How to Define a Budget for Your Renovation

You know it’s time for a renovation when every time you prepare dinner, take a shower, do laundry, or simply walk past your kitchen, bathroom, basement, or other room in your house you think about tearing it apart and starting fresh. You’ve been making mental notes for years. Like all of those times you’ve caught your belt loops on those cabinet handles so seamless handles are added to your list of must-haves. Your pantry is overflowing into your basement, so more storage gets added to the list. Awkwardly reaching into the back of that corner cabinet to get that pan always leaves you with a pain in your back. Accessible corner cabinets go on your list. What’s the final straw? The list is getting long and you’re starting to wonder, how much will this cost?

Renovations are expensive, stressful, and time-consuming and at the same time oh so satisfying. It’s difficult to describe that euphoric feeling you get when you walk into your brand-new space. Your room(s) finally function the way you had always hoped, and all your possessions now have a specific home. You feel a calmness that you haven’t felt before because now your home feels cohesive and reflects your life and personal style.

As designers we often suggest that you live in your house for awhile before making any major changes as it gives you a chance to get to know the house, how you live in the space, and ultimately how you WANT to live in the home. Over time you may notice that a space you thought would function well for you just doesn’t. In some cases, the deficits of the layout or aesthetic are obvious at first sight and our clients are ready to start demolition as soon as they have their new house keys in hand. However you get there, when you’re ready to renovate you’ll need to know how much you’re able to invest in the project and you’ll need a qualified and certified design and construction team to help plan and execute a fiscally responsible and structurally sound renovation. 

A modern kitchen by Bungalow Interior Design

A modern kitchen by Bungalow Interior Design

Often clients come to us wanting to update their kitchens and/or bathrooms. Renovating an average sized kitchen in Winnipeg, properly, without cutting corners, will start around $50,000. We stress that it STARTS at this price because depending on your expectations, room size, wants and needs, this number can be limitless. The majority of the kitchens we renovate are between $75,000 and $125,000 because many clients choose to take down walls and we pride ourselves on renovating properly, choosing quality materials, and doing it right the first time so that your space stands the test of time. At least 10% of your budget should be set aside for design fees. Cabinets are a large part of the cost of a kitchen renovation at 30-40% of your budget while another 30-40% will go towards labour: carpenters, electricians, plumbers, installers, and anyone doing the labour on your project. The remaining 20-30% is used towards contingency and products: faucet, sink, countertops, lighting, flooring, tile, etc. New appliances are not usually included in the renovation budget, but we recommend that you shop for them early to become familiar with their added costs. 

 

Renovating an average sized bathroom in Winnipeg typically starts around $30,000. Once again this is a starting number because the amount you spend depends on your expectations, room size, as well as your wants and needs. At least 10% of your budget should always go towards design fees. Unlike kitchens, bathrooms don’t usually have a lot of cabinetry so this number is often reduced to 10-20% of the overall budget but 30-40% will still go towards labour. The remaining 50% will be used towards contingency, products and fixtures: tub, shower, glass, tile, countertops, flooring, lighting, faucet, sink, etc.

A basement recently designed by Bungalow Interior Design

A basement recently designed by Bungalow Interior Design

As you prepare to meet with your design and construction team, write a list of the most important things you want to get out of a renovation. It could be as small as those seamless handles or as large as wanting to host large family gatherings in the future without tripping over each other; your designer will help you hone in on the non-negotiables throughout the design process. Next, figure out how much you are comfortable spending – it’s good to know the top end of your budget. Look into the equity you have in your home if you think you’ll need more than what you might have in savings. Then, based on the amount you have available, you can decide which home project to tackle.  One tip: tell your interior designer your maximum budget. We often encounter clients who want to keep this number from us in fear of us spending every dime but just remember, at the end of the day you decide how much you want to spend on your project. We’re here to help you, guide you, and relieve you of renovation stress through careful planning and execution.

 

Our aim is to guide you through every step of the process by educating you on what renovations actually cost, the time that goes into planning, and how long a project actually takes to build. We put every effort into managing your expectations so that you’re faced with as few surprises as possible and so that you’re making educated choices instead of quick decisions on the fly or at the eleventh hour. To do this, we ensure that the majority (and preferably all!) of the decisions have been made prior to demolition so that you know exactly what the end product will be before we’ve even started construction. We’ve encountered too many renovators that have you making project altering decisions in the middle of your renovation. This just adds to your stress and often means you not getting exactly what you want as you’re having to choose from a smaller group of available products instead of a wide range of products that could have been ordered in advance AND saved you money. When you work with Bungalow Interior Design we make every effort to ensure you’ll come out of your renovation happy and satisfied with your new space.


FURTHER READING

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