Most people who buy a home are eager to make some changes to make it their own. Whether it's a new paint job or undertaking major work such as a full kitchen or bathroom remodel, the key to a successful renovation is planning.
Many people underestimate renovation costs, so it's important to develop a realistic budget. Determine how much you want to spend and then add about 10 per cent to that estimate. If it's a big job and will require a loan, talk to your financial institution before starting so you know what you can afford and what loan product is best for you.
Next, figure out whether you are over-renovating or not. Once you start renovating it's easy to get carried away and add extra elements to the job. Decide what you truly need and want to accomplish. If you are renovating with your home's resale in mind, kitchen and bathroom upgrades offer good returns. Adding living space in the basement or building a backyard deck are also helpful when you sell your property.
Many homeowners believe that the only way to increase the value of their home is to spend a lot of money. But home renovations rarely offer a dollar-for-dollar return. In fact, sometimes the simplest updates give the best returns.
Always get multiple quotes before settling on one contractor. Ask what the contract covers and how potential problems will be dealt with.