Guide to Financing Options for home renovation in Vancouver, BC
Embarking on a home renovation project in Vancouver can be an exciting yet financially challenging endeavor. Whether you’re looking to revamp your kitchen, upgrade your bathroom, or add extra living space, understanding the financing options available is crucial. In this blog post, we’ll explore various ways to finance your home renovation in Vancouver, helping you make informed decisions to turn your renovation dreams into reality.
Home Equity Loans: Tapping into Your Home’s Value
Home equity loans allow you to borrow against the equity you’ve built in your home. In Vancouver’s real estate market, where property values have seen significant appreciation, this option can provide substantial funds for your renovation. Learn about the advantages and considerations when opting for a home equity loan.
Home Equity Line of Credit (HELOC): Flexible Financing Solutions
A HELOC offers a flexible line of credit based on your home’s equity. This revolving credit line allows you to borrow as needed, making it a suitable option for ongoing renovations or unpredictable project costs. Understand the terms, interest rates, and potential risks associated with a HELOC in the Vancouver context.
Personal Loans: Unsecured Financing for Your Project
Personal loans, while unsecured, can be a viable option for smaller home renovations. Explore the possibilities of obtaining a personal loan from a local Vancouver lender, considering interest rates, repayment terms, and eligibility criteria.
Government Grants and Rebates: Boosting Your Renovation Budget
Investigate the various government incentives available for home renovations in Vancouver. These may include grants, rebates, or tax credits aimed at promoting energy efficiency and sustainable building practices. Discover how these financial incentives can contribute to your overall renovation budget.
Vendor Financing: Working with Contractors and Suppliers
Some contractors and suppliers in Vancouver offer financing options for their services or products. Explore the pros and cons of vendor financing, and ensure transparency in terms of interest rates and repayment schedules before committing to this arrangement.
Credit Cards: A Short-Term Solution with Caution
While credit cards can provide immediate access to funds, it’s crucial to approach this option with caution. Understand the potential high-interest rates and short-term nature of credit card financing for home renovations.
Before diving into your home renovation in Vancouver, take the time to assess your financial situation and explore the various financing options available. Whether through home equity, personal loans, government incentives, or vendor financing, making informed choices will help ensure a successful and stress-free renovation experience in this vibrant city.
Are you thinking of selling your home, and you want to increase its value? Have you recently bought an older house that needs work? Have you been in your home for a long time, and want to update it? Do you have an investment property that you want to add value to? If you have said yes to any of these situations, you are probably thinking about renovating your house.
If you are hoping to renovate your home, it can be hard to know where to start when making plans. You are probably trying to get a rough idea of how much your renovation might cost, as a place to start. Unfortunately, it’s hard to really get a good idea of the expected costs without getting a quote from a general contractor. However, here we can discuss some general costs and ballpark numbers, so that you can have something to work with at this stage of planning. While renovating a whole house in Vancouver isn’t a cheap project, it will add value to your property, and make it more liveable for you as well. So, let’s look at some of the factors to consider.
All at once or room by room?
First of all, what is the scope of your project? Are you just interested in redoing a few rooms? Or, are you planning to make significant changes or even gut the whole house? If you are planning a lot of changes, there are pros and cons to doing the work room by room, or getting the whole house renovated at once.
Some of the advantages of doing renovations room-by-room are:
You can likely stay living in the house for much of the work
You can spread the upfront costs out over longer periods of time
You have time to make decisions on future projects and can see how the current project goes before taking the next step
You can more easily “DIY” some parts of the project without getting in the way of a contractor
Some disadvantages are:
Going room by room can stretch renovating over months or years. It can feel like you are renovating forever!
It’s likely your labour and materials costs will be at least somewhat higher than if you did everything at once
You won’t be able to make significant changes to layouts
Some advantages of renovating your whole house at once are:
You can completely rethink the layout of your house and make big changes
You may be able to save money on labour and materials by completing the whole project in one go
It will be done much faster over all
Some disadvantages are:
Your upfront costs will be much higher and you may have to borrow a lot more money
You will probably not be able to live in the house and will need to budget for other living arrangements
Very large renovation projects can take an emotional toll on a homeowner
If you have a large project in mind, it’s important to get quotes from several contractors to assess the expected costs for what you want to do. You can ask them to assess for “everything at once” or for the cost room by room.
