When renovating your Whistler property, going over your budget can be a real danger. It could lead to you living in a construction site until you can afford to finish the job, or trying to sell a home that is poorly finished.
With careful planning and attention to detail, you can reduce the risk of going over budget. Here are some tips from our agents:
Speak to the Experts
You may be incredible at DIY and confident that you can carry out the work yourself, but no matter how good you are it’s always worthwhile getting a second opinion when it comes to renovations.
When hiring contractors give yourself options and take your time considering who you choose. Interview each party and don’t just be tempted by the lowest quote. It’s important to find someone who you feel comfortable working with and gives you confidence that they can complete the job.
Thoroughly Plan Out Your Budget
Renovations are more than just the price of materials and contractors. It’s important to consider everything involved and break down your budget line by line. Think about the cost of permits, each piece of furniture, new appliances, as well as shipping fees and cleaning costs.
There is always more than you think of so try to be as thorough as possible to avoid any unwelcome surprises.
Leave a Buffer
Once you have your budget it’s good practice to add an extra 10-15% to it. This will help to cover unexpected costs that may arise from delays or problems discovered during the work.
Don’t Overdo It
If you’re looking to increase the price of your property be sure not to overdo your renovations. Consult with local Realtors about the price of similar properties in your area. There’s no point installing a gourmet kitchen into a mid-range neighbourhood if it will make the property too expensive to sell.
Don’t Ignore Problems
Don’t skip over major problems if you uncover them during your renovation. It can be tempting to ignore expensive issues in the short term, but they will nearly always come back to haunt you.
The finished property may look amazing, but if a home inspection reveals major underlying issues that you didn’t address then it will be very difficult to sell and the issues will only get worse.
Make a Plan (and stick to it!)
Having a solid plan is the best way to avoid delays and budget issues. A good contractor will sit down with you and discuss the project, creating a set by step plan. This is a good time to make decisions on materials and finishing in order to avoid having to make last-minute decisions.
Once you have a plan, stick to it! It can be easy to get sidetracked once you’re deep into the project, but little things can add up and soon blow your budget.
Take Your Time
Expensive mistakes can often come from trying to rush through the work or making last-minute decisions. Take your time and consider all the outcomes before settling on a particular idea. A good contractor will help explain your options and plan out the project in advance.