Home Renovation. Tuesday , September 18th , 2018 - 21:56:40 PM
We often think of a home renovation as something which brightens up our living space, gives us more room, or makes us more comfortable. Consider an addition, or a fresh coat of paint, or a new bathroom. These renovations fall squarely into definition number two. They are restoring life to our home, and have the 'wow' factor which we love to share with our friends and family. These renovations also tend to add value to the price of a house, and people will talk about the return on investment that goes with them i.e. what the cost of the renovation is compared to the increase in price if the house were to be sold.
Still, you probably want some advance advice about how to budget for your renovation. It is important to consider two main factors that will affect the price tag on your project - soft costs and hard costs. Soft costs include design and budget development, permit fees, and professional fees (i.e. the cost for architecture and interior design). Hard costs are related to the construction phase of your project and will include the cost of labour and materials. In the typical renovation, soft costs account for about 30% of your budget, while hard costs make up the remaining 70%.
As with any investment, the financing option you choose depends on the size of the project and your current financial situation. Financing options can range from dipping into your pocket or savings and paying cash for smaller projects such as painting and wallpapering, to tapping into a line of credit, taking out a line of credit or even refinancing a mortgage for larger renovations that can range from bathroom do-overs to adding additions to existing homes.
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