Planning a Vancouver home renovation can be exciting. You get to chose your inspiration, style and materials.
When making all these choices, it can be easy to find yourself spending more than you expected – or wanted – to. That is why it is important to set a budget for your Vancouver home renovation.
But how do you set a budget for your Vancouver home renovation – and stick to it?
1. Have a goal in mind
What’s the purpose of your Vancouver home renovation?
Making your home more family-friendly?
Adding to its resale value?
Flipping it?
While these options are not mutually exclusive, you want to make sure you have one primary goal in mind for any renovation. That way, when you are trying to figure out where to splurge and where to save, you can decide how to best meet your renovation goal and spend strategically.
2. Prepare for the unexpected
When you are planning a Vancouver home renovation, it is important to know what your financial position is – and to figure out a budget that works with it. That budget should not eat into your ability to pay bills or deal with unexpected life issues that may arise. After all, there is nothing worse than feeling strapped for cash while completing a renovation.
Once you have a budget in mind, set aside 15% to 25% of it as a contingency fund. Any experienced renovator will tell you that unexpected costs can arise, and having a contingency fund is a great way to ensure these costs can be managed. If issues arise with your Vancouver home renovation, you will not find yourself in a position where you are forced to go over your budget to resolve them.
3. Get quotes
When you are caught up in the thrill of planning your Vancouver home renovation, it can be easy to hire the first home designer or contractor you meet. That can often lead to you paying more for the same work though.
It is important to research your options diligently – and get detailed quotes from professionals on the work you want done. You may also want to consider working with a renovation project manager, rather than a traditional contractor.
If you have specific requests about materials, timelines, or anything else related to your home renovation, be upfront about them. This will help you and your renovation team make a clear, accurate plan that fits within your budget.
What if my budget does not allow me to complete the Vancouver home renovation of my dreams?
If you have champagne taste on a beer budget, talk to your team about that. The professionals you are working with will likely have tips about where to cut costs while still achieving your Vancouver home renovation goal.
They may also have relationships with certain suppliers, who offer discounts to their clients – Flipside Homes is proud to offer our clients discounts on materials, thanks to our excellent relationships with suppliers.
Finally, while it is easy to get caught up in the renovation whirlwind, remember that these are not life-or-death choices… Your home will still be beautiful, even if it ends up needing a more affordable finish, or does not include a marble countertop.
About to jump into your own Vancouver home renovation? Make sure you get the best return on investment with these tips. If you already have your budget and plan in place, drop us a line today about getting a quote on your renovation.
