Smart Renovation Tips for Your Victoria Home

June 16, 2021

Renovating your Victoria home requires thoughtful planning. You might be thinking that the more parts you spruce up, the higher the value will be. However, some renovations can actually take away value instead. Before you start working alongside a top realtor in Victoria BC, you need to invest in economically sensible home renovations. This is especially important in these unpredictable financial times. These smart renovation tips for your Victoria home will help you keep out the fluff, and do the right stuff.

Smart renovation tips for your Victoria home

Be Realistic with Renovation Costs 

Many homeowners are guilty of underestimating renovation costs. It’s a common mistake to underestimate budgets for notable projects, like kitchens and bathrooms. These kinds of fixes require experts to come in and install bare necessities. Additionally, you need to factor in costs for high-quality finishes. While it’s understandable that you’re trying to save money, some amount of financial compromise is required to see the results you’re craving. If you want quality, you’ll have to spend on it. And if you spend wisely, the returns can be massive. 

Don’t Over-Renovate 

As the best realtor in Victoria BC will tell you, simple is effective when it comes to renovation. High-end finishes and expensive remodeling is rarely the answer. This is because the chances of getting a solid return on such extravagance are slim to none. The most straightforward fixes can make a world of difference. Things like re-insulating the attic, replacing your garage door or  your front door can recoup the best returns. Focus on the most critical areas and make those simple adjustments.

Set an Honest Budget 

When setting a budget, you should get multiple quotes from different contractors. Compare the extent of their contract coverage. Ask about communication, and get as much detail as possible. This will ensure you’re getting top-quality work from the contractor you choose. You should also look at your handiwork abilities and determine whether you’re capable of doing some fixes yourself. This can save you some on the cost of labor, material, and overhead expenses. Establishing a contingency fund in case of additional (or unexpected) renovation costs is also a stellar idea.  

Plan Financially

Once your renovation budget is set, figure out the most logical way to finance the project. You can take out a home equity line of credit to finance these fixes. Unlike a standard loan, home equity is backed by an asset, meaning you get a lower interest rate. Alternatively, you can use rebates centered around energy efficiency. You’ll need to complete a home energy audit in advance and then provide info on the upgrades you’re doing. Using your credit card to pay for it is not advised. This is due to higher interest rates, meaning you’ll pay premiums and additional costs on the renovation. 

Now that you’ve read these smart renovation tips for your Victoria home, you can take on that project. Once your renovation is complete and you’re looking for the top realtor in Victoria BC, contact Brad MacLaren and let’s get started!

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