Any time you are looking at renovations or upgrades to your home or business, there are a lot of things to consider – from material to project timeline but more importantly, a budget. The following are things to consider for your next renovation or upgrade – it’s a helpful list for those who are budget conscientious and looking to stay as close to the bottom line.
Before starting any renovation or upgrade, one thing that a contractor will discuss with clients is whether or not the desired outcomes are a good investment or not. Will what the client is looking to do benefit in the long run or is purely from an aesthetic point of view.
Some easy, low-cost upgrades can be done to any space, for example, adding insulation and upgrading windows are just two examples of updates that offer long term benefits. Adding access doors where needed is also a great option. These upgrades are ones that sometimes clients don’t realize the long-term benefits which is why contractors can help promote these upgrades. A pros and cons list are one way to help clients understand these subtle benefits.
With finances – no matter how big the project, or the upgrade, it is essential to be realistic and to set feasible and reliable expectations. What does one do if they don’t have the means right away to get the job done?
For one, clients can look at their home or business as a means of a line of credit. Using a line of credit will turn your home into a form of collateral for a loan to get the upgrades and renovations done. Not to mention that depending on the updates and renovations, some government rebates and incentives can help with the costs.
When a client is looking to get work done; however, they have minimal means of paying for these upgrades or renovations, one thing that can be done is the client can help with the updates and renovations as well. This means that the client can get down and dirty and assist with getting the work done. Mind you, this can be hard for some contractors, as depending on the job that needs to get done, it might require specific qualifications and skill-set; however, if it is plastering, or drywall installation, this can be done with a bit of training and guidance. Simple tasks like painting, removing and discarding old materials or installing a backsplash are jobs that the client can embark on with the help of a contractor or someone with experience.
One to keep in mind with renovations is that clients should never underestimate the cost of a renovation. Contractors will try their best to ensure their clients are fully aware of the potential costs; however, it is essential that clients have a buffer to their budget should it slightly exceed.
When it comes to renovations and upgrades, the budget is something that can increase drastically and fast. It is essential that a client keeps in mind what their financial means are but also what they expect. Research is one way to help stay within the budget – from materials to contractors but also meeting a timeline. More important, the more informed the client or individual, the less likely they can be overwhelmed with possible costs being higher than expected.
February 28, 2019