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What to Consider When Remodeling Your Home

It's easy to get caught up in the litter details like light fixtures and paint colors, but you should be focused on your workplan when it comes time to execute your remodel. You need to think through the process and determine who does what in order for the project to be accomplished on time and within your budget. You should also take your home insurance into consideration before you decide to rip out the toilet and bathroom sink.

Before you start the house revamp, consider these tips:

1. Will you bring in qualified professionals?

While it's less expensive (and sometimes fun) can be fun to do everything yourself, there are some jobs that are best left to the professionals. If you are looking to lay some intricate tilework in your shower or install new cabinets and countertops, contracting with a professional can ensure that the project does not decrease the value of your home. Even getting tips from tradespeople on what materials to use and how to install them can help prevent a decline in valuation. Hiring a qualified contractor doesn't sound too bad now, does it?

When you're looking to change the structure, electrical, or plumbing of your house, you should always contract with a licensed professional. This will ensure that your reno meets current safety standards and decreases your hazard risks. It’s especially important to hire licensed and insured professionals for electrical work to avoid potential fires and electric shocks.

2. Budget for unexpected expenses.

Regardless of you still with crunching numbers, you should always leave room in your budget for unexpected expenses. You may not be aware of problems in your home until your remodel unearths them, so it's important for you to leave some wiggle room in your funds. We recommend setting aside an additional 10-20% of your total budget to avoid breaking the bank if you run into any unanticipated costs.

3. Get the right permits.

Do you already have building permits? Did you already set up a home inspection? If the answer is "No," or "I'm unsure," you should look into what necessary paperwork you will need for your project. A great place to find documents and procedures is your municipality's website or to contact your municipal office. Remember, it’s your responsibility as the property owner to make sure you have these permits even if you are hiring a professional. If your contractor offers to arrange any permits or inspections for you, make sure that’s specified in your contract.

4. Talk to your insurance broker beforehand.

Painting your walls or getting your carpets changed won't affect your home insurance, but structural changes and other significant renos could impact your premium and coverage. If you are planning to move out during the construction process, there could be coverage changes you need to know about beforehand. We recommend reaching out to your licensed home insurance broker to make sure you have the right coverage in place before you start the renovations. Here's a pro tip for people who have just finished a home remodel: Ask us if your upgrades are covered by your existing home insurance policy!


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