As 2021 draws to an end, now is the perfect time to start setting goals and planning for what you would like to accomplish in the coming year. Whether you’re looking to increase your home’s property value or simply looking to revamp your space, chances are there may be a renovation project in your future. There’s a lot to consider before kickstarting a home renovation, so I have included information on budgeting, best ROI Renos and design trends to look out for in 2022.
I hope you find these articles helpful and informative! As always, please do not hesitate to reach out to me if you have any questions relating to your current mortgage or your goals for the coming year.
Budgeting for a Renovation
When planning out home renovations, don’t forget the most important part – your budget. Without a proper budget, a home renovation can quickly get out of control and cost more than you originally intended. Creating a budget provides a cost ceiling and gives you more control as long as you stick to it.
Typically, renovations can cost between $10 to $60 per square foot. Experts recommend that you spend less than 10-15% of your home’s value on a single room renovation. Home Advisor magazine states kitchen renovations range from $4,000 to $60,000; bathrooms from $2,500 to $25,000; and basements from $11,000 to $30,000. These estimates depend on the size of the space and the intensity of the renovation.
However, before you can set your home renovation budget, you need to determine how to finance the updates. Will you be using cash, taking money out of savings, or getting a loan? This is an essential factor in determining how much you are willing to spend. Once you have decided where the funds will come from, you will want to look at your room space and prioritize your remodelling needs. Ask what you want the project to do, what details are required to make it happen, what you are willing to compromise and how much are you ready to splurge.
Once you have determined the scope of your renovation project, start creating a detailed remodelling plan that includes a range of work with approximate costs.
For complete renovations, you will want to get estimates from multiple contractors before you get started. Labour can account for 20-35% of a renovation budget!
For minor renovations, it can help to look online for the cost of items or check out local stores to get costing to refurbish, refloor, repaint or redo your space.
Be sure to add 10-20% to the estimated renovation cost to cover any unexpected expenses or potential issues that may arise.
To make your home renovation more affordable, consider:
- Completing demolition yourself (i.e., removing old cabinets, pulling up tile, etc.).
- Order your light fixtures, furniture, etc., instead of paying an extra contractor fee.
- Doing your painting can save you a few hundred dollars.
- Shopping second-hand or used can significantly reduce your cost, and you can still find great additions!
You’re ready to get started!
5 Renos with the Best ROI
When it comes to home renovations, we know things can get expensive, and it can sometimes be tight to stick to a budget. If you’re looking to update your home or make some changes, there are a few simple things you can do that are affordable AND have a great return on investment!
A Fresh Coat of Paint
It’s amazing what a fresh coat of paint can do to your space. It is affordable, easy to do yourself and typically has a 60% return on investment, especially when it comes time to sell!
Refreshing Your Floors
Flooring is the most worn element in any home. While replacing it may seem tedious, these updates tend to have a great return on investment garnering 100-150%. With so many options from updating carpet to hardwood, changing out your laminate or adding fresh tile to your bathroom or kitchen, new floors are an easy way to breathe new life into your home.
New Doors and Hardware
Another easy and beneficial renovation is simply updating your doors and hardware. From installing brand new wood-stained garage doors to a statement front entrance to new baseboards and wainscotting, your home will feel fresh in no time! With a smaller WOW factor, even this minimal facelift can have a 50% return on your investment.
Updated Countertops and Cupboards
Kitchen renovations can typically be the most extensive and expensive. They also have the best return on investment, garnering a 75-100% return; this room is generally the heart of any home. If you’re not ready to do a complete kitchen renovation, consider updating your countertops and cupboards. You can expect to pay approximately $3,000 for granite or quartz countertops, which will freshen the space and make it look brand new!
Adding a Wooden Deck
Is your backyard functional? Does it scream summer get-together? If not, or if there is room for improvement, a great option can be adding a simple wooden deck! These can be built into almost any size or shape to suit your needs and your space and are relatively affordable, costing around $10,000 to $15,000 with a return of 80%.
Design Trend Forecast for 2022
Are you looking for some inspiration for your next home renovation? Check out these 2022 design trends for some great ideas!
Touch of Retro
Adding a splash of 70s feel can be a great option to spruce up a home. Incorporating gentle notes of burnt orange, moss greens, and other warm colours can help brighten up interiors. You can even consider checking out local garage sales or flea markets for fun accessories with a pop of colour, or even a vintage couch you can reupholster!
Back to Nature
Another up-and-coming trend is incorporating nature, including nature-inspired designs such as floral pillows. Green velvet sofas are also popular to bring character into your home. Add natural plants to accentuate and purify the space. Some great plant ideas include Aloe, Snake Plants, Palms, Spider Plants or Peace Lilies.
With 2021 focusing on functional spaces and home offices, the 2022 trend
Following multifunction, the home office is still crucial in 2022. This year’s trend focuses on creating that “ideal” office space for you. Make this space both functional and aesthetically pleasing at the same time. Are you still using your dining table for your desk? Consider creating your userspace to make it more comfortable for continued use.
This trend continues from 2021, with people spending more time at home and creating less-cluttered, more functional spaces. Minimalism doesn’t have to be boring – or mean a space! It simply refers to the concept of decluttering your room to make it more breathable. Think simple, with one or two primary furniture materials and pieces that stand out.