5 things to know before renovating

Author: Raj Gera - Dominion Lending Centres | | Categories: CHIP Reverse Mortgage , Debt Consolidation , First Time Home Buyer Mortgage , HELOC Mortgage , Home Equity Mortgage , Home Loan Mortgage , Mortgage Broker , Mortgage Pre Approval , Mortgage Professional , Mortgage Renewal , Mortgage Services , Mortgage Specialist , Refinance Mortgage , Residential Mortgages , Self Employed Mortgage

Blog by Raj Gera - Dominion Lending Centres

Renovating your home can be a major project! Better think before you get started, and we've listed five things to fix:

  • 1. Your ultimate goal

    Before starting your renovations, you need to know what your ultimate goal in the project is. How far are you going to renovate? Do you do it to increase the resale value of your home, or to improve your daily living environment? Specifying the reason for the renovations will help you set an action plan and determine how far you want to go.

  • 2. Your budget

    After determining the scope of your renovation project, you must determine the budget. Setting your budget - and sticking to it - is one of the most important aspects of any renovation project. A project can easily slip and become much larger than expected if the objectives and budget have not been set properly. However, even with the tightest budget, there can still be unexpected costs. So plan for a contingency reserve. It is tempting to target the high end in renovations, but it is important to consider options that could be just as valid but less expensive.

  • 3. Permits

    Many owners forget to think of a permit, but it is vital for a renovation project, especially a large project. You may find that getting a building permit is a headache you don't need, but remember that it is a necessary evil for prevent the transformations from causing you unpleasant surprises in the future. Permits are necessary to ensure compliance with structural and fire safety constraints. The day you put your house up for sale, in most municipalities, inspectors may demand that any non-conforming transformation be removed. The future headache would be all the more painful (and more costly).

  • 4. References

    Make sure that the work done in your house will be done so that it remains safe and structurally sound. This is why it is so important to ask for references from an entrepreneur. Don't settle for customer testimonials provided. Connect with customers who can tell you the exact time and answer your questions. Also ask to see photos before and after work done by the contractor. Take the time to think about the questions to ask!

  • 5. Your daily life

    My mother was always the type to do renovations herself. She painted, redid ceramic floors, and instructed my father to mount new walls to divide large spaces. The repercussions of the work for our daily life were not a problem. However, if you are like me (definitely not a handyman) and plan to hire a contractor, think about your daily routine. Arrange with the contractor to work hours that least disrupt your schedule so that everyone can continue to live at ease.