Are you in the early stages of planning for a home renovation? Whether you’re hoping to bring your new purchase up to speed or need to renovate your current home to better suit the needs of your growing family, large-scale home renovations (typically consisting of multiple rooms or more) can be incredibly fruitful and increase the overall value of your property. While undertaking a large project can often feel a tad overwhelming at the very start, with a little research and pre-planning, and making sure that you partner with the right renovation team, creating the home of your dream is easier than you think!
With decades of experience under our belt, Peak Improvements knows how important it is to feel prepared going into your renovation. To help you plan ahead, we’ve compiled a quick list of things to keep in mind when handling one of the most important parts of your project: your budget. Read on to learn more!
Budgeting For Success
Whether this is your first time undertaking a renovation or you’re an experienced homeowner with multiple projects under your belt, it should come as no surprise that your budget is one of the most crucial parts of setting yourself up for success. While the ultimate goal of your budget is to determine your maximum spend, it will also inform more details than you might expect. Your overall financial allowance will influence what areas you start with, your completion timeline, what materials you use, what finishing elements you select, and much more. With this in mind, it’s important to ensure that your budget is accurate and takes into account all elements of your finances that will be involved in your renovation.
How Much Should I Spend?
Knowing how much to spend is probably the most asked question by any homeowner anticipating a renovation, and while there may be some common elements for changes made to specific rooms (i.e. kitchens, bathrooms, etc), the reality is that every home is different. Your vision, the specific layout of your property, city-specific by-laws and building requirements, and much more will influence the exact cost of your project, and therefore, you’ll want to work closely with your contractor to come up with an approximate financial commitment before narrowing down further.
Want a better idea of what you can expect to spend? Get an unofficial estimate using our budget calculator!
Building Your Budget
There are many different aspects that go into making your budget, but key elements include any financing you plan to utilize, your current funds that you have saved, and your future plans for the home. Keeping the future in mind will help you focus both on your current changes, as well as the role they’ll play in the overall aesthetic and function of your property.
Prioritizing
Finally, when making your initial, as well as your final budget, you’ll want to stay objective in your plans. While the end goal of every renovation is to help your home look its best, your primary concern should always be taking care of any lingering issues, safety concerns, and major elements that ultimately detract from the property as a whole. Foundational and/or envelope issues like cracks and leaks or poor insulation, faulty wiring or plumbing, visible damages to walls or ceilings, and more should always be at the top of your list when planning a project. Even though handling these kinds of issues may be a little pricier upfront, tending to them first will keep your home safe and provide peace of mind, something that mere aesthetics alone will fall short on. When partnering with an experienced team, your contractor will work alongside you to build a plan that accounts for such issues, while also giving you a chance to revitalize the overall look of your space for the best of both worlds!
Ready to Start Planning for Success?
Peak Improvements is here to help! As one of the Edmonton Capital Region’s top renovation teams, you can count on our crew to partner with you to bring your dream home to life, one step at a time. Using our proven six stage process, Peak Improvements keeps our projects on time and on budget, and our guaranteed price + no surprise contract means you’ll never have to worry about sudden surprises down the line. When you need a home renovation that you can count on, Peak Improvement has you covered! Contact us today to learn more!