2020 ultimate guide to home renovation
Based on the 2019 CIBC Home Renovations Poll, nearly half of Canadians planned to renovate their homes last year, budgeting $10,211 on average. About 40% of those who completed renovations, went over budget. This shows how tricky is budgeting a renovation project and how important it is to know the process. This 2020 ultimate guide to home renovation can help you organize your home remodeling process and save your sanity.
On this page:
- How do people go over budget and time?
- What are steps for home renovation
- How much does it cost to renovate a home?
How do people go over budget and time?
A renovation is different from building a new house. In a renovation project there are a lot of unknowns. When you are building a brand new home, you can plan ahead and everything goes according to your plan if you have hired the right contractor/ builder and there are usually no hiccups. However, in a renovation project there are a lot of unknowns that can significantly affect the time and cost of the project.
Say you want to renovate your bathroom and change the vanity. It might be a simple $1,500 job that takes 2 days. But as soon as the contractor removes the old vanity, he finds out the old vanity that has been used for years had a leakage and the wall behind it is fully deteriorated and molded. Now your project will cost twice the initial estimation to fully repair the wall and will take 4 days to finish. This is only a simple unforeseen issue that can come up in a renovation project and you and your contractor need to be prepared to face these challenges.
What are steps for home renovation
Before jumping into your home remodel and swinging the first hammer, you need to get familiar with the steps of any home renovation project:
1. Define Scope of Work
A renovation project can be anything from doing a Repaint to turning a warehouse into residential units. It is important to know the scope of a project. Sometimes a renovation is specific. Say there is a problem with your roof, it’s life cycle has come to an end and you need to only replace that part. In this case you know the scope of your work only extends to the roof. However, sometimes a client wants to do a total renovation of their house. They want to upgrade the appliances, remove walls, change the floor and repaint. In this scenario it is very important to pick the right contractor for the job that can help you define the right scope for your job. This will help you save both time and money.
2. Figure out your budget
It is important to start any Renovation project knowing how much you want to spend on it. Doing this first will help you define the scope of your project in most cases. It will also help you choose the right contractor for your job.
3. Figure out if there is a need for Building Permit
Generally, if the renovation affects the performance of a building, or is an addition onto the building, it will need a building permit. Effecting the performance means, for instance, that the building is initially designed only for 1 dwelling unit, and now you want to turn it into 3 dwelling units. In this case, the performance of the building is lowered because there are going to be more occupants and as a result a higher risk of fire and safety. Thus the city requires you to apply to a building permit.
4. Get Architectural Drawings
If your project does not need a building permit, then there is no need for architectural drawings. HOWEVER, we recommend having a designer and getting architectural drawings before the start of the project. This will not only help you get what you exactly want, it will also lower the margin of error for any contractor.
5. Find out how much it costs
Remodeling cost varies based on size, scope and type of renovation. Also you should consider that actual renovation costs can extend by as much as 15-20% or more. This specially depends on the existing house conditions and the contractor you hire.
6. Choose a Contractor
If you plan to update your home with a significant renovation, be sure you are investing in the right person. A seasoned contractor can help you with returning the money you invest in the renovation. Having enough experience and insured to do the work, and being able to acquire all the necessary permits you need, are factors you should check to hire the right contractor.
7. Keep in touch with your contractor and review the work
Maintaining strong communications with your contractor and construction team is an opportunity to ask your questions and voice any concerns you have. Don’t miss regular site visits to do this.
8. Take occupancy and enjoy
How much does it cost to renovate a home?
Remodeling a home can be a single task job like bathroom remodeling or a multiple task job like a complete overhaul. But when it comes to estimating the cost of a project it is better to categorize the project. Kitchens and bathrooms cost the most among others and also appear to be the most rewarding on investment.
Kitchen remodeling varies a lot based on design, material, size, manufacturer and appliances. A major kitchen renovation often includes a new island, updated appliances and custom lighting. While minor kitchen updates can be reached by new lighting, countertops and a new coat of paint. it’s hard to say how much a kitchen renovation will cost. But according to The Globe & Mail, kitchen renovation provides a return on investment of about 75% to 100% when you sell your house. Contact Odima Group to get information on how you can update your kitchen.
Updating or adding a bathroom to your home is one of the best home improvement projects that can add value by at least 75% of your investment. Cost of bathroom remodeling starts from $100 per square foot and goes up.
Some of other single or multi-task renovation and related costs are listed below:
Paint job: starts from $4 per square foot and goes up.
Flooring: starts from $7 per square foot and goes up.
Roofing: starts from $6 per square foot and goes up.
Interior Wall removal: $1000 per wall.
Exterior Facade and siding: It depends on the scope of work and material to be used but it can start from $25 per square foot and goes up.
Window replacement: It depends on the number, size and type of window, PVC or Aluminum windows replacement starts from $800 per window.
Obviously a renovation job can be a multiple of the above tasks.
Also you can read how much does it cost to build a house in Toronto?
A good investment in a renovation could increase the value of your property by at least 50% of what you spent. But The value of enjoying the renovated space is more. contact Odima Group with years of experiences in house building and home renovation in Toronto/GTA and breath a new life into your home.
Also you can read Buying Land and Building a House Costs in Toronto
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