Tips For A Less Expensive Home Renovation

Photo Courtesy of Tucker Construction Ltd.

No matter how you go about it these days, home renovations lean fairly hard on the seams of your wallet. It is not uncommon for people to spend $5000 on a simple bathroom renovation, or $15,000-$20,000 on a kitchen renovation. And while it may seem there is no good time to renovate your home, the truth is that any time is a good time, especially when using this list of ways to keep your home renovation under budget.

Keep it Simple

Renovation means to improve a building or structure, so improvements to your home may be as simple as a facelift. You want to plan a nice upgrade to your kitchen but don't want to pay for big bucks for custom cabinets for your space, perhaps a simple coat of paint, or sanding and refinishing of your existing cupboards is all that's needed.

You can keep it simple by sticking to the little things as well. For example once you freshen up your kitchen cupboards with fresh paint, you can add a whole new look and compliment your new finish by getting new cupboard handles. Complete the room by finishing the details of your other fixtures with new doorknobs and new lights. These are all minor details to change, and with a proper plan for colour scheme in each room it can be done for a very small budget.

Don't Change the Layout

Everyone and their mother wants an "open-concept" flow to their home these days, and there is a lot that goes into that process. There is demolishing (by far a favourite of any teenage boy), getting plumbers and/or electricians in to service your needs for the new house plan, and then complete reinstallation of drywall, cupboards and vanities, trim, paint. If you change the placement of your walls, appliances and fixtures then you have to get into hiring sub contractors to rearrange your homes interior. Keeping the same layout in your home is a good way to keep focus on the home surfaces.

Photo Courtesy of Tucker Construction Ltd.

Tax Credits

Another method for seeking a lower budget in home renovations is to seek out renovation tax credits to claim on your personal income tax statement. After the 2008 financial struggles, the Canadian Government put together a large economic action plan that included many tax kickbacks to consumers to encourage spending in different economies. Many have since been closed, but new tax credits and grants become available from time to time, it is important to check to see what's available when considering work on your home.

The Ontario Government recently introduced the Healthy Homes Renovation Tax Credit, a permanent, personal income tax refund for seniors (over age 65), or families that live with seniors. If you qualify you can claim 15% of your renovation expenses on up to $10,000, so for those that slept in math class, that's an additional $1500 you can claim come tax season. 

Of course this doesn't just apply to any work, you cannot expect money back for doing cosmetic work to your home, like new windows or siding. This applies to work that makes your home more accessible for seniors. This includes big renovations like; creating a first-floor suite for a senior, renovating a bathroom for a senior (walk-in shower, hand rails, more accessible space, comfort height toilets, and widening passage doors). This also includes smaller changes like; easy to operate door locks, light switches, and hands-free taps. 

In my opinion the best way to spend this money is to install sliding shelves in all cupboards located under counters. Whether you are a senior or not, those deep shelves under kitchen or bathroom counters always feel useless if you can't access them easily. When it comes to accessibility, this is the best money spent on a place you use often in your home.

There are other tax credits or grants in different provinces, click here to see what is available.

Purchase Your Materials

This seems like an obvious statement. Yes you do need to purchase materials in order for work to be done, but I'm saying that it can be less expensive for you to purchase your own materials and then hire a contractor to do the work for you. Now this comes with many warnings. Before you go off and purchase a whole list of items to be installed and make a grand home you have to do some preparations.

You need to plan. If you don't and go shopping with no list, you may come back with something you don't even need, i.e. a hot tub. The plan needs to be specific. You need to know what kinds of fixtures you're buying for your home renovation; will that lighting system work in the location you planned for it? Does that new bath tub fit into the old space? The question you should be asking is, are the materials I'm buying a simple swap for what's currently in my home? And the truth is that while customer service representatives in stores are helpful, they have not seen your home and you will not know for certain that what you buy will work until you try to install it.

There are many simple ways to make a home renovation less expensive here. I believe that cosmetic upgrades are an easy option for the regular home owner, but if you want to work on any of your homes structural, electrical, or plumbing I suggest you contact a contractor to discuss your vision and get a proper quote. An upcoming article will detail how you go about selecting a contractor for the work that you want to do.

Why You Should Renovate Your Home

Photo Courtesy of Tucker Construction Ltd.

Last week I wrote about the benefits of building a new home for yourself rather than buying one. But I left renovations off of that article because there is too much to write about renovations on their own.

We have all seen the TV shows on the HGTV about disaster renovations, time to call in the professionals and fix what some "contractor" called a finished job. But unlike everything we see on TV today (news, celebrity gossip, Community season 4) it's not all bad, and should not deter you from pursuing a home renovation. Homes need upgrades like Desperate Housewives need "remodelling". Perhaps your family is growing and you need to expand your living space into the unfinished basement, or maybe you want a new kitchen and bathroom to update yourself to the 21st Century. Whatever it is, home renovations are a great way to upgrade your house, without losing your home.

