The Average Home Renovation Costs

Renovation is one of the best gifts that you can give to your home. It is considered as a treatment for your aging home. Since our homes usually get damaged just like any other things that we own, we must provide them with the repairs that they need.

However, a lot of homeowners neglect this part. This is because they are worried about the tremendous amount of money that should shelled out. It is actually sad because many properties just break down while being helpless.

Here in Canada luckily, there is an increase of people getting interested in renovating their property. The percentage was said to be 49% with an average budget of 10,000 USD in a survey conducted 2 years ago by CIBC Home Renovations. Although some people went overboard on their budget, the results seem to be exceptional.

What boggles the mind of the homeowners?

Yes, home renovation is the best solution to saving your living space from deterioration. However, on that mere process, there are usually questions that will run into your mind. The answers to those questions will determine if you will continue the renovation or not. To give you an idea, here are the usual questions that homeowners ask themselves when planning to renovate.

  • The overall cost of home renovation
  • The prioritization of spending
  • The steps to take to manage the financial aspects of the project properly

How much do you have to spend?

When you renovate a property, do not think of it as another money pit instead think of it as an investment. Once a property was renovated, its value goes up meaning you’ll get the investment that you’ve had with the materials and labor for the renovation.

For an instance, you spent 65,000 USD to improve your basement, while your whole home is just priced at 50,000 USD, which does not make sense at all. It only entails that you have to be a wise-spender when renovating your home.

The timeframe is also a major concern. It determines if your costs will go up or down. The longer the project takes, the higher the costs that you have to spend. As much as possible, if you can perform some DIYs on the project, much better as it will minimize the overall costs of the project.

Aside from the project proper, there are other costs that you have to consider as well such as the following:

  • Building permits
  • Emergency funds
  • Architect fees

For you to be on the safe side, you should add at least 25% more to your budget for you not to fall short. The budget for the whole house usually depends on its value.  A 500,000 USD house might require 25,000 to 50,000 USD per room.

The rule of thumb is you must allot 1% of your property’s value for its yearly maintenance. The painting alone can cost you 10,000 USD for the whole house assuming that the paint is the only one that needs attention.

Conclusion

Our home is where we take our refuge in our daily lives. Having said so, we must ensure that our homes are always in their top condition.

The best way to do that is by having an efficient home renovation project. This will take away the impurities that your property has and will make it a better place to reside and bond with your family.

Renovation Contractors Calgary will be your best choice when it comes to home renovation projects. We will be using our expertise to help you out in achieving the perfect home that you want.

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