Get rid of budget fears for your renovation

For most of us our home is our biggest asset.  Not only is it our home, its a way we build equity for ourselves and our family.  That’s why its important to keep your investment in good condition. Being a contractor we have heard many stories of renovations gone wrong and when we say “wrong” that typically involves the dreaded ‘b’ word, budgeting. Renovating is not something most people do or pay for everyday- let alone knowing and understanding all of the costs associated with undertaking a project.

Keep in mind a renovation is like an onion, you don’t know what’s there until you peel off the pieces.  Of course, if you hire a successful contractor they will properly budget the contingencies and will be able to tell you about the surprises you might encounter.

Here’s some tips on ensuring you can stay on budget throughout your project:

1. Hire a contractor that has a good reputation (know which associations are the best in your Province).  Its worth hiring a contractor at market rate rather than hiring someone that doesn’t charge as much and is inexperienced as this could easily lead to an over budgeted project.

2. Check your contractors references and ask if they were on budget.

3. Resist the urge to get carried away with the “while you are here you might as well. … ” add on projects.

4. Make sure to have a financial plan in place for your renovation and have the funds set aside.  Its very easy to get carried away with the upgrading of your home, but stick to what you know you can afford and feel confident that you are making a wise investment as a home renovation increases the value of your home. We believe that a renovation of your home continues to be a strong investment opportunity if you are doing a quality renovation.

A successful renovation is a cause for celebration and its even that much sweeter when its on budget! Good luck on your project!

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Jason Lorenz | Owner | 
jason@lorenzdevelopments.com

Squamish: 604 892 7652
Vancouver: 778 378 7652

 

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