How To Prepare For A Home Renovation

Author: Noble Mortgages Inc. | | Categories: Best Mortgage Rates , Lowest Mortgage Rates , Mortgage Agent , Mortgage Broker , Mortgage Company , Mortgage Financing , Mortgage Professional , Mortgage Specialists , Refinance Mortgage


Set a Budget – Make sure that you set a budget and take on at least 20% for those unexpected issues that may arise. How about asking a friend or family member who has recently renovated their place, they may have some tips that may have not crossed your mind. Ensure you check-in with your contractor or tradesman to ensure you stay within your budget. If possible, try not to borrow the money for the renovation, it will be much more rewarding if you save up the money prior to renovating.

Looking for the best contractor - We have all heard the stories about renovations gone wrong. So before googling contractors consider word of mouth contractors with a good reputation. If you can’t seem to find anyone that way, another options could be getting several referral sources from the top 3 or 4 contractors and reviewing their websites. Ensure to do a google review on customer satisfaction and time taken to complete a renovation prior to signing any agreement.

Be realistic – dreaming is the start to any good renovation, but to have a good experience you must be realistic about what you wish to accomplish within your set budget. So many of us will live beyond our means just to have that lavish kitchen or marble floor. If you are committed to having something you can’t afford, perhaps try to renovate in stages, leave out extravagant kitchen or marble flooring for a later date, rather than bombarding yourself all at once.

Do your research – it’s important before plunging into such a project, you have a clear understanding what can be expected. Bring your thoughts and research to the table. Browse through home renovations books, magazines, and visit shops for ideas on what is the latest and greatest. Perhaps, cut out clippings of rooms you like so you establish the look and feel you’re aiming for, so there are no surprises.

TIP: If you truly want a positive experience with your renovation. Make certain that everything has been ordered and picked up to avoid unwanted delays.

Renovate with future trends in mind – A rule of thumb with renovations is doing a high quality job in a classic style, which is exactly that: classic. When investing in good quality finishes now, there will no regrets down the road. Never settle for dated items (e.g. appliances or vibrant colours in a room) although you may love it, a future buyer may not if you ever intend to sell your home, just something you may want to think about and it could also bring down the value of your home.

Checking in regularly with your contractor – No doubt, a contractor will tell you “come by once a week”. Don’t do it! (Unless your contractor is incredibly trustworthy). Make sure you visit the site daily. Mistakes will happen and you need to make sure you are there to react to them, because the longer a mistake goes unnoticed, the more it will cost you. Remember the bigger the mistake the higher the cost to fix it.

Have FUN and be patient! – Although it may seem that the process is never ending, remind yourself there is nothing more rewarding than watching the transformation made by good decisions and great workmanship that you’ve put together. Once the work is done, you will be able to enjoy your newly renovated space and feel a great sense of accomplishment.

For more helpful tips or information with home renovations, mortgages loans, and home equity lines of credit – Contact Noble Mortgages Inc., at 416-241-2227 or send us an email at