Whether you’re planning to renovate your home for your own use, or to bring it up to the standards necessary for a successful sale, you’ll want to ensure these important points are considered and confirmed.
- Is your renovation more of a “want” or a “need”?
- Are you planning on staying in your home long enough to recoup your investment?
- Do the neighbourhood values support your level of investment? Consider your home’s location, and compare it to surrounding properties.
- Are you comfortable with who will be working on your property? Research designers, architects and contractors carefully. Contact references, and view their previous projects in person if possible.
- Are you comparing “apples to apples” when considering quotes? Make sure all contractors have the same set of project details to bid on, and get estimates in writing.
- Is all work going to be above-board? Find out if your plans conform to local by-laws, what permits are needed and if those costs are included in your quote, and if the contractor will handle the permit process.
- Is adequate insurance in place? Ensure that not only does the contractor have proper insurance but also that your own home insurance is up-to-date. In fact, it’s worth letting your insurance company know you’ll be renovating your house so they can review your coverage before the work starts.
- Will you need alternate, temporary accommodation during the renovations? Recognize the full scope and timeline of the renovation, and if you will be able to live in the home throughout the whole process. Consider the cost of temporary housing.
- How will you be paying for this renovation? Be sure to discuss your home renovation plans with your lender to determine the best source of financing, whether it’s a line of credit, home equity loan, mortgage refinancing or some other borrowing option.