Eeeek...don't do this at home! Renovation mistakes to avoid

Renovations are stressful and can be costly - they can be even more costly (and stressful) if you start making mistakes.  Read the following don'ts listed below to help you get through your next renovation.



1.  Poor preparation
A proper renovation takes preparation – lots of it. A detailed plan will help keep you on budget and on time. Set out a very specific agreement with your contractor before the work begins and get everything in writing. You should be able to see on paper how your renovation is going to play out before it even begins.

2.   Buying before planning
I can’t stress this enough: Don’t buy materials or appliances until your renovation is planned out and all measurements have been taken. Online sales can be tempting, but that great deal on a 24-inch dishwasher isn’t going to save you any money if you only have room for an 18-inch model.

3.  Ignoring issues
When you tear down walls or rip up floors, there’s a good chance you’re going to find something you weren’t expecting, especially in an older home. Electrical and plumbing issues need to be dealt with before you close the walls back up. It might be an unexpected renovation cost up front, but it will save you tons of money in the long run.

4.  Cutting corners
Don’t do it. Much like ignoring issues, cutting corners on materials or finishes is only going to cause you problems in the future. It’s always better to go the extra mile and do it right the first time than have to go back and redo everything. Hire competent people to do the job, buy quality materials and take the time to complete all the necessary steps.

5.  Unlicensed trades
There are projects that any reliable contractor can take on; then there are specialized projects that require a licensed professional to complete. Electrical, plumbing, HVAC, asbestos removal and anything to do with gas or the structure of your home should always be completed by a licensed professional in that specific trade.

6.  Too much DIY
I love ambitious homeowners who want to take part in their home renovations, but there comes a time when it’s best to hand the reins over to the professionals. Projects like cabinetry installation, complicated tile work and carpentry are beyond the scope of most homeowners and can reduce the value of your home if done incorrectly. My advice? Involve yourself in the demo – it’s the most fun part, anyway!

 

Renovate? Relocate? What you need to know...

It's a tough decision with many factors to consider such as cost, future, equity, opportunity, expansion, etc...

Take the Jones' Family for instance.  They have a growing family with a young child and a second on the way.  They live in a three bedroom single family home . Julie and Mike are both self-employed and work from separate home offices.



Before their daughter's arrival, they renovated their kitchen and installed new windows throughout. Julie also converted her office into a nursery. When she returned to work, she set up shop in a corner of the living room, but it was too cramped. She needed an office. Mike and Julie also wanted a family room that would double as a playroom for their growing family. They wondered if they should finish the basement with a bathroom, small office and family room, or move to a bigger house.


“If we renovate now, we want to make the money back if we sell the house in five years,” says Julie, who thinks they'll eventually move to be closer to a good school.


Here's a few things to consider :

- Your debt level, can you afford to upgrade? a bigger mortgage? a renovation?  If the answer is , no.  Stay put and wait it out.  Your living quarters should be a part of your long term goal, a little short term pain can be OK but not if it is going to cripple you financially.

- How long do you plan to stay where you are currently?  If you aren't planning on being in your current home more than  years keep updates very minimal especially if you are hoping to turn a big profit once you sell.  Upgrades like stone counter tops, stainless steel appliances and expensive designer tiles will help you sell faster but no necessarily make you more money.  A basement reno

- If you are going to renovate and at some point sell where should you spend your money? Kitchens, Bathrooms, Windows, Flooring and paint are where you will make the most money.  A basement reno might help the home sell faster but you won't see a huge return in terms of profit once you've sold it.  But take a look at the comparibles from your agent to see what homes with the same features as yours are selling for.


Before you make your decision be sure to weigh your options and get your numbers.  so all the reno costs involved (such as blueprints, materials, and always leave about 10 to 15% extra for unforseen changes or issues).  When selling keep in mind the sellers pay the commission to the buyer's agent.  Another very important factor is stress level, with a new baby on the way and already one young child plus working from home - is it easier to move and have a few weeks of chaos, or months of messiness? 

So make the right renovate or relocate decision for you.....