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How Much Should My Renovation Cost?

How Much Should My Renovation Cost?

When planning a budget, of course the number one thing people want to know is 'how much should I spend on the renovation?'. While there is no black and white answer to this, there are a few things to consider when making your home renovation budget to ensure that every dollar spent is a great investment.

This article will help you plan your home updates with the Best Calgary General Contractor's 4 factors to consider when making a budget for your reno.

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There are some details about your home that will help to determine the cost of a smart renovation. Whether big or small, you want to ensure that every dollar invested into your home will be well spent. Contacting a General Contractor in Calgary that has a good reputation and positive reviews can help you to get a rough idea of what the cost of your renovation will be before ever beginning the work. But, before picking up the phone, go through these four points to ensure you have a good idea of what you want to spend before the work begins.

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1) Your Home's Age

One major factor that will affect your renovation cost is the age of your home. Older homes will almost always bring considerable extra costs to your renovations such as:

  1. Bringing areas of the home up to code that currently would not pass an inspection
  2. Finding unplanned issues once the renovation begins such as mold behind the wall, or faulty electrical wiring
  3. More costly, older items needing replacement such as windows, a new roof, or driveway

2) Your Home's Value

Before deciding on how much you want to put into your home, it's best to do some research on your neighborhood because you will want to ensure any investment you make can be realized should you decide to sell your home down the road. Here are some factors that may weigh in on your renovation budget:

  • What are similar homes in the neighbourhood selling for?
  • Would my property value increase with a renovation, or should I consider an infill development?
  • Will my planned renovation increase the value of my home, or is it just a 'superficial renovation' for my own enjoyment?
  • Will my renovation/remodel increase the number of rooms, and/or finished square footage in the home?

There are not right or wrong to these questions, but the answers will help you ensure you are not over spending for the community, and can help you decide how much a renovation is worth from an investment perspective.

3) Your List

While it's fun to dream, the reality is most of us do not have an unlimited renovation budget. To avoid getting in over your head, or ending up sorely disappointed, make a list of your renovation must haves, would like to haves, and can live with outs. This list will make the life of your contractor much easier, as it can be very easy to end up with a renovation plan that well outgrows the budget. If you prioritize what you want done the most, it will be easy to make decisions when it comes down to finalizing the budget and the work being done.

4) Your Finances

Now with your plan, rough estimate, and list in hand you can get moving ahead. Before booking your reputable general contractor in Calgary, it's important to know how you plan to pay for your renovation.

  1. Savings, or Cash
  2. Home Equity Line of Credit
  3. Easy Renovation Financing
  4. Personal Loan or Line of Credit

While some clients have the cash in hand, others prefer to use credit and save their cash in their bank account. Whatever option works for you, be sure you and your contractor have a clear plan for what is due and when along the way. If home renovation financing is something that would benefit you, choosing a company that has a flexible payment plan is ideal.

Your Trusted Calgary Home Renovations Team

Whatever the size of your project: a small renovation, or a full home design-build project, getting your budget in place first is a must. When you follow the four steps outlined above, you can move into your renovation with ease because you have checked all your fiscally responsible boxes.

Skilled Help Now serves Calgary and Kelowna with expert renovations of all sizes. From light updates to a full home remodel, our team has the skill and expertise to bring your renovation across the finish line on budget and on time. Reach out to the administrative team for a consultation for your home by calling 1-833-SKILL-ME or filling out the contact form on this website.

The Only Call You Need to Make For Your Home Renovation Needs

Finding a skilled, trustworthy and professional General Contractor to take care of all your renovations- big and small can be tricky. We have a team of certified and screened trades who can take care of anything on your ‘to-do’ list including odd jobs, electrical, plumbing, painting, and carpentry all the way up to a full home renovation.

Our decades of general contracting experience allows us to connect you with certified professionals who will get your home improvement projects done with expert craftmanship. Get in touch now to get an estimate, learn about your renovation financing options, and our insured, licensed and warrantied team.

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