Maybe you’re one of the many Canadians who began a home improvement project because you started working from home, and your family needed more space. Or perhaps you’re one of the many others who needed to do some upgrades before selling your home.
Aside from consulting a real estate lawyer in Mississauga to ensure you’re within zoning regulations and land boundaries, and when you’re ready to sell, you’ll also need to know how to save money on those Renos thanks to the higher costs of building supplies.
Fortunately, the tips below can help you do just that.
Create A Budget And Stick To It
One of the easiest ways to overspend on home improvements is to not have a plan and a budget before starting any work or not accounting for all the expenses and using accurate numbers for their costs. Aside from materials and labor, don’t forget about permits disposal fees and add another 10-15% for wasted materials.
Next, decide how you will prioritize your projects. Renovations to repair damage or address energy costs should take precedence over everything else. For example, you are repairing a leaking roof, fixing the framing around drafty windows and doors, and ensuring HVAC and electrical systems are efficient and up-to-date need to be done before installing a standup shower in the master bedroom ensuite.
Finally, decide if the Renos are being done for a higher resale value or your personal enjoyment. For resale value, check out the Appraisal Institute of Canada’s “How to Value Your Renovations,” but always speak with a local real estate agent first. Resale value is mainly about market value, so there is no point in completing renovations that do not raise your home’s value by at least the cost of the reno unless it’s necessary for your home to sell. A real estate agent will have all that information.
Donate And Buy Gently Used Materials
Organizations like Habitat for Humanity’s ReStore allow you to fulfill three deeds with one need. First, you can donate old appliances, furniture, clothes, and household items, and they will pick them up free of charge, saving you on disposal fees. Second, donations you make can earn you a tax receipt to use in the spring. Finally, purchasing lightly used accent pieces or appliances can save you material costs.
DIY When You Can
It’s important to know your limitations before acting on this suggestion. As a rule of thumb, if it involves work beneath floors or inside the walls, it’s probably best to leave it to the experts. But demolition, painting, and caulking are all fairly straightforward. Keep in mind, however, if the goal is a higher resale value, professional work is usually easy to distinguish from a DIY project.
Look To Save with Your Contractor
Contractors are busiest starting in the late winter/early spring and remain that way until the winter again. If you can wait until that winter window when business is slow, you may be able to save money on your labor costs. Just be sure to use a contractor with plenty of references or through a platform like HomeStars.
You can also ask a contractor if they have access to leftover material. Hardwood flooring in different lengths and widths, for example, can be planed, sanded, refinished, and installed for significant savings.
