The lure of a stunning gourmet kitchen or sparkling
spa-style bathroom may have you chomping at the
bit to begin a home renovation but if you heed the
advice of experienced renovators, pre-planning and
advanced preparation are the secrets to renovation
success. Here’s a helpful checklist to get your renovation
started on the right track.
Prepare a realistic budget
Determine how much you are prepared to spend
on your renovation. Obtain a few quotes from
professional renovators to see if your budget is
realistic. As you refine your plans, your budget can
be fine-tuned. Remember to boost your budget by
at least 10 % for unexpected costs.
Decide what you want to do
For most people, this is the fun part – flipping
through magazines and watching home decorating
shows to get inspired. But it is also one of the most
critical phases in any home renovation. Create a
folder with photos and examples of what you hope
to achieve and include a list of issues you want
your renovation to resolve.
Arrange for financing
Get financing in place early to plan your renovation
with confidence. Leveraging the equity in your
home is often the best option. As a secured loan,
you can usually obtain an attractive interest rate
and with flexible repayments, this option can be
easy on your cash flow. Other alternatives include
refinancing your existing mortgage or arranging
for a second mortgage on your home. To obtain
the best possible terms, be sure to work with an
independent mortgage professional who can shop
the market for you.
Select the right team
You’ll want to entrust your project to people known
for their quality of work. Depending on what your
renovation involves, you may need a designer
to come up with an overall design and plan.
Your contractor, who does the construction or
subcontracts it to other trades people, will work with
you or your designer to implement your plan.
Ask for recommendations from friends and family,
interview prospective candidates and always
check references.
Stick with your plan
With a sound plan, reasonable budget, financing
in place and a team that you trust, your renovation
can get off on the right track. To keep it there,
minimize changes and make yourself available for
decisions so that your renovations can proceed on
schedule. Remember to keep your eye on the prize
– it won’t be long before the dust settles and you
can enjoy your amazing new space.
According to the Canada Mortgage and Housing
Corporation (CMHC), Canadians spend substantial
sums on renovations – they project more than
$50 billion will be spent on home improvement
projects in 2008. To make sure you get the most for
your renovation dollars, follow the lead of experienced
renovators and plan ahead for success.
spa-style bathroom may have you chomping at the
bit to begin a home renovation but if you heed the
advice of experienced renovators, pre-planning and
advanced preparation are the secrets to renovation
success. Here’s a helpful checklist to get your renovation
started on the right track.
Prepare a realistic budget
Determine how much you are prepared to spend
on your renovation. Obtain a few quotes from
professional renovators to see if your budget is
realistic. As you refine your plans, your budget can
be fine-tuned. Remember to boost your budget by
at least 10 % for unexpected costs.
Decide what you want to do
For most people, this is the fun part – flipping
through magazines and watching home decorating
shows to get inspired. But it is also one of the most
critical phases in any home renovation. Create a
folder with photos and examples of what you hope
to achieve and include a list of issues you want
your renovation to resolve.
Arrange for financing
Get financing in place early to plan your renovation
with confidence. Leveraging the equity in your
home is often the best option. As a secured loan,
you can usually obtain an attractive interest rate
and with flexible repayments, this option can be
easy on your cash flow. Other alternatives include
refinancing your existing mortgage or arranging
for a second mortgage on your home. To obtain
the best possible terms, be sure to work with an
independent mortgage professional who can shop
the market for you.
Select the right team
You’ll want to entrust your project to people known
for their quality of work. Depending on what your
renovation involves, you may need a designer
to come up with an overall design and plan.
Your contractor, who does the construction or
subcontracts it to other trades people, will work with
you or your designer to implement your plan.
Ask for recommendations from friends and family,
interview prospective candidates and always
check references.
Stick with your plan
With a sound plan, reasonable budget, financing
in place and a team that you trust, your renovation
can get off on the right track. To keep it there,
minimize changes and make yourself available for
decisions so that your renovations can proceed on
schedule. Remember to keep your eye on the prize
– it won’t be long before the dust settles and you
can enjoy your amazing new space.
According to the Canada Mortgage and Housing
Corporation (CMHC), Canadians spend substantial
sums on renovations – they project more than
$50 billion will be spent on home improvement
projects in 2008. To make sure you get the most for
your renovation dollars, follow the lead of experienced
renovators and plan ahead for success.
Larry Broadley Mortgage Broker
Central Office: 3250 Bloor Street West, East Tower, Suite 1400, Toronto, ON M8X 2X9 ® Registered trademark of Mortgage Intelligence Inc. © 2007, Mortgage Intelligence Inc., all rights reserved.