House renovation costs in Vancouver
Now, as we said before, it’s hard to guess how much a home renovation project is going to cost. Especially in Vancouver, housing prices and values change quickly, and there can be a lot of competition for good contractors. Therefore, take the following information as a guideline only, to help you guess at costs.
Whole house renovations
Currently in BC, the average homeowner is spending $15-$60 per square foot on whole house renovations. However, this cost accounts for more low to midrange renovations, which generally means budget-friendly appliances and materials, and doesn’t include overhauls on more than a few rooms. People usually prioritize the kitchen and the bathrooms, and do more cosmetic work on the rest of the house, such as paint and flooring.
If you are hoping to gut your house down to the studs and do major renovations, include new roofing or exterior work, or use higher end materials and appliances, you are likely looking at a renovation that will cost you between $100,000 and $200,000 dollars. That can be an intimidating figure! However, if it adds significant value to your home, it can be worth it.
Also be aware that significant problems such as a damaged foundation, asbestos, or severe fire or flood damage will increase the costs of renovations greatly.
Finally, the amounts above assume that you are hiring a contractor to do your renovations. While you may be able to complete some renovations yourself, we strongly recommend hiring a qualified general contractor for your work. They will work faster than you and take care of details like ordering materials and getting permits, and they often can get materials at a better price. Furthermore, you will be confident that your work is up to code, and there will be a warranty on the work in case of problems down the road.
High value rooms
If you are planning on doing just parts of the work now, you may be curious about what the most expensive rooms are to renovate. Unsurprisingly, kitchens and bathrooms usually cost the most to renovate, but also will add a lot of value to your house if done well. In Vancouver, the housing market is very volatile, so having a modern, desirable home is a good idea. As a rough guess, experts suggest that you plan to invest 5-15% of your home’s value into your kitchen and bathroom renovations. Currently, houses in Vancouver are have extremely high property values, so this worth double checking with a contractor, but it’s also a very good idea to over-estimate your budget. You don’t want to be surprised by extra costs when you can’t afford it.
Renovations are rarely cheap and rarely easy. However, it’s worth it to live in a home that feels like it’s just right for you and your family, or to know that you are getting the best value for your investment. Take time to plan your projects, and take your questions to your local home renovation experts.
When you are planning a home improvement project, choosing your builder can be the most important choice you make. Therefore, you may be feeling some stress about this decision. What are the most important things to think about when hiring a builder? There are many different details that might affect your choice. Here are a few tips to help you make this decision easier.
Start with a solid plan.
Even the best contractor can’t give you a good quote without details. If you want to get a good idea of what your project will really cost, don’t start to meet with builders until you have a plan for your project. This can include drawings and details that are important to you. Basically, the more information you can give to a builder, the more accurate the quote will be.
Know if you need a generalist or a specialist
Depending on your project, you may want to hire a general contractor to plan and do all of the work, or you may just want to hire a specialist for a clear task. For example, if you just need a brick patio laid into the ground your yard, you may want to hire a mason instead of a general builder. Remember, though, that many general builders can do a wide range of tasks well. More importantly, they can also hire and manage those specialists for you, as part of their overall plan.
Get a few quotes
Each different builder or contractor will have a different plan for your home renovation project. Therefore, getting more than one quote will let you choose the price and the plan that works best for you. You can also then ask questions about certain details of a plan, so that you understand it better or can help the builder understand your vision.
Get everything in writing
Don’t start any work without a signed contract. Even if your project is small, you will prevent a lot of headaches by writing down, ahead of time, what to do if problems come up. It’s also a good idea to discuss how often you will be updated, who is responsible for permits, and to talk about and agree on insurance.
Once you’ve chosen a builder, trust them!
You are choosing a contractor who you think will be able to manage and complete your project. So, don’t try to be too involved! It is the builder’s job to oversee the work and communicate to you about it. They can do their job better if you aren’t in the way. Sit back, relax, and trust in your good decisions.
