4 Tips For Budgeting For Your Next Home Renovation
Rick St Laurent
November 26, 2020

With winter just around the corner, homeowners throughout the Edmonton region are planning for long, cold days, and plenty of time spent indoors. When the weather outside is frightful, there’s no better time to get to work planning your next home renovation project. Whether you’re ready to finally finish your basement and give your family room to grow, want to overhaul your kitchen, or simply need to take care of a few lingering issues, remodelling is the perfect way to create the home of your dreams. Below, we’ll give you four easy tips to keep in mind when budgeting for a new project, as well as talk about the benefits of working with Peak. Read on to learn more!

4 Tips For Home Renovation Budgeting

1. Prioritize Your Remodelling Needs

Changing your home to fit your needs can be an incredibly exciting process as you get to blend your sense of style, dream features, and of course, check off any necessary boxes as you go. With that being said, one of the most crucial parts of the planning process is to sit down and prioritize what areas of your home need to be tended to first. While it may be tempting to go after your dream project first, the reality is, that known issues and safety concerns should be addressed first. Barring any safety or structure-based changes, it’s important to consider what areas of the home you use the most, as well as what your intended purpose behind the upcoming reno is. Doing so will help you find the best fit for your current needs and to budget accordingly.

2. Build A Detailed Plan With Cost Estimates

While you may not be able to lay out every detail of your future project, creating a thorough idea of what you want to be done, what materials you want to be used, and any appliances you need (and what you are comfortable paying for them) goes a long way towards speeding things up. Taking the time to investigate what you want and need will prevent you from going in blind and will protect you against outrageous quotes, while simultaneously giving prospective contractors more to work with.

3. Speak With Multiple Contractors Before Locking Yourself In

Unless you already have a trusted contractor on hand, never be afraid to prospect a few different sources to see how much costs vary and if you can gain an idea of what the approximate market value of your remodel will be. Bear in mind, not all renovation specialists include architects and designers in their services, so unless they have an in-house team, you may end up paying more than initially anticipated.

4. Be Honest About Your Bottom Line

As with any major financial investment, at the end of the day, it’s important to be honest with yourself, as well as all parties involved in your overall bottom line. If you have a hard number you cannot exceed, stand firm and let your contractor know right from the get-go. This allows them to plan around your budget from day one, avoiding headaches, hassles, and ultimately, disappointment.

Discover The Peak Improvements Difference

As one of Edmonton’s leading home renovation teams, Peak Improvements is proud to help homeowners create their dream space, one renovation at a time. Peak’s attention to detail, dedication to quality craftsmanship, as well as our proven six-stage process ensures each project is completed on time, as well as on budget (ask us about our guaranteed price, no surprise contract).

Need Help Planning Your Budget?

Check out our renovation budget estimator here and contact us today!

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