The benefits of a well done renovation are simple. You can make better use of space, bring modern colours and materials to your furnishings, get new appliances to replace the energy inefficient outdated ones, and you may qualify for a government subsidy, grant, or tax credit.

Renovations can seem very expensive, but they can increase the value of your home, you just need to ensure you spend in areas that update old fixtures and make more user friendly spaces. So let's look at wise places to put your money.

Rooms that can be renovated

Photo Courtesy of Tucker Construction Ltd.

Kitchens and bathrooms are some of the most common renovations as they contain the rooms with the most appliances and fixtures in the house. It could be creating the open concept kitchen plan that flows into the dining space with new cupboards and counter tops, or even just refinishing your cupboards and adding new appliances. Another great option is to add another bathroom for your growing family. You can turn your unfinished basement into additional family room for less money than you would expect. For the homes that don't have one, building a master bedroom with ensuite bathroom and walk-in closet can add great value to your home and provide the privacy required for many families with older children. However be careful if you are considering using another bedroom for your expansion as that may affect your homes value.

Benefits that save money

So we know that it takes money to make money when it comes to upping the resale value of your home, but you can also save money by discovering where your home is losing energy and costing you more money in monthly bills and renovate to fix those issues.  Hire a home energy inspector and get a recommendation for your improvements with an energy audit.  Some areas you can expect to invest in are window replacements, insulating walls and ceilings, replacing your furnace and hot water tank. But you may also find cheaper options like getting a programmable thermostat to optimize your homes heating and cooling for when you are actually home. When it comes to energy efficiency, be sure to do some of your own research on appliances as the return on your monthly bills may not be worth a large investment.

There are also government programs that can help you get rebates, grants or tax credits on your renovation purchases. While the Canadian and Ontario government has recently closed programs like the Ontario Home Energy Savings Program, you can still find home savings like the new Healthy Homes Renovation Tax Credit in Ontario which I will write about in an upcoming article, and British Columbia's LiveSmart program which provides rebates of up to $7000 for home energy renovations. New tax credits and rebates emerge from government's, be sure to contact your local MP or MPP about what is currently available.

Photo Courtesy of Tucker Construction Ltd.

Now when you think of renovating your own home you can remove those images of Mike Holmes or Bryan Baeumler visiting your home to fix something that was done not to code, with poor craftsmanship or just unfinished. Sorry ladies, I know Bryan's a handsome guy.

The best way to begin a renovation, start talking about what you want done and start visualizing what your home could be, the rest will come naturally once you begin contacting contractors for quotes. And when it comes to quotes, the cheapest is never the best. I know it hurts your bank account to see a cheaper price and not go for it, but there are real differences in the quality of work that you pay for. Your home and your family will be worth it.

Coming soon: How to select a contractor to complete your work.

Why it is better to build than buy a new home

Home ownership is on the mind for many Canadians. Whether it is a young couple just getting their lives situated in one location, the expanding family who outgrew their 2 bedroom condo, or a retiring baby boomer who wants to downsize their life, Canadians from all walks of life think about home ownership.

While most first-time home buyers are more inclined to buy a smaller home within a comfortable price range, it is the person who is looking at purchasing their second home that faces more crucial questions like; where do I want to live? how much will my family expand? What will my home maintenance costs be?  You just need to watch any real estate or home buying show to see the specifications of second-time home buyers, and it always seems as though the homes they view just cannot quite fit their list of requirements. There is one way to get exactly what you want in a home, build it. Here's a list of a few reasons why it is better to build your house than buy it.

1. Customize it's space and design to your exact specifications and budget.  For people who have a hard time finding the home with the open concept floor plan or 2 master bedrooms, being able to build your home gets you exactly what you want.

2. Use newer construction materials. A lot of older homes need upgrading as construction materials get upgraded often. By building a new home you get the opportunity to purchase materials like spray-foam insulation that greatly increase your home's energy efficiency, or a sheet metal roof that can last for a lifetime.

3. Less maintenance costs. Not surprisingly new homes have new materials, equipment, systems and appliances in them, and these come with warranties to protect against manufacturer defects. Newer products are more durable, last longer, and often require far less maintenance, decreasing the maintenance costs of home ownership.

4. Pre-wire your home to your needs. You can have your home wired to support any appliances and electronics to exactly where you want them in your home. Putting a washer and dryer on the same floor as your bedrooms is a long overdue correction of stuffing them in a basement that is just coming into buyers wants now. Put your entertainment centre in your basement den with perfect speaker placement and no unsightly wires sticking out.

5. Instill a large sense of pride in yourself. It's a fact that people's satisfaction with newly purchased items tend to wane as time passes, but homes built by the owner do not fall into that category because they get exactly what they want, and can build the home in a way that leaves the door open to possibilities of simpler additions or upgrades.

If you are considering buying a new house this year. Look at your wish list in a house, it is hard to satisfy all requirements, and building may be a better option that you need to consider. Call a general contractor that specializes in custom homes and start a conversation, you never know what you may find.

A house is only a home once you put the family inside it, begin your family's legacy at home.