Choosing the right builder is probably the most important part of your home renovation project. Indeed, it can make or break your project. However, it doesn’t have to be a hard or scary choice if you follow the tips above. With some planning and research, you shouldn’t have to worry about your projects success.
The way we use and live in our homes has changed dramatically in the past several years. Many of us have adapting to working from home part or all of the time, and have been spending a lot more time at home with our immediate family. Emerging trends in home design show that homeowners are prioritizing updates and designs that give us dedicated activity spaces in our homes, that make our homes seem bigger by blurring the boundary between inside and outside, and feel luxurious to live in. Here are some of the ways these trends are being implemented in design.
Activity Spaces
Rather than the ubiquitous “flex space”, homeowners are looking to carve out space for their work and their interests. Search trends show that people are interested in designating spaces in their homes not just for home offices, but for home bars and wine cellars, art studios, home theatres, and gyms. People in more modest spaces are still looking to “flex” their available space, by maximizing the ease and efficiency with which they can switch activities – such as with a combined home office and gym, or with a murphy bed that turns a study into a guest room.
Bringing the Outdoors In
Blurring the line between “inside” and “outside” space can make your home feel more spacious and invite in light and air. Many homeowners are now including in their kitchen renovation plans, options for large patio doors or fold-away windows to open up the whole kitchen and dining are into a large patio space. For homeowners will more restrictions on their renovations, it’s desirable to widen windows, brighten up indoor spaces, and bring in a feeling of greenery by adding lots of houseplants to the home, or even adding green-coloured décor.
Decorative Refresh
As we spend more time at home, homeowners are looking for quick, cost-effective ways to brighten up and refresh their living spaces. Search trends show a dramatic increase in interest in items like accent pillows, decorative rugs, display shelves, and couch and chair covers. Simply changing up accent items gives homeowners a way to dramatically change the look and feel of their living space without investing in major upgrades.
Luxury Materials
The desire to update our living spaces with simple accents, as well as more involved renovations, has shown a trend away from minimalism and towards sumptuous luxury materials and items. Fabrics like velvet and linen are popular choices for textiles. Warm-coloured metals, crystal and real wood are popular materials for furniture and objects of interest. Colours such as gold and rich jewel tones create glamorous palettes. The materials people are choosing for their homes are a feast for the senses.
Our homes have become central to our lives in every way, and home design trends show that people are looking to invest in making their homes functional, flexible, and comfortable in every way. Our relationship with our homes has likely shifted for the long term, if not permanently, and people are adapting to their new ways of life.
Over the past few years, you may have found yourself spending a lot more time at home, and with a lot more of your family, than in years past. If this has caused you to start dreaming about a private hide-away in your own home, where you can relax and unwind, you may already be thinking about expanding your master bedroom into a master suite. A master suite can be a very enjoyable – and value-enhancing – addition to your home, so it’s worth your while to consider both how you will use the added space, and how it may be enjoyed by future owners.
A master suite generally refers to the largest, or master, bedroom of a home, that also has its own private contained bathroom. It can be this simple, or can include amenities like walk-in closets, a sitting room, a patio or veranda, or anything else your fancy and your budget can accommodate. If you are dreaming about or actively planning your master suite addition, here are some tips for where to begin.
Location
Here’s an exciting tip: your existing master bedroom doesn’t have to be the base of your master suite! You may prefer the view from another part of your house, or perhaps you plan to grow old in this home and want to relocate your bedroom from an upper story to the ground floor. Really switching up your floorplan might take extra planning and work, but if you are going through the expense and effort of adding an addition to your home, it’s worth choosing the ideal location for your needs.
Priorities
This question goes hand-in-hand with our first tip: your needs for your master suite will probably influence where you choose to build it. Decide what your priorities are. Some ideas might be: storage and closet space; a large, well-appointed bathroom; a private patio or sitting area; a secluded home office; accommodating your existing furniture; or space for the biggest, comfiest bed money can buy. What is important to you will influence how the master suite addition is designed.
Special Needs
Since this is your custom living area, you can and should accommodate any special needs you have. If you or your partner expect to need accessible living space as you age, you may want to add wider doors and lower counters now to save having to renovate again. If you are a light sleeper, you may want to include extra sound insulation, especially if you live in a noisy area. It is worth thinking about how you will use the space will change over the years, and plan for this now if possible.
