Whether it’s a new kitchen, a bathroom addition, or a backyard makeover, whatever your renovation project, you need to be well prepared. How?
What renovations should be prioritized in the house?
You may have several home improvement projects in mind, but your budget requires you to make choices. You’ll need to prioritize the most urgent projects, then work on those that will add the most value to your home. This way, your renovations will become an investment.
Conduct a complete home inspection to make a list of all the renovations you would like (or should) make. If necessary, consult a building inspector, contractor, or architect who has a more experienced eye for identifying areas that need repair or renovation. If it’s not a new home, you can consult the pre-purchase inspection report, which provides a detailed overview of the work to be done.
Urgent renovations
Before thinking about the aesthetics of your home, your priority should be to improve the airtightness, insulation and energy performance of your property, including doing the following:
Optimizing poorly adapted ventilation that prevents humidity from being evacuated from the bathroom or kitchen;
Update electrical circuits that must meet standards for your safety and that of your family.
These are invisible elements, but they are essential to your comfort. In addition, these improvements will help keep your home in good condition.
Renovations that pay off
While there aren’t any urgent renovations to be done, some projects are more cost-effective than others. Prioritizing these types of improvements will increase your chances of getting a better return on your investment when selling your home.
The Appraisal Institute of Canada has established the five most profitable renovations based on the capital invested:
Aesthetic renovations
Although visible, unlike many other high-priority projects, cosmetic renovations add little value to your home. Consider a new decor, adding a fountain in front of the house, or shutters on the windows. That said, if you don’t have major renovations to do and have the money to do smaller jobs like this, don’t hold back.
Keep resale value in mind when planning your budget. For example, the kitchen represents 10 to 15% of a property’s value.
If you’re remodeling the bathroom, another valuable room when reselling a home, budget 5 to 10 percent of the property’s value.
Remember that some renovations pay off more than others: avoid spending the majority of your budget on a wine cellar or building a swimming pool.
How to calculate the costs of your home renovations?
The square foot calculation method : This involves converting the number of square feet of the area to be renovated with the cost of the chosen materials. While simple, this method has its limitations: it only provides an approximation, as increasing the number of square feet will decrease the cost per square foot.
The full cost method : This takes into account the various trades that will be used to carry out the renovations as well as the cost of all required materials. You must be knowledgeable about renovations to use this method. A professional and qualified estimator can give you an accurate estimate.