Keep your renovation costs under control

There are so many great ways to minimize expenses while maximizing results.

A good renovation can reinvent your home, taking a space that’s tired, ugly or ineffective and turning it into a beautiful area where you and your family can thrive. There’s a lot of ingredients that go into a good renovation, and keeping your costs under control is one of them. Here are some tips to help:

  • Really think about what you need. Different renovations can solve different problems. Be strategic about what you renovate so you don’t spend money fixing things that aren’t a priority.
  • Have a detailed plan in place before you get started. If you’re working with a contractor it’ll make their life a lot easier if you can show them exactly what you want. It’ll help keep your project on track, preventing delays and surprise expenses.
  • Budget. This is a crucial part of your plan. Price out your materials and labour ahead of time, and do some comparison shopping. Watch for deals and keep track of all your costs. Allow an extra 10 to 15% to your budget so unexpected expenses won’t break the bank.
  • Think about how you’ll pay for it. You can save big time on interest with the right loan. Call our Contact Centre at 1.866.863.6237 to learn more about the borrowing options you have available.
  • Do things yourself. Even if you need to hire a contractor, you may be able to save money by saving them time. This might mean moving furniture so the work area’s ready for them, or it could mean ripping up old flooring so the contractor only needs to handle the install. Lending your contractor a hand also gives you a chance to learn a thing or two for next time.
  • Sell your old stuff. Your old furniture, finishes and appliances may no longer work for you, but that doesn’t mean they don’t work. There might be a market for them online, and even if they don’t earn top dollar you get the convenience of having someone haul them away.