Professionals
Once you have an idea of what your needs and priorities are, an important tip is to consider hiring a professional design team for the planning process. A designer can walk you through decisions about materials choices, how to integrate the new addition into the existing structure, how to lay out the space efficiently, and where you should splurge on luxury products or where you can save money. Furthermore, a reputable design will facilitate applying for permits and will make sure the structure complies with zoning laws; you don’t want to have your renovation halted half-way through because of an improperly zoned structure! Your team can also refer you to reputable contractors to manage the actual construction.
A master suite addition is an exciting project, and considering these tips will help you figure out where to begin.
The home renovation and remodeling market in Vancouver is booking, and with the wide range of home renovation contractors and service providers offering services in and around our city, it can be overwhelming to know where to start! However, any home renovation project, small or large, benefits from experienced and professional help. When you are planning and budgeting for your project, it may be tempting to save money on your home renovation contractor, but you need to remember that you generally get what you pay for! So then, when you are trying to select a contractor in or around Vancouver for your renovation, how do you choose, and what should you look for? The following 12 tips may come in handy.
Know what you want to accomplish:
Many exciting projects get derailed when the homeowner doesn’t have a clear idea of their expectations around the remodel. To avoid unexpected delays and significant budget overruns, make sure you know what you want to accomplish, and that you and your contractor agree on the vision and scope of the project.
Expand your network
We often reach out to family and friends for referrals to contractors, but your best references might be just down the street. If you see your neighbours getting work done on their homes, or you notice a feature you are interested in it might be worth your time to check in with them. Most homeowners are happy to talk about and even show you the renovations and upgrades they have done to their homes, especially if they are pleased with the outcome.
Don’t rush!
Remodeling your home is a significant investment of your money and time, and the outcome of the renovation will have lasting impacts on both the value of your home and your enjoyment of it. When we are excited about a project, it is tempting to just “get it done”, but it is better to wait for all the pieces to fall into place if you want the best chance of a satisfactory outcome. If your preferred home renovation contractor has a waitlist of several weeks or months before they can start your project, it is likely worth it to wait – they are likely in high demand for good reason.
There is no “right number” of quotes
“Common sense” advise tells us to get three quotes for a project before chosing a contractor. However, this isn’t a rule – get as many quotes as you want and need to feel satified that you have made the right choice in your home renovation contractor. Conversely, you might meet one company and know that you have found a good fit. This isn’t necessarily a problem! It’s important to feel like you can…
Trust your gut
Home renovations aren’t always straighforward, and you and your contractor should both be willing and able to plan for what might go wrong. It’s a good idea to assess your rapport and trust with the contractor you will be working with – if something DOES go wrong in the process, do you feel confident you will be able to generate a solution together?
The home renovation market in Vancouver is competitive and it can be a real challenge to choose your contractor. At the end of the day, you are making a significant investment in your home and you should feel confident that your service provider is ready to do the work you want, and also be prepared to problem solve with you if issues arrive during the job. Hopefully these tips can help make choosing your contractor a little bit easier.
Basement renovations allow homeowners to expand their living space and increase the resale value of their home. When it comes to renovating your basement, there are so many great options – create a new living room, add an entertainment room such as theatre or games room, or even build a fully equipped suite. Whatever your basement renovation, there is a flooring option to match the function and style of the room as well as your budget. For more information about choosing floors for basement renovations, keep reading!
Basement Flooring Need to Know
Your basement flooring should be durable, functional, and stylish. For these reasons, one of the top flooring options for basement renovations is vinyl flooring. Vinyl flooring is durable and holds up well to high traffic, moist environments, and will stand up well to even the harshest elements. Whether you have pets, small children, or rowdy house guests, vinyl flooring stands the test of time. Add to that the versatility of vinyl flooring and it’s no wonder that it’s a top choice for basement renovations. There are many stylish vinyl flooring options and all of them will endure all that basements have to offer.
