RENO ROUND-UP: SPENDING YOUR RENOVATION BUDGET
Posted on: 2015-02-17
Many property owners tuck a little money away here and save a few dollars there, eventually accumulating enough to make that dream renovation a reality. Usually in the thousands or tens of thousands of dollars, renovation budgets can be dispersed in many different ways. Some spread the budget out over numerous, more affordable changes, while others set almost all of it aside for one major project. More commonly, property owners do a little of each. Refer to the scenarios below and see which one fits your vision:
The Lifer
This property owner intends to settle down and– barring disaster– plans to live at the property long term. The Lifer’s budget should be focused on safe, structural investments. Practical upgrades like efficient furnaces and hot water heaters should outweigh flashier or more superficial renovations. Other examples of appropriate spending: roof replacement/repair, multiple-paned windows, foundation repair.
The Flipper
In this scenario, there is only one goal: profit. Armed with design magazines and a vision, the Flipper sees past dated décor and musty furniture. This property owner should allocate their budget to bring the project to code in as stylish and affordable way as possible. A new septic system does not catch a buyer’s eye as much as rejuvenated hardwood flooring, granite countertops or stainless steel appliances. Responsible Flippers will repair the essential problems, ensuring the core value of the property, and then make the space shine with the remaining budget.
The Empty Nester
With the kids older or even out of the house, the future is wide open for this property owner. Existing rooms can be converted, additions can be made, whole room renovations–anything is possible now and there’s now hassle of displacing the entire family. This owner should consider both practical and cosmetic upgrades. Allow for comfortable living, without ignoring essential upgrades that could prevent short and long term problems. Kitchens and bathrooms are easily the most common and successful projects, and also happen to be renovations that hold their value.
Do any of those sound familiar? Are you on the right track? Parabola can help. Even if the project you envision does not fit with these scenarios, Parabola Developments can work with you to plan the perfect budget to accomplish your renovation dreams.
Ready to start your reno? Contact us today!
Photo by Kelly Sikkema on Unsplash
