Financial home reno mistakes to avoid

Whether it’s watching Drew and Jonathan transform fixer-uppers into dream homes, or watching Hilary and David battle on Love it or List it, we all enjoy watching home renovation shows. We feel inspired to put some work into our own home. However, unless you put a little elbow grease into your home renovation, your dream house could turn into an absolute nightmare. We’ve put together a list of home reno mistakes to avoid in your next project.

Budget + 10 per cent

One of the first questions we hear being asked on home renovation shows is a budget for the project. This is one of the most common home reno mistakes. The last thing you want is to take on too many projects at once without the money to fund them. Many times, when we shop and compare for new floors and countertops, look at the price tag. The difference in prices for two different types of wood flooring could only be $3 per square foot. But, when we calculate the area that we are putting that flooring in and the total cost, that $3 per square foot can add up. When comparing products, add everything up before the project is started to dodge having an insufficient budget. When you’ve added up all your projected costs, factor in an extra 10 per cent to 20 per cent as an extra cushion for unexpected costs.

Never skimp on quality

Skimping on quality is another one of our home reno mistakes. Tagging off of comparing products and prices, know the tradeoff for price and quality of products. In most cases, homeowners are putting thousands of dollars into renovations. While it’s smart to look for ways to save money here and there during the project. It’s usually not a good idea to cut corners in the quality of materials. It’s best to choose the best quality products that are within your budget. Working with a contractor to talk about tradeoffs between the quality and price of certain products will help immensely. If the cheaper material is chosen, homeowners risk repairing it later on and spending even more money.

Find a reliable contractor

Having a reliable and trustworthy contractor through the renovations will benefit the homeowner’s cash flow greatly. There are many cases where a contractor hasn’t been reliable throughout the renovations. This leaves home owners seeking legal advice and spending more money than anticipated. Checking the references and licenses that your contractor hold can help ensure they will get the work done and in a timely manner without costing you more money than anticipated. Talk to neighbours and friends that have recently had work done on their property to find a contractor that will work best for you. Moreover, a contractor will help create an estimated cost of the renovations. They can also assist in the quality of products being used to help save home owners money.

As seen in many episodes of Love it or List it and Property Brothers, there are a variety of things that can cause home owners to have some financial mishaps while renovating. To avoid financial danger during renovations, do your research and seek advice from a professional. To learn more about how Clinton Wilkins Mortgage Team can help you fund your renovations, call us and talk to one of our professionals. You can get in touch with us here.