Deciding on renovations for your Calgary home is easy. The harder task is to figure out if you can afford them all and how to prioritize if your budget is a little more limited. Deciding what you can and cannot afford when it comes to home renovations comes down to following a few steps. Carefully consider each one of them to devise your perfect budget and timeline.
Calculating Your Renovation Budget
The first step in calculating your Calgary home reno budget involves breaking down costs. Think about the average price of your chosen renovation. For instance, major renovations typically average $100 to $200 per square foot. If you plan to add higher end features like heated floors in the bathroom, a built-in cappuccino machine in the kitchen or a granite topped bar in the basement, expect your costs to run at or slightly above the higher end of this range. To more specifically zone in on the costs of your project, discuss it with a Calgary design professional or general contractor.
Once you have calculated what it will cost you to renovate your Calgary home, your next step is to figure out how to pay for it. Whether you plan to use a home equity line of credit, pull from savings, pay with a company bonus or borrow from friends and family, take an honest look at your budget versus the costs for your reno and make sure it is affordable. If your plans include borrowing money, speak to a lender to see how much credit they are willing to extend to you and what kind of payment terms you qualify for. This will help you to calculate the true affordability of the project and make decisions about whether to proceed, continue saving or look for other financing options.
Get Bids from Multiple General Contractors
If you plan to proceed with your project, start to consider which Calgary general contractor you will work with. A good rule of thumb is to get at least three bids from contracting companies in order to determine which is most cost effective. When speaking with contractors, make sure you give them specific information on what your project will entail and what kind of materials you want them to use so that pricing is accurate. Also, take time to understand what is included in each bid. A contractor may, for instance, offer you a lower bid on the project but forget to mention that they charge a general contracting fee on top of their written proposal or a finder’s fee for certain materials or sub-contractor services. Ask about any hidden fees when reviewing the proposals, and make sure to check references to help you determine the reputation of each contractor in your local community. It is also a good idea to add a 20-percent contingency into each contractor’s bid in order to cover any unforeseen costs that may arise after walls or torn down or construction proceeds.
When interviewing general contractors, call on the experts at Alair Homes Calgary. Our commitment to 100-percent transparency and our client first approach means we offer exceptional quality and value to homeowners across Calgary. If you are ready to meet for a free, no obligation consultation, give us a call. We look forward to speaking with you and helping you to achieve your home renovation dreams.