North York Renovations
If you're thinking about renovating your house, your first task will be to create a realistic budget. But that involves some careful pre-planning. Go through the guidelines here, then use the worksheet to create your renovation budget.
Before you budget:
- Imagine the new space and make sketches. It's easier to plan something you can see;
- Explore, talk to people who have done a similar renovation. Read books, magazines and websites to get ideas;
- Think ahead, is the renovation intended to add value when you sell next year? Then pay special attention to assessing the value of the house and neighbourhood. Add comfort or pleasure? Accommodate a growing or shrinking household? If you plan to stay for at least 10 years, almost any renovation will be worth its cost.
The Budget Process
Figure out how much money you have to spend on a renovation without straining other budgets.
Figure your debt-to-income ratio. If you are planning to borrow, you need to know whether you can handle the extra debt.
Including subcontractors. Multiply wages by estimated hours for each worker. Remember payroll taxes and workers' compensation insurance if you do the hiring
Fees charged by contractors and subcontractors, such as electricians.
Lumber, nails, paint, wallpaper, insulation, flooring, tiles, plumbing fixtures, cabinets, countertops, heating and ventilation.
Tools and Equipment
All tools purchased and rented for the project, from hammers to post-hole diggers. Also includes safety equipment such as goggles, hard hats, ear mufflers, etc.
Contact the city planning department. Contractors may handle this for you.
Window treatments, light fixtures, cabinet hardware, etc.
Repairs Due to Renovation
Repairs needed resulting from the remodelling such as patching the wall after plumbing vents are moved or replanting lawn where equipment had been kept.
Trash bin rental, hauling fees, dumping fees, removal service
Includes cost overruns as well as upgrades, changes, supply shortages, weather delays, miscommunication, etc. Budget up to 30% of subtotal
Add Contingencies to Subtotal for TOTAL