How To Save Money On Your Home Renovation - 2

By Author: Susan Hu
Total Articles: 2
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Decide If It's a Worthy Investment

It may seem like a no-brainer to first figure out if the investment you plan to make in upgrading your home is one of value, but it may come as a surprise that some are less financially beneficial than others. CMCH, the Canada Mortgage and Housing Corporation, Canada's federal housing agency, is a great resource for homeowners who are considering a renovation project. Their website offers a host of useful information, such as this break-down of renovation payback ranges:

Top four greatest payback potentials

* Bathroom renovation (75 - 100%)
* Kitchen renovation (75 - 100%)
* Interior painting (50 - 100%)
* Exterior painting (50 - 100%)

Versus:

Ten average payback potentials

* Roof shingle replacement (50 - 80%)
* Furnace/heating system (50 - 80%)
* Basement renovation (50 - 75%)
* Recreation room addition (50 - 75%)
* Installing a fireplace (50 - 75%)
* Flooring (50 - 75%)
* Constructing a garage (50 - 75%)
* Window/door replacement (50 - 75%)
* Building a deck (50 - 75%)
* Central ...
... air conditioning (25 - 75%)

Repairs or beautification are the most prevalent ideas that come to mind, however, safety improvements are another way to go that will your wallet happy. Check with your insurance company if they offer lower premiums when you add or upgrade a home security system, fire prevention measure, or improve the existing wiring.

We've all heard the renovation horror stories that look like something out of that 80's movie The Money Pit. It's not something we like to think about; the possibility of your hard earned $10,000 renovation budget ending up being but a drop in the bucket. Like any other investment, you wouldn't blindly drop ducats on any random man in a suit with a smile - you do your homework first. Not only will you bring added value to your home with your new renovation, you will also save money with your carefully laid out plans.

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