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Whenever we watch HGTV, we all get excited about the big reveal at the end of the show. We see the horror show of what the space looked like before and then we see the amazing transformation.
As Canadians put more money into renovating their homes, which adds to the space’s comfort or its value, there are some cautionary words of advice you should consider before a sledge hammer hits a wall.
Don’t set a tight budget
How much money you have to spend will determine what you can get done, the materials you use and who you can hire (or if you should DIY the job). Whether you save up enough money or tap into a construction loan to fund your renovations, it’s important to also leave yourself a buffer room of about 10 to 15 per cent of extra funds. There’s a high chance your project may go over budget and no one wants to face a mad scramble for a lump sum amount of cash. While there are housing rebates and credits you may be eligible for, it’s important that you have enough money to cover your costs in case you find yourself ineligible or you don’t receive as much as you expect.
Don’t expect that the project will pay for itself
While there are some home renovations or additions that increase the value of your home enough that it covers the majority of its costs, this could take years to come into fruition. When setting your budget, rely on money that you have saved up or if you choose to take out a loan, realistically consider whether your finances can handle the extra debt load.
Don’t hire a contractor solely based on price
The contractor who quotes you the cheapest price may not actually be the best option. In fact, if they deliver work that’s done poorly, you could end up paying double the price (and then some) to fix up their mess. Always vet a contractor’s references, which includes asking their past clients details about how they were on the job, whether they stuck to the timeline they provided and take the time to visit their previous clients to see the work with your own eyes. While this means more legwork for you, you’ll be glad you did it once the project gets started.
Don’t try to DIY everything
HGTV makes many renovation jobs look easy and you always see a stunning reveal at the end. While you might be tempted to save money by doing some of the work yourself, what you also need to keep in mind is that there’s a lot that goes on behind the scenes, which you aren’t seeing. While there are some renovation jobs you can take on, there are others where you should hire a professional. Some changes, such as knocking out walls or rewiring a room, could have many long-term implications that you don’t realize.
If you’ve undertaken a major renovation, you may qualify for an HST rebate. Rebate4U can help you figure out whether the renovations you’ve done to your property make you eligible for an HST housing rebate. Our priority is to provide our clients with the most professional and quality service in obtaining rebates for their new and renovated homes. We are proud to offer our clients the most personal and attentive service, and we make sure that all of our clients are 100% satisfied.