Home Renovation. Monday , September 24th , 2018 - 19:23:51 PM
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%.
Simply put, this is a very difficult question to address. First, the cost of the project will depend entirely on the nature of the project. For example, a kitchen renovation is one of the most expensive projects in the home, whereas updates to a bedroom may cost considerably less. Moreover, the scale of the project will impact your budget not just because of resources and materials, but also because of time. If you need to move out of your home during your renovation, this will impact your budget. Plus, many tradesmen will work at an hourly rate, and the more time spent on the job will translate to increased costs for the homeowner.
Before you start planning your renovation, you should speak to a financial advisor. Regardless of whether you plan to finance the renovation on your own or you'll need to borrow money, a financial advisor can review all your options and advise you as to the best way to finance your renovation. From this stage, you'll be ready to make a realistic plan and budget for your project. Ideally, your financial advisor will discuss a number of options including your own resources, credit cards, personal loans, lines of credit, home equity loans, and mortgage refinancing.
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