Start Your Home Renovations this Spring!
As spring rolls around, homeowners characteristically start to look at their homes and think about what improvements they might make. It’s just a natural extension of Spring cleaning. Whether you want to increase the value of your home, or you just want to give your home a makeover, a home renovation might make good sense for your family.
According to a statistic from the CMHC, more than 36% of homeowners renovated their homes last year (and they spent about $14,000). 37% of homeowners said they intended to go forward with a home renovation later this year.
If you want to finance your home renovation of choice, here is some stuff you should definitely know:
Think about the Type of Home Renovation
Home Renovations Fall Into Three Basic Categories:
These types of home renovations improve your life, e.g., putting in a sun room to chill out, or converting that attic space into a posh little room.
These types of home renovations focus on the shell or mechanical structure of your home, e.g., redoing your insulation, getting a new furnace, or putting in a new plumbing system
These types of home renovations safeguard the investment you have in your house, e.g., re-shingling your roof or replacing your eaves troughs.
Figure Out What Type of Contractor to Hire
A general contractor will manage the project, hire the people and take care of every permit. If it’s a little job, pick a contractor who can handle something specific (like a bathroom or window).
Interview a Minimum of Three People
Ask about past work, talk to anyone they’ve worked with in the past, and actually go and visit a past site they’ve worked on. Ensure that each contactor has a proper license, liability insurance, workers’ compensation insurance, and a good record at the Better Business Bureau. Make sure to get an amazing plan, including cost and timeframe.
Make Sure Everything is in Writing
Get everything outlined perfectly. Figure out the labor, warranty, and how customer complaints will be taken care of.
Set Up a Payment Plan
Figure out a down payment amount (under 15% is good). Set up a payment plan and make sure payments are linked with the work that’s been done. For example, don’t pay half until half the work is completed.
Schedule a Walkthrough
Mark off every single detail on a list prior to finalizing the last payment.
If you have any more questions about your next home renovation, call Carick Renovations – (416) 781-6671