10 Tips for Successful Renovations and Home Improvements

Doing a renovation or home improvement can be a very fun and rewarding experience. Renovations create modernized spaces and transform your home into something uniquely yours. The process, if planned well, can be a very smooth and pleasant experience.

Following a few suggested tips can lead to a successful and less stressful renovation:

Research – Knowing what you want before you begin is key. Magazines, books and the Internet are all great resources to gaining insight into the renovations and home improvements you might want. Consider your family's needs and lifestyle now and and going forward.
Budget – Once you have done your research, figure out what you can afford. Home equity loans along with low interest rates make access to money easier, but make sure not to go overboard. After you have determined how much you can afford, set aside 20% as an emergency fund for the project. The remaining funds will be your budget.
Contractors – Find a few different contractors who deal with renovations and home improvements. Ask family and friends for recommendations. Explore your neighbourhood to find recent renovations and ask the homeowner about them.
Estimates – Contact three or four different renovators in order to get an estimated price. Make sure they are all bidding on the exact same project in order to compare and understand what they will charge. Be open about your budget on the project and talk to each renovator about ways they might suggest to trim the budget or stretch each dollar.
References – Once you have seen the estimates from a few contractors, it is important to check their references and past projects. You want to know before you begin that your contractor won't cause any headaches.
Contract – Once you have picked a contractor to work with, draw up a contract. Do not automatically pick the lowest estimate. This can often can mean a contractor may not have fully understood what you want, or they may have left some items off the list. Working out the contract is a major step because it involves some negotiations. How payment is made and timeline of the project are especially important. Meet with your lawyer and review the contract together to ensure it is solid.
Living – In some cases, while the renovation is taking place it may not be practical to live in the home. Determine where you will live while the work is ongoing.
Trust – Establish trust and work with the contractor. You want to create a relationship where you can be frank, open, honest and direct with each other but at the same time not overstep boundaries. They are working for you, but also for themselves. Do not micromanage; ask for a daily progress report.
Changes – Avoid changes as much as possible. Sticking with the original plan is always the best option. However, if a change is necessary, work out the details with the contractor before the change happens. In some cases, it may mean a revised timeline or perhaps a small increase in cost.
Enjoy – You are creating a better space for yourself. All the effort, research and planning you undertake now will pay off for years to come.

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Date: March 26, 2012 11:00 AM

Toronto Home Improvement Projects - Lessons Learned

Going through my own kitchen renovation project I must say, budgeting is a very important aspect and the above article has a very good tip!

Definitely plan to set aside 20% of your total budget for emergencies. Regardless how old or new your house is, when a renovation involves opening up walls, dealing with electrical wiring or plumbing - your contractors may discover things that were not planned in your project but require immediate attention.

Let's face it - if you want a quality renovation, you're already neck deep in demolition and have the areas that need corrections easily accessible, any sensible contractor will offer to correct the problems instead of covering them up again.

Keep in mind however, extra work will tend to impact your timelines and remain reasonable in your expectations of how quickly things can be achieved. If you don't understand why something may take a certain period of time you think is excessive - ask your contractor to explain anything that causes you concern!