{"id":12948,"date":"2019-07-06T15:15:18","date_gmt":"2019-07-06T22:15:18","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12948"},"modified":"2019-06-20T10:15:38","modified_gmt":"2019-06-20T17:15:38","slug":"how-to-create-a-renovation-budget","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/07\/how-to-create-a-renovation-budget\/","title":{"rendered":"How to Create a Renovation Budget?"},"content":{"rendered":"<p style=\"text-align: justify;\">Maybe you\u2019re thinking about renovating your home before listing it for sale on the Nanaimo real estate market. Or perhaps you plan on staying where you are because the location is absolutely perfect. In either case, the first step in renovating is to create a renovation budget.<\/p>\n<p style=\"text-align: justify;\">In this article we\u2019ll take you through the steps to create a renovation budget and also show you how to save some money.<\/p>\n<p style=\"text-align: justify;\"><strong>How to estimate the cost renovating your home<\/strong><\/p>\n<p style=\"text-align: justify;\">Mark Cooper, a director of the Greater Vancouver Home Builder\u2019s Association, was recently quoted in the Vancouver Sun as saying that \u201cmost interior-only renovations come in at about $100-$125 per square foot. Add in some new windows and exterior work, and that jumps to about $150.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Renovating vs. buying a new home<\/strong><\/p>\n<p style=\"text-align: justify;\">Even if you plan on keeping your home forever, any renovation project should still proportionally add value. As a rule of thumb, you shouldn\u2019t spend more than 10%-15% of your home\u2019s value on a single room. For example, if your house is worth $500,000 then the maximum you\u2019d want to spend on a kitchen renovation is between $50,000 and $75,000.<\/p>\n<p style=\"text-align: justify;\"><strong>Figuring out where the money for renovation will come from<\/strong><\/p>\n<p style=\"text-align: justify;\">Before you decide what to spend your money on, you\u2019ll need to determine where the money for your home renovation will come from. The answer is easy if you\u2019ve got cash saved. Other ways to fund your project include a cash-out refinance or a home equity loan. Your real estate agent can give you a good idea of what homes comparable to yours are worth in the current Nanaimo real estate market and how much equity your home has.<\/p>\n<p style=\"text-align: justify;\"><strong>Steps to create a renovation budget<\/strong><\/p>\n<p style=\"text-align: justify;\">Now you know where the money is coming from. Next, follow these steps to create your perfect renovation budget :<\/p>\n<p style=\"text-align: justify;\">\u25fe Determine the scope of your renovation project and timeline : start with your dream list by walking through each room and making a complete list of repairs and updating. You can always narrow it down later if you need to.<br \/>\n\u25fe Decide if you want to be your own general contractor : a general contractor, or GC, is the one who manages all the specialty subcontractors like electricians, plumbers, and cabinet makers. Doing this will save some money but will also take up more of your time.<br \/>\n\u25fe Interview and get quotes from several contractors : ask a lot of questions and always make sure you have enough details from each bid to compare apples to apples.<br \/>\n\u25fe Set a renovation budget based on your estimates : make it as detailed as possible and be sure to include everything down to the last nail or screw.<\/p>\n<p style=\"text-align: justify;\">After that, it\u2019s time for your home renovation to begin!<\/p>\n<p style=\"text-align: justify;\"><strong>4 ways to save money on home renovations<\/strong><\/p>\n<p style=\"text-align: justify;\">There are ways to save money on your home renovation without cutting corners. Some of the most cost-effective include :<\/p>\n<p style=\"text-align: justify;\">\u25fe Doing demolition work like removing old cabinets and tile yourself<br \/>\n\u25fe Ordering finishings and fixtures yourself<br \/>\n\u25fe Doing your own painting<br \/>\n\u25fe Shopping for used and refurbished items instead of brand new<\/p>\n<p style=\"text-align: justify;\"><strong>Four things to remember when renovating your home<\/strong><\/p>\n<p style=\"text-align: justify;\">1. Do a ballpark estimate on the costs : interior-only renovations start at $100-$125 per square foot while windows and exterior work begins at about $150.<br \/>\n2. Decide how much money you have to spend : cash or getting funds for renovation through a cash-out refinance, a home equity loan, or a home equity line of credit (HELOC).<br \/>\n3. If you\u2019re not doing a DIY home renovation, get quotes from contractors, being sure to look at their recent work, and check references.<br \/>\n4. Prioritize item you want renovated and if necessary, change the project to fit your budget by using lower-cost alternatives or keeping items that still work.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/how-to-create-a-renovation-budget\/98754671\/\" target=\"_blank\" rel=\"noopener noreferrer\">How to Create a Renovation Budget?<\/a> by Lynn Donn | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Maybe you\u2019re thinking about renovating your home before listing it for sale on the Nanaimo real estate market. Or perhaps you plan on staying where you are because the location &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/how-to-create-a-renovation-budget\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-12948","post","type-post","status-publish","format-standard","hentry","category-home-lifestyle"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Create a Renovation Budget? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/how-to-create-a-renovation-budget\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How to Create a Renovation Budget? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Maybe you\u2019re thinking about renovating your home before listing it for sale on the Nanaimo real estate market. 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