RENO ROUND-UP: BUDGETING FOR A RENOVATION

Posted on: 2015-01-17

Most property owners have seen the dramatic prices, processes and problems on the dozens of home reno shows on TV these days. The truth is a lot of these sleek, quickly renovated homes and businesses do not actually represent the “reality” of the situation. While owners want the TV results, they are not always prepared for the real world obligations of property renovation. Read on to learn some of the finer points of planning, saving and executing a budget to renovated your property.

Do Your Homework

A property owner’s best tool heading into a renovation project is knowledge. While not as exciting as a jumping right in with a sledgehammer, being prepared for common problems throughout the reno process can often give you an advantage. Pricing out materials and labour is essential, as well as all the other fees associated with renovations. Be aware that neither labour nor material has a consistent price. Factors like demand, availability, busy seasons and much more can affect the cost of certain projects.

Play the Waiting Game

Home reno shows often show a full project being completed in just a few weeks. This is not a realistic depiction of the industry. Property renovations can take a long time, especially if they alter structural or exterior portions of the property. Create an expected timeline with your contractor and prepare for setbacks, putting a clear process in place to solve them. Do you have a plan if your budget runs out? Better to have one and not need it, instead of needing one too late.

Boring Is Better

A well-planned renovation project should go to schedule and run into very few major problems. There are a lot of horror stories and dramatic TV moments that tell a different story, but a quality contactor and a prepared property owner can work together to ensure a smooth renovation with very few disruptions. Buy materials ahead of time and prepare contingencies for things like incorrectly shipped parts or sold out supplies. The less interruptions and surprises you face, more work can be done for the same budget.

It’s true: any renovation can be challenging. One of the most challenging aspects is the money management side of it all. Work with Parabola Developments to create a balanced budget for your property renovation, our expertise allows us to do high quality work in reasonable timelines and we can guide you through it all. Do your research and contact Parabola when it is time for you to make your reno dreams a reality.