While some Toronto area residents will move into a new home when their current space is no longer practical or desirable, others make the decision to stay put and renovate. After all, you may love your community, enjoy living in a desirable location and feel comfortable in the space. Through a home renovation, you can address any functional or decorative issues with your current space so that you once again love everything about your home. Renovating also eliminates the hassle and stress associated with moving into a new home. While renovating is a great option for many homeowners, you will need to analyze the cost and timeline for the specific project that you have in mind. Do this early, before you finalize your plans to move forward with your home improvement project.
Understanding the Cost of a Home Renovation
Some Toronto residents only want to renovate a smaller area of their home, such as the master bathroom. Others prefer to add an addition or tackle the entire home to enjoy more profound results. The cost of your project is directly related to how much space needs to be renovated. Making structural changes to the home, such as tearing down walls or relocating pipes, can increase the cost. Your selection of materials and the quality of finishes that you desire also play a major role in the cost of your project. Consider, for example, that the cost for laminate countertops is much more affordable than the cost for granite countertops. You can see that many of your design plans directly affect the cost of your project. Scaling back your plans is an easy way to adjust the cost so that it works well with your budget.
Exploring a Reasonable Timeline
These same factors also affect the completion time for your project. A cosmetic renovation takes much less time to complete than it would take to gut some or all of the home or remove walls. Furthermore, some installations are more time consuming than others. As an example, it takes less time to install carpeting than hardwood floors. In many cases, crews must work in stages rather than all at the same time. For example, the entire demolition project must be completed before the drywall contractors and flooring contractors can do their work. The more contractors that are needed to work on your project, the longer you can reasonably expect the work to take to complete.
Making Your Plans
If you are like many homeowners in the Toronto area and preparing to renovate your home, you should spend time analyzing your available funds to create a working budget. The budget that you establish may be a limiting factor for your overall design ideas and for the scope of your project. Remember that you can use a combination of your current assets and borrowed money to fund your efforts, such as from a home equity loan or other sources. Once you understand what your working budget is, you can begin creating a beautiful design that you will love.
Renovating your home is not typically a do-it-yourself project. You will need professional assistance every step of the way. This includes when designing your new space. If you are ready to get started with your project, contact Alair Homes Toronto to set up a consultation appointment.