Planning a kitchen renovation? Whether you’re upgrading for better functionality, energy efficiency, or aesthetics, understanding the costs involved is essential. From budget-friendly updates to full-scale remodels, this guide explores different renovation levels, key cost factors, and budgeting strategies to help you make informed decisions.
How Much Does it Cost to Renovate a House in BC in 2022
Home Renovation Cost 2022
Renovating your home is a fun and exciting project, but do big plans require a big budget? Are there ways to save money, or will you have to adjust things if you discover the cost is higher than anticipated? How much should it cost to renovate a home in 2022?
According to a home renovation poll conducted by the CIBC, 49% of Canadians planned home renovations in 2019 and budgeted an average of $10,211. Among those who completed their renovations, 39% went over budget. Is it because they could not budget correctly? Perhaps that is part of it, but there is also the fact that renovations can sometimes go out of control.
The expected cost can vary a great deal depending on what you choose to renovate and the size of the project. Timing may also be a factor with some materials, such as wood and timber rising in price. As demand grows, the prices may continue their upward trajectory.
What to Renovate?
You may have a number of renovations that you would like to do in your home, but where do you start? We all want our homes to be comfortable and attractive, but which part of your home should be first on your list?
The logical choice may seem to be the room most in need of updating, but if that room is seldom used, you may be best to focus on either those that are most used or those that would add the most value to your property. If you are considering your return on investment (ROI), a bathroom should normally see an ROI of 75% to 100%, whereas adding a skylight may only provide 25% or less.
What Can Influence the cost?
When you calculate the cost to renovate your home, your budget can be affected by a variety of factors including:
- Age. An older home may include some unpleasant surprises, such as asbestos.
- Size and Complexity. Larger renovations naturally cost more.
- Labour Quality. Your choice of contractor can have an effect. A reputable contractor will charge more than a local handyman, who will in turn be more expensive than tackling it as a DIY project.
- Timeframe. Are you renovating with plans to sell? If you plan to move soon, you may be wise to focus on smaller jobs.
- Quality of Fixtures/ Finish. Are you going for something simple and basic, or more high-end? Higher-quality parts could have a significant impact on your budget.
- Other Potential Costs. There will be other fees such as building permits. Will temporary relocation be required? It is also advisable to have an “emergency fund” of about 20 to 25% of the total budget, just to be safe.
How Much Should Your Home Renovation Budget Be?
This will vary of course, based on all the above, but a good rule of thumb is to budget 1% of your home’s value each year for maintenance and improvement. If your home is valued at $500,000, for example, you should try to put $5,000 into a high interest savings account (HISA) each year. This will give you some available cash should you need to fix or renovate something on short notice.
As for actually planning your renovation, here are some ideas of what to expect:
Kitchens
One of the more popular renovations. Generally, homeowners tend to invest about 10 to 15% of their home’s value into renovations for their kitchen, though for those who are planning on staying in their home long term, it may rise to as much as 25%. Given how quickly the expense of cabinets, countertops, and appliances can add up, it is reasonable to expect your kitchen renovation to average $50,000 or more. Take a look at our Kitchen Renovations.
Bathrooms
Another very popular renovation, the cost to renovate a bathroom is quite variable, but expect to budget about 5% of your home’s value, or at least $20,000.
Basement
Renovating your basement can be a great investment for your home, giving you additional living space, a playroom for your kids, a home theatre, or whatever you want or need. You should probably expect a minimum of $10,000, but more ambitious plans can easily bring this to as much as $50,000 or more.
Keep in mind that there are other ways to spruce up your home and make things feel fresh again that needn’t be quite as expensive, such as changing windows, your front door, or even simply painting rooms that see a lot of activity.
Thinking of Renovating? Need A Quote on what it will cost to renovate your home? In North or West Vancouver or Burnaby, contact Shakespeare Homes. Use the form below or call us
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Is Winter a Good Time for Home Renovations? Ask a Construction Company North Vancouver
If you are considering a home renovation, is winter a good time to do it?
Most renovations occur during the summer, but does that mean winter is a poor choice for having work done on your home? Not at all. In fact, there are some advantages that come with wintertime renovations.
Less Competition
During the summer months, many contractors can become exceptionally busy. You may want to schedule your renovation to coincide with time off from work, holidays, or some other convenient time. Unfortunately, you will be competing with a variety of others with similar ideas. Seeking a contractor in winter means less competition.
While contracting companies will never intentionally take on more work than they can handle, if they find themselves with an extremely challenging schedule, there is the possibility of delays, or work that is done a little too quickly to maintain the necessary level of care and attention. Having work done in winter may result in a more conscientious approach to the work. It might even result in the work being done faster than anticipated since the contractors have fewer projects to work on.
Your contractor may also have more time to spend with you planning and designing your project.
Avoiding the Spring Price Increase
Things may become more expensive in the spring when lumber products, windows, and cabinet lines tend to experience price increases. During the winter, some manufacturers implement special offers to reduce their inventory. You may be able to find close-out prices on appliances and certain materials.
Interior Renovations
Winter can be a great opportunity to start a renovation or remodelling on the inside of your home. On average, a powder room or small bathroom renovation can be completed in less than four weeks.
Obtaining Permits
A small advantage, but still worth noting, is that government agencies tend to be less busy in winter, which might make it easier and quicker to obtain the necessary permits for your renovation.
Leaving the Old to Return to the New
As mentioned above, some will try to arrange to have work done during their vacation. If you plan to be away for an extended period in the winter, this provides a perfect opportunity to have work done. You will avoid the noise and disruption caused by a significant remodel and return to find your home transformed.
Clean Up
Many homeowners will wait until spring, concerned that dust and fumes will be an issue at a time when they don’t want to leave windows open. This is not really an issue, however, as current technologies and clean-up methods negate these issues. Plastic zip doors, negative pressure fans, and adequately sealing the heat ducts with filters means there’s no need to be concerned about inhaling anything harmful.
Outside Projects
While some projects are obviously not practical during the winter months, there are some that will benefit from the cold weather. Decks, for example, can be worked on in winter, and working with hard ground instead of mud in the spring can help with your deck’s foundation. Additionally, there is likely to be less damage to grass and other landscaping caused by machinery.
Renovating your home doesn’t need to be put on hold during winter months. As your construction company in North Vancouver, we are happy to help you with all your projects big or small at any time of the year.
If you are considering a home renovation this winter and would like some more information, give Shakespeare Homes a call today at 604-988-2280 or contact us here for your in-home consultation. This way you can get started on the renovation that will transform your place into the home you’ve always wanted.
5 Helpful tips and Information You Need to Know Before a Home Renovation
Home renovation is bringing about a transformation in your life. You are basically turning around the way you have lived, the colors you were habitual of seeing around you, the way your room looked and the kitchen you had your breakfast in every morning – it all comes down and changes – but, for good of course.
