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Key Factors to Consider for Home Renovation

If you are planning to renovate your home, what are the main factors to consider for home renovation before starting the project? Home renovation can be a rewarding and enjoyable experience, but it can also be challenging and stressful if you fail to plan and make informed decisions.

Factors to consider for home renovation can vary depending on the size of the project. In this article, the experts at Lavish Maison have compiled a list of some key factors to keep in mind.

Determine your goals: the primary factor to consider for home renovation

If you are planning to renovate your home, it is important to establish your goals before taking any action. This is because your goals will serve as a guide for all the subsequent steps. Setting goals is one of the most important factors to consider for home renovation.

For instance, you might say, “I want to renovate my kitchen,” which seems like a great idea initially, but the problems arise later. This goal needs to be more specific and clear to develop a proper plan or set a specific budget based on it.

Maybe you can say, “I want to replace my old cabinets, countertops, and appliances with new ones that match my style and increase my storage space by the end of the year.” This goal is clear, specific, and can be more easily managed.

Even if we don’t want to delve into intricate management discussions, goals should be specific, measurable, achievable, relevant, and time-bound. Alternatively, if it’s easier to remember, goals should be SMART.

By setting clear and achievable goals, you can prioritize what is most important to you and avoid wasting valuable resources on unnecessary or unrelated changes. Setting goals may require a significant amount of time, but rest assured that the time invested is worthwhile. Base on your SMART goals, you can make decisions about other steps easily.

Your design preferences

Another factor to consider for home renovation is to check your design preferences. Your design preferences will reflect your taste and style, influencing both the aesthetic and functional aspects of your home. Your design preferences should align with your goals and budget, as well as complement the architectural style and structure of your home.

One of the factors that should be taken into consideration in the field of design preferences is trends. Trends in the field of home design, unlike industries such as clothing or cellphones, change slowly. So when we say you should consider trends, we don’t mean temporary or short-lived trends. Trends usually last for several years, and you can choose one based on your interests and the condition of your home. For instance, we previously discussed several trends in the article titled “Bedroom Design Trends in 2023.” These trends also exist in other areas of the house.

Converting your design preferences into a workable plan that is compatible with your home and budget is a task that should be done by a professional designer or architect. They can transform your intentions into an actionable plan that can be executed, resulting in cost reduction.

Budget; how much money do you want to allocate (or plan) for renovation?

Budget is one of the main factors you should consider before embarking on a home renovation. Your budget determines how much you can spend on design, materials, labor, permits, and other expenses related to the project.

Estimating the home renovation budget may seem simple initially, but in many homeowner projects, the final costs have exceeded the initial budget. This issue can cause numerous problems and occasionally bring the project to a standstill. Some people try to manage a project based on their available budget, but unfortunately, the final costs will almost always be higher than the initial budget.

To accurately estimate the budget for your house renovation, you must gather comprehensive information about all the expenses involved. This is a crucial and challenging factor to consider. Costs can vary greatly, and it is difficult to anticipate them at the start of the project.

Another issue that needs to be addressed when estimating the budget is determining the allocation of funds for various sectors. In some parts of the project, it is easier to make predictions. For example, you can consult a designer to determine the appropriate payment for the design. In some other part of the project it is hard to determine the expenses because of its complexity. When starting a project, it is crucial to have an accurate understanding of the necessary materials, labor expenses, and other associated costs.

Searching the internet may be helpful in this field, but it is important to note that each project has its own unique features and characteristics. For example, selecting appropriate building materials can be a big challenge. In an article titled “Best Building Materials for Renovation in the Greater Toronto Area,” we have already mentioned what could serve as an excellent materials for implementing the project in Toronto.

Due to these complexities and to avoid incorrect estimations and project delays caused by insufficient funds, we recommend seeking expert advice for this aspect. Home renovation companies can provide accurate estimates of the required costs and budget due to their extensive experience in these projects. If you are planning a home renovation in Toronto, our experts at Lavish Maison can provide you with advice and guidance. For this, please complete the pre-qualification form.

Home renovation financing; how your finance partner can accelerate your project

After estimating the budget required for home renovation, the next step is to look for financing. Home renovation costs vary greatly depending on your goals. However, in the end, home renovation can be quite expensive, particularly in Toronto or the Greater Toronto Area. For this reason, you are likely to want to avoid paying for all the renovation costs from your savings. This is where home renovation financing becomes essential and can propel the project forward.

Finding a home renovation loan may seem like a simple task. You can use Google to find a long list. This is the easy part because then you have to check the details of each loan and compare them.

These details are usually very complex and sometimes require financial expertise. You should review the interest rate, repayment period, loan collateral amount, etc., for each option. In addition, you must ensure that you meet the necessary requirements to qualify for a loan. Afterward, you must apply for a loan and hope that the lender will accept your application.

There is, however, an easier way to utilize a home renovation financing service. You don’t need to involve yourself with the complexities of the financial system and can leave it all to specialist companies. Through its vast network, these companies check the best lenders based on your conditions, required budget, and credit, and select suitable options. In addition, this company completes all the necessary documents. Finally, your home renovation financing will be ready.

Lavish Maison offers a dedicated section for home renovation financing in Toronto and the Greater Toronto Area (GTA). Our loans offer competitive interest rates, flexible repayment terms, fast approval, a variable grace period, and the option of up to 12 months with no payment and no interest. You can contact us for further information.

Timeline; when do you (wish!) finish the project?

Another factor you should consider when renovating your home is your timeline. In general, the timeline specifies the duration of the project, including its start and end dates. The timeline also determines the activities required for home renovation, the time needed for each task, and the sequence of actions.

Creating a timeline is similar to budget forecasting and it needs experience in home renovation. Otherwise, your timeline will be significantly divergent from reality and will lead to inaccurate predictions.

Your timeline should be realistic and flexible, taking into account factors such as the availability of materials, labor, permits, weather conditions, holidays, and potential delays or problems. Apart from these, you should share the timeline with everyone involved in the project, including the interior designer and the contractor, and ask their opinions to ensure the feasibility of your plan.

For this reason, it is better to leave the creation of timelines to the experts. Because of their extensive experience in this field, experts are able to provide a timeline that closely reflects reality. In addition, if you entrust the entire project to a home renovation company, you won’t have to worry about coordinating the timeline with the individuals involved in the project, as the contractor will handle everything.

Lavish Maison is your trustworthy home renovation partner in Toronto and the GTA

In addition to the factors mentioned above, there are several considerations to keep in mind when renovating a house. These include examining and selecting contractors for each section of the renovation, obtaining the required permits, choosing materials that align with the project’s requirements and comply with local regulations, and effectively managing the budget throughout the project. Due to the intricacies involved, many homeowners opt to entrust the entire home renovation project to a professional company.

For home renovation in Toronto and the GTA, you can rely on Lavish Maison. With over 15 years of experience in basement and home renovation in Toronto and the Greater Toronto Area (GTA), Lavish Maison specializes in managing renovation projects. We offer a range of services, including creative design, interior design, financing for home renovation, and construction. With a track record of over 700 successful projects, we are committed to delivering exceptional results. For further information, kindly contact us or complete the pre-qualification form.

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