Indeed, basement renovations and flooring choices for the basement need special consideration. Hot water tanks and laundry facilities are often found in basements, so flooring needs to survive potential floods. Additionally, basements usually feature a concrete slab, so moisture from the outside environment and even drastic temperature changes can wreak havoc on basement floors – but not vinyl. Carpet easily damages, tile can get too cold, and hard wood is not recommended for moist environments. Vinyl flooring, on the other hand, can mimic the appearance of natural wood flooring, provide the comfort of carpet, and doesn’t get cold like tile. Plus, vinyl is affordable. It’s almost perfect for basement renovations.
Keeping up with the Joneses
Fortunately, vinyl flooring can also have a serious aesthetic impact. Vinyl flooring is available in a wide variety of styles and finishes. For example, for a more contemporary design, homeowners love the sleek aesthetic of faux wood finishes that vinyl flooring offers. Indeed, vinyl flooring looks like real wood, and many manufacturers provide flooring with subtle nuances such as “distressing” to make vinyl floors appear to be reclaimed wood which is very popular these days. Alternatively, herringbone designs on vinyl floors are also very trendy in 2021.
So, when it comes to basement flooring, remember that you need to consider features such as durability as well as style. You’ll find many different vinyl flooring options to match whatever basement renovation you’re planning and to suit your personal style. As an added bonus, vinyl flooring tends to be very affordable so it’s easy on your budget too!
From the simplest paint job to a major kitchen renovation, there are many ways you can refresh your kitchen that can fit into almost any budget. As the kitchen is a key room in the home, it is also one of the most frequently renovated; and yet, coming up with kitchen renovation ideas can be challenging – especially if you are on a tight budget. Thankfully, the following kitchen renovation ideas feature updates that can be easily adapted for cost savings; alternatively, you can also adapt these renovations to the luxury end of the budget scale.
Kitchen Cabinets
Kitchen cabinet renovations make a mark. Indeed, of all our kitchen renovation ideas, new cabinets are likely to make the biggest difference by revitalizing the look of your kitchen but also by improving functionality. Additionally, updated kitchen cabinets will have a huge impact on the resale value of your home. Nevertheless, cabinets can be expensive, so if you’re looking to save money consider keeping or reusing old cabinets. A little bit of elbow grease and a new coat of paint can brighten up your kitchen – and if you add new hardware, you’ll hardly recognize your old cabinets. If you’re less concerned about budget, consider consulting with a kitchen design expert to reconfigure the layout of your cabinets to make your space more efficient. There are even new cabinet designs that improve storage and functionality that make a great long term investment.
Countertops
Natural stone countertops are expensive but they are durable, sophisticated, and elegant. If you can work granite or quartz countertops into your budget, you won’t be disappointed as they require little maintenance and resist heat, stains, water, and bacteria. That being said, laminate countertops are great for the budget and they’re available in many different styles, colours, and patterns.
Appliances
The upfront costs of new appliances can be a deterrent for some home owners looking for low cost kitchen renovation ideas, but it’s also important to consider the long-term energy savings of high efficiency appliances. A new energy efficient refrigerator and dishwasher can save you hundreds of dollars in electricity bills over the years which means they pay for themselves. Plus, new appliances are offered in an impressive array of colours and finishes and they can make an impressive impact on the aesthetic of your new kitchen.
Lighting
Upgrading the lighting in your kitchen gives you flexibility over how and where light is focused. Ultimately, layering lighting so that you have decent ambient lighting as well as task lighting allows you to illuminate your kitchen according to your needs. If you’re already updating cabinets and countertops, consider installing task lighting under cabinets. Also, consider decorative lighting to add aesthetic appeal – chandeliers and pendant lights are great choices for sophisticated designs, or for a contemporary look consider directional spot lights or pot lights.
Remember, your kitchen renovation should reflect not only your budget but your personal style as well as practical elements related to how you use your kitchen. With careful planning and research, you can achieve an impressive upgrade to your kitchen on any budget.
When it comes to home renovations, there are so many options available that it can be a daunting task to find the right flooring for your home. Depending on your material and style preferences as well as function and budget, selecting the best flooring is more complicated than simply finding a look that you like. With that in mind, this guide will address many of the key considerations you need to make so you don’t have to guess about how to choose flooring for your home.
