractors have a set team that works with them.
DIY paint job:
The cost of hiring someone to paint a 120-square-foot room can range from $1000 to 2000 dollars, but DIY can cost $1500 to $3000! Therefore, you will save half of the cost if you paint the room yourself!
It is always difficult to stick to a budget. Budgeting for a large project for which you have no experience is even more difficult. To build a feasible budget for home renovations, you need a detailed plan and lots of research.
Astaneh construction is a reputed general contractor service offering the full range of work for a complete home makeover. Our home renovation charges will be something between $100-200 per square feet according to the materials you choose.
On the other hand, our kitchen renovation services start at $40,000 and go up to $150,000 based on the kitchen cabinet sizes, countertop quality, and all the extra fixtures.