How to Budget For a Successful DIY Home Renovation

Posted by Gary Zimmel (Admin) on Thursday, June 21st, 2018 at 2:56pm.

In The era of HGTV, more homeowners than ever are skipping traditional contract work and taking on their own Do It Yourself home renovations. When it's possible to learn how to renovate a bathroom or revamp your kitchen via television or Youtube, it's nor surprising that homeowners are spending their weekends updating their homes.

While it's important to have agency and control over any home renovation you embark on, it is worth noting that every DIY home reno is automatically a "good investment" -- or even a good use of disposable income. That's not to say every DIY project is a bad idea! It just means you should start every single project with a plan in mind

Are you about to start renovating your home? Read below to learn our Top 5 Tips for Budgeting a Successful DIY Home Renovation.

Tip #1 Don't underestimate the cost of the renovations!

One of the biggest mistakes you can make is underestimating how much the DIY renovation can cost you.

According to Stats Canada, 40% of DIY-ers come in over budget by $5000.00 dollars or more when it came to home renovations, especially in that involved the home's kitchen. If you're planning a home reno, remember to take into account not only the materials you are purchasing, but also any unexpected help you get from licensed electrical, plumbing and gas experts. Also keep in mind the extra cost of durable or high-end finishes before you budget costs start to creep up quickly. 

Tip #2: Pick and Choose Areas to Focus On

The reality is most home renovations don't offer an exact dollar-fordollar return. So when it come to a limited budget, what should you spend money revamping?

Although the tops of any buyers wish-list includes remodelled bathrooms, kitchen, and a deck, the dollar-for-dollar return for those renovations isn't as high as others. Foe example, re-insulating your attic can recoup as much as 117% on the reno dollars you spend, while you can expect a 92% recoup on the cost of replacing your garage door, and a 91% recoup on the cost of replacing your main entry door. Do the research on what buyers look foe in the market you are selling in and go from there!

Tip #3: Set a Realistic Budget and Respect It

In order to avoid unnecessary or unexpected costs when it comes to home renovations, you must first start with an accurate, honest budget.

 

Make a list of priority renovations, and then narrow it down to what you can realistically get done in your budget. Be sure to give yourself financial space to make mistakes. Plan your DIY projects according to what you are capable of doing on your own-- if you are not incredibly handy, it might not be realistic to expect that you can get everything done without the assistance of professionals.

Above all, recognize that this isn't HGTV--no one finishes remodelling their second-story bathroom in two weeks with $2000.00 and a 9-5 job. Give yourself the time and budget to be a proper DIY-er!

Tip #4: Finances First 

Before you start swinging sledge hammers it must be understood to all those involved where the money for this DIY is coming from. Now isn't the time to charge it to a credit card and ask questions later--and doing so is a quick and easy way to run rampant with your budget.

Sit down and take a look at your savings and calculate exactly how much you want to spend. Don't start any big plans until you know exactly what's funding your DIY project.

 

Tip #5: Patience is Key

If you  can't budget the time or funds for your DIY project, the best thing you can do for yourself is simply be patient. Putting your renovations on hold gives you more time to save up the money needed for this expensive endeavour.  A hasty, under-budgeted renovation can actually devalue your home and add little or no value to your home's market value.

 

Is there anything you wish you had known before you started your homes's DIY renovation?  Share in the comments below!

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