If you’re considering remodeling your home, there are a lot of factors to think about. How much can you afford? What kind of materials will you use? What’s the best way to update your space? In this blog, we’ll look at six factors to consider when planning a home remodel – keep reading to ensure you make the most of your home renovation!
Estimate Potential Return on Investment
The first factor to consider when planning a home remodel is your potential return on investment (ROI). How much value will your renovation add to your home? If you’re planning to sell in the near future, you want to be sure that your ROI is high enough to justify the cost of the renovation.
For most homeowners, you can expect to receive a return on an investment relative to the room you’re having renovated and the size and scope of the project. Here are some rough estimates of what you can expect:
You can expect a kitchen renovation to return about 60-80% of your investment, based on historical averages. It’s important to note that this number can vary depending on the size, scope, and quality of your renovation.
A high-end kitchen with top-of-the-line appliances and custom cabinets is going to cost more than a mid-range kitchen with standard features. But, it’s also going to have a higher ROI.
A bathroom renovation will typically return 50-70% of your investment. Again, this number can vary based on the size and quality of the renovation.
A luxurious master bathroom with a spa-like shower and heated floors is going to cost more than a simple update with new fixtures and paint.
A basement renovation will typically return 50-70% of your investment. Just like the other renovation types mentioned above, there is plenty of room for cost and investment return variance here.
A high-end basement with a wet bar and home theater is going to cost more than a simple update with new flooring and fresh paint, but you can expect to recover far more when the time to sell arrives.
Sketch Out Priority Projects
When you’re considering home remodeling, it’s important to prioritize your projects. Not every room in your home needs to be updated at the same time, and not every project needs to be completed in its entirety before you move on to the next one.
In general, you want to start with the rooms that are most important to you and your family, such as the kitchen or bathroom. From there, you can move on to other projects, like finishing the basement or adding a deck.
Break Down Budget
Once you’ve prioritized your house remodeling projects, you’ll need to break down your budget by room. This will help you keep track of how much you’re spending on each project and ensure that you’re not overspending in any one area. In general, you should allocate no more than 10-15% of your home’s value to your total renovation budget. When considering a budget for your home renovation, you’ll want to factor in the cost of materials, labor, permits, and any other incidentals that might come up during the project. It’s also a good idea to set aside money for unforeseen expenses. This way, if you run into any problems during your renovation, you’ll have the extra cash to cover the costs of repairs.
Set a Timeline
The next step is to set a timeline for your renovation. This will help you stay on track and ensure that your project is completed promptly.
In general, you should allow for six to eight weeks for a kitchen or bathroom renovation, four to six weeks for a basement finishing project, and two to four weeks for other projects, like adding a deck or painting the interior of your home.
Depending on the size and interior design complexity of your renovation project, you may need to hire a professional contractor to help you complete the work.
If this is the case, be sure to factor in the cost of labor when creating your budget and timeline.
Research Local Building Permit Requirements
Before you begin any construction, it’s important to research local building permits and necessary project requirements. Obtaining a permit from your city or county might be required depending on the scope of the project. For example, most deck projects will require a permit, as will any structural changes to your home, like adding an addition or finishing a basement.
It’s typically best to hire a professional contractor to help you with the permit process, as they will be familiar with the requirements in your area. However, if you’re planning a small project, like painting your kitchen cabinets, you may be able to obtain the permits yourself.
Work With a Professional
While it’s possible to complete a home renovation on your own, it’s typically best to work with a professional contractor. A professional can help you with the planning and execution of your project, and they’ll also be able to ensure that all the necessary permits are obtained.
Professional renovation companies will ensure that your project is completed on time and within budget, and they’ll give you the best chance possible of accessing maximum resale value down the road.
If you’re considering a home renovation project, contact NICKS Developments today. With years of experience servicing clients across the Greater Toronto Area, we’ve built a reputation for building premium quality Toronto custom homes.
Our team of professional contractors can help you with every step of your project, from planning to permits to execution. We’ll work with you to create a budget and timeline that fits your needs, and we’ll make sure that your renovation is completed on time and within budget, with no corners cut along the way. Contact us today to learn more about our team or to get started on your home renovation project!