According to a 2019 CIBC Home Renovation Poll, up to 49% of Canadians planned to renovate their home. Unsurprisingly, 39% of homeowners actually went over their budget.
It highlights how out of control renovations can be, particularly with complete home renovations. Homeowners are shocked to find that they blew away their budget. Having knowledge of what to expect can prove beneficial.
To ease homeowners, below are the critical factors that can impact your budget, and the average cost of complete home renovations in Calgary.
What Impacts The Cost Of House Renovations In Calgary?
Several factors can have a tremendous impact on the overall cost of your home renovations. Be sure that you consider them, as they may influence your budget.
- Age of your property: The older your home, the work may be required to repair it. There could be many unwelcome surprises, such as wiring, asbestos, lead pipes and many others.
- The size of your property: Simple mathematics here – the larger your property, the more it will cost you to renovate it, as there is more space to cover.
- The complexity of your project: The more complex, over-the-top and decisive your home renovation is, the more it will set you back in terms of your expenditure. Projects that include adding an extension, re-arranging plumbing or electrical systems can cost more.
- The quality of your products: If you want value for your home, you have to invest in valuable products. However, that will cost you more. As an example: a bathtub from Costco can cost you less than $400, but the quality isn’t high-standard. Investing in a Cheshire classic clawfoot bathtub from Victoria and Albert can cost thousands – but the value is worth it.
- Permits and buildings fees: If your home renovations are extensive, it is most likely you’ll need to get building permits from the City of Calgary or the City of Edmonton. This can set you back in your fees.
- Emergency Funds: There is always a chance that something goes wrong and will cost you more. You should put away 20 to 25% on top of your budget to handle unexpected costs.
- The cost of the labour: There is a difference in hiring valuable contractors compared to the local handyman. It is going to cost you more, but you’re getting more experience, reliable workers and a better outcome.
The Costs for Renovation Projects in Calgary
You also have to consider how you plan on approaching your home renovations. Do you plan to do each room separately, or do everything in one go? This can impact how you divide your funds and what you can expect to pay. To give you a breakdown, here are the average costs for different home renovation projects:
The Appraisal Institute of Canada recommends that homeowners spend 10 to 15% of the overall value of their home on their kitchen renovations. According to a 766 Royal LePage Survey of real estate advisors across Canada, it can be even as much as 12.5%.
The same survey from 766 Royal LePage suggested that a “basement apartment…bring up property value by up to 10%”. This is because you can rent out or Airbnb the property, earning money on back on your investment.
For bathroom renovations in Calgary the cost may vary significantly, depending on the quality of fixtures, bathtub, sink and toilet.
Complete Home Renovations
It can difficult to determine the cost of completely renovate your home without speaking to a top-tier renovation company. But remember, despite the costs, according to Home Advisors, you can expect anywhere from a 40% to 80% return on most remodel projects.
UUltimate Homes & Renovations is Calgary’s only 11- time “Renovator of the Year”. Our mission is to bring your home to life. For over 40 years, we have established ourselves as the industry’s elite team of contractors for complete home renovations in Calgary and Edmonton. Our quality craftsmanship, superior customer service and our ability to exceed expectations are how we have established ourselves as the renovator of choice for homeowners. Contact us at (403)-287-3122 (Calgary) or (780)-430-6441 (Edmonton).