Why renovate?
Does renovate your property simply means customizing your property to better suit your lifestyles or to upgrade outdated fittings to reflect modern design or trends?? Or it is something more than customizing or upgrading??
In fact you may consider these while thinking about renovating:
- Property Value Increased.Renovation can add up to 10% of the value of your home, particularly if you hold on to the property for at least 5 years. For example, if your property is valued at $400,000 and you spend $20,000 on your renovation, you potentially make over $40,000- twice your initial investment.
- Appreciation of Profit.A carefully planned renovation may help boost the property sales price. Keep in mind that if you’re renovating to sell, rather than renovating to live, you should take steps to ensure that any changes you make will appeal to your potential buyers.
- Functionality Improvement.Whether it’s a growing family, a home office or a retirement lifestyle, you may need to reconfigure the layout of your home, or create more space throughout. This could involve undertaking a major structural renovation to add new rooms, an additional bathroom or a guest room to leverage the available space.
Prepare!! Prepare!! Prepare!!
Failing to paln is planning to fail. To avoid costly budget or timeline issues, you should plan carefully for your renovation prior to commencing the project.
What’s your renovation objectives?
Before you begin the project, ensure that you set realistic objectives for all the things you’d like to achieve during the renovation.
What would be your timeline?
Consider renovation in stages. For instance, you might want to upgrade your bathroom first then wait a couple of months before renovating your kitchen area.
Assess your property value?
Get a home inspection done before start your renovation. This will identify if there are any structural problems or any other major defects. This will help determine any hazards or problems from the outset, rather than creating stress and hassles if you discover them halfway through the renovation.
It’s a good idea to get your property appraised by a certified appraiser to determine its value as well as the projected value once the renovation is completed.
Structural changes and approval?
Check with your city council and authority to ensure that your renovation meets regulations and guidelines
Your home renovation must meet basic requirements for health, safety and structural soundness. The permit process also ensures that your plans are in accordance with local government requirements such as planning and environmental regulations.
Projected budget?
Breaking down your individual costs for each part of the renovation is a good idea to adhere to your budget. . For instance, if you’re planning to tile a wet area, you should separate the costs for each separate task (e.g. waterproofing, tiles, labour) as this will help you keep tabs on your expenditure. It’s crucial that you allow 10-20% buffer of your budget so you’re prepared for any unexpected costs that may come up.
Renovation costs
Renovations can be pricey. Here are the costs of some of the most common upgrades:
Floors
Hardwood Floor Refinish $3-$6 / sq. ft
Carpet-clean $125 / room
Ceramic Tile $6-$11 / sq. ft
Kitchen
Renovation $7,500 +
Kitchen counter – laminate $45 / lin. ft
Kitchen counter – marble $80 / lin. Ft
You may get free quote at https://superiorcabinets.ca/renovation-help/average-cost-kitchen-remodel-renovation/
Security System
Alarm System $2,500
Alarm Monitoring $35 / month
Deck
Pressure Treated $15-$30 /sq. ft
Custom Designed & Built $55-$80 / sq. ft.
Windows
Skylight $800 and up
Casement – replace $50 / sq. ft.
How we can help?
If you are planning to purchase and improvements, I can assist you to get the mortgage amount that meets your requirement.
Do you know all three mortgage insurers will allow 10% of the purchase price or $40,000 whichever is less for home improvements?? As you buy your new home, you may add 10% of your purchase price to your mortgage for home improvements. Most of the cases lenders usually set the limit. Initially renovation expenses are borne by the buyer and once renovation is completed a full appraisal of the property is required. Keep it in mind all renovation works need to be done by professional. After submitting the appraisal your solicitor releases the fund.