Budget
Not all flooring is priced the same. On the cheaper end of the flooring spectrum, laminate options are the go-to. You can choose styles that look like hardwood at a fraction of the cost – you can even find bargains where you’ll pay less than $2 per square foot. Engineered wood flooring gets a bit more expensive, particularly as you look at more exotic woods, but these options are still affordable and range between $2 and $5 per square foot. High quality laminates and vinyl tiles will also land you closer to the $4 or $5 per square foot price. The most expensive flooring options tend to be exotic hardwood floors made from mahogany or Brazilian cherry, as well as premium laminate or vinyl floorings. Ultimately, if you know your budget, you can focus your search on systems that fall in your price range.
Function
Next, think about the room or rooms where the flooring will be installed. Is it a high-moisture space? Is it a high traffic area? What about pets or children? When flooring rooms such as the kitchen or bathroom or areas in the basement, you want to choose a flooring system that can stand up to moisture. Concrete, ceramic, or porcelain or vinyl tile floorings are great options for high moisture areas. If moisture isn’t a consideration, most types of flooring will be suitable – but there are still some questions to be answered.
If you want a floor that will stand up to high traffic, pet stains, or the whims of children, more durable flooring systems such as ceramic or porcelain tile are also great. If you want durability as well as versatile style options, laminate and plank vinyl flooring are also great options. Also, you may shy away from carpet because of potential stains, but if you’re less concerned about spills and accidents, carpet flooring is long lasting.
Maintenance
Finally, remember that all flooring systems require regular care and attention. Vinyl flooring and laminate flooring tend to require the least maintenance – regular sweeping and occasional damp mopping will usually suffice. On the other hand, hardwood floors are more susceptible to scratches and may need to be refinished from time-to-time. Regardless of the type of flooring system you install, remember to follow the manufacturer’s guidelines for cleaning and maintenance to ensure the longevity of your floors.
Now that you have a sense of some of the most common factors to consider when choosing flooring for your home, you can easily focus your search to find the right style for any room.
Home improvement projects are exciting and sometimes stressful at the same time. No matter the project or intentions, it is easy for renovations to get out of hand and over budget. So, if you are planning a patio renovation and you have a budget in mind, how can you keep yourself focused and on budget? The following tips will help you keep your patio renovations on track with respect to both schedules and finances.
Planning, Planning, and More Planning
Planning and prioritizing every aspect of your patio renovation is the cornerstone to keeping the project on track and on budget. From the earliest planning stages including setting timelines, finding contractors, and getting your permits to the final touches of the decorative process, careful planning can make a huge difference when it comes to budget. Your planning must include project schematics that will allow you to break down costs according to various project stages from demolition (if required) and construction to finishing and decoration. The more detail that goes into planning your patio renovation, the more likely you will be to keep the project within your spending limits. If you are new to outdoor renovations, consider working with a professional contractor who can help you understand all the nuances of your project and how to budget effectively.
Research Supports Planning
We really cannot overestimate the importance of planning at every stage of your renovation and this should include careful research into material and labour costs, local permitting requirements, design trends and more. It is always helpful to check out similar patio renovation projects in your neighbourhood or even through online research. You can even research creative ways to repurpose your current outdoor facilities. For example, if you have a flower bed constructed from re-useable brick, can you transform it into a walk way? Knowing what you have, what you need, and how to use your resources effectively will help you spend your money efficiently.
Allocating Funds
It can often be helpful to break down your patio renovation into smaller chunks or milestones and then allocate funds. Say that you want to remove an old deck before building a new one – you can break down your project into two different stages and research funding requirements for each. Then you can allocate your budget accordingly. Likewise, your renovation project might be broken down into various categories such as
Labour,
Materials,
Furniture, and
Accessories
Each of these categories can receive their own budget. If you go under or over budget in one area, you might find you have funds to move around. Another trick is to purchase gift cards or project cards from home renovation depots and allocate these cards to different aspects of your project. This will allow you to effectively monitor your spending.
Contingencies
Finally, it is always important to set aside at least 15% of your total budget for unexpected costs. Taxes, cleaning materials, or unanticipated challenges can and likely will impact your budget. Setting some money aside to cover the costs of these contingencies is always recommended for renovation projects, including patio renovations.
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