As renovation season rolls around once again, our team wanted to look at the top challenges that homeowners face in their renovation projects. After all, if you can plan ahead you can hopefully avoid some of these headaches in your own work.
- Have the Right Permits in Place
Do you know whether the work you're planning needs a permit? You can contact your municipality to find out. If you've hired an architect, they will also be able to advise you on the required paperwork. Starting without permits is a major cause of delay – plus, it's illegal!
- Previous Renovations Gone Wrong
If you own an older home, it's likely that previous owners also made some renovations. Unfortunately, you often have no way of knowing what work was done, what materials were used, and how well it was done. You may be in for a surprise when you start your own project, so you'll want to plan accordingly.
- Balancing Look with Function
It's easy to get swept away by high-end finishes like granite countertops or brand new hardwood floors. However, you also need to consider how your lifestyle fits with the care needed for these materials. Think about the "behind the scenes" work, too – spending a little bit extra on insulation, a membrane system, a drain or a vent that will ensure the longevity of your renovation can be worth it.
- Making Your Home "Too Trendy"
Following the latest design trends can put you in a tight spot when those choices are no longer popular, especially if they don't quite fit your lifestyle. (How often are you really using that wine chiller vs wishing for more cabinet storage in the kitchen?) A trendy makeover can also date your space, making it more difficult to sell in the future.
- Low-balling Your Budget
Almost every source agrees: setting your budget too low will result in a disappointing renovation. From finding a professional to do the work, to choosing the finishes you want in your home, to dealing with unexpected costs, it all flows a bit more smoothly when you've set aside enough money.
Are you wondering how you're going to find the money for your next renovation project? We can help! If you already have equity in your property, our team can help you leverage it to make your home even better. The great thing about refinancing your mortgage is that you can avoid other products that come with a higher interest rate and make a single payment towards your home that includes your renovation.
Call us today for your free consultation with an experienced broker at 250-590-6520 (toll-free 1-855-590-6520). You can also visit us at 307 Goldstream Avenue during regular business hours. We can arrange an appointment evenings or weekends to work with you.
Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals.