6 simple ways to keep your renovation costs under control

Asian family renovating house

We’ve all been there – our eyes are bigger than our stomach and soon enough, we’ve bitten off more than we can chew.

While renovations are a great way to reinvent your home and revitalize your investment, they can be costly, not to mention stressful! Don’t worry – here are 6 ways to keep your expenses under control while maximizing your results.

  • Think about what you need verses what you want. If it helps, write down a list of everything you’d love and highlight your priorities. Being strategic about your renovation – and your budget – will help you focus on what’s most important.

  • Before you start, have a detailed plan in place. Trust us, having a plan will make life a whole lot easier, especially if you’re working with a contractor. Showing your contractor exactly what you want will help keep your project on track, prevent delays and minimize surprise expenses. Plus, you’ll get to watch your vision come alive!

  • Stick to your budget. This is a crucial part of your plan. Do some comparison shopping – price out your materials and labour costs ahead of time. Watch for deals and keep track of all your spending. A good rule of thumb is to budget an extra 10 to 15% more than what you think you’ll spend. That way, you’re prepared if you’re hit with unexpected expenses.

  • Ask yourself: how are you paying? Do you have some savings already stashed away or do you need a little help? There are simple ways to fund your next project, without breaking the bank or racking up a mountain of interest. Our experts are one stop, click or phone call away if you want to discuss your borrowing options or get a second opinion.

  • Do as much as you can yourself. You’d be surprised by what you can learn from YouTube and other free online materials! If you have the time and the ambition, try your hand at do-it-yourself renovations – you might be surprised at how much money you can save.

    If you need to hire a contractor, save money by minimizing their time – this might mean moving furniture so the work area is ready for them or ripping up flooring so the contractor only needs to handle the install. Plus, offering to lend your contractor a hand gives you a chance to learn a thing or two for next time.

  • Repurpose or sell your old stuff. Before you start demoing, take inventory of what you can salvage to repurpose or sell. Often, a new coat of paint and some modern fixtures are enough to revitalize your space. Plus, earn some money back by selling gently used items you’re ready to part with, such as light fixtures, copper piping, leftover lumber and furniture items. You know what they say – one person’s trash is another person’s treasure!
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The buck doesn’t stop there – once renovations are in full-swing, don’t forget to check back in with your plan and your budget throughout the process.

Need help deciding between renovating or moving? We’ll help you weigh the pros and cons so you can ultimately make the best decision for you and your circumstance. Plus, we’ll fit you into the right mortgage product that works for you. Give us a call at 1.866.863.6237 or book an appointment online to discuss your options!