If you’ve been planning a home renovation project for a long time but limited finances forced you to put the plan on hold, you can try to resume on a budget. Building a feasible budget requires a detailed plan and extensive research to ensure you’re not stuck with unexpected costs.
A home renovation project can boost the value of your property and give you a new home feel. But, if the costs spiral out of control, it can be overwhelming. Creating a realistic plan can reduce your stress and help you kickstart your dream renovation project.
Consider a Reverse Mortgage
A reverse mortgage allows Canadian homeowners over the age of 55 to borrow money against their property. After determining that you’re eligible, you need to fill out an application to apply for the loan. If you’re a homeowner eligible to apply for this loan, you might be wondering, how does a reverse mortgage work?
You can access up to 55 percent of the current value of your primary residence through a new loan and can use the funds however you please. You’re not obligated to pay back the loan until you sell the property or move to a new place, so it provides you with the funds you need with no added pressure. You can then use the money to pay for your home renovation project.
Pick an Experienced Contractor
Home renovation projects were an important part of many Canadians’ lives in 2021. As it continues to be a priority for many homeowners, you must hire the right person to avoid any risks. Hiring someone inexperienced at the job can incur higher costs and losses.
You want to make sure you’re hiring someone efficient but isn’t overcharging you for the work. Do your research to find someone qualified and ask your friends or families for recommendations. You might be able to negotiate the prices or get a discount if you hire them through a referral.
Combine Projects & Materials
It can be cheaper to combine projects or materials when renovating your home. If you plan to fix the floor or walls in several rooms, it can be helpful to assign the task to a single contractor who can offer you a better price.
Mixing materials can also be an effective method of saving costs. Use materials based on the room and your needs. It might seem convenient to use the same material in every room, but it could cost more if one room is bigger than the other.
Account for Hidden Costs
If you haven’t done any work on your home in a long time, there are risks of hidden issues beneath the surface that may raise the cost of your project. Some potential problems include old wiring or plumbing. Factoring in a percentage of your budget towards hidden costs can save you from surprises and help you stick to your plan.
DIY When Possible
If you’re ready for a challenge, consider performing some of the home renovation projects yourself. You can either assist the contractor or take on small projects to cut costs. For example, if you know how to paint, let the contractors finish the job until it’s time to paint, and do that portion on your own.
Home renovations and be exciting but overwhelming. Creating a proper plan can reduce stress and allow you to enjoy the process by reducing your financial burden.