If you are preparing to give your outdated bathroom or kitchen a make-over, it can be easy to become caught up in the smaller details like tile colors, towel racks, and accessories. While it is exciting to picture what the final result will look like, it is also important to take the time to consider the renovation process. In fact, there are some major questions you should ask yourself such as how much the renovation will cost, if it will affect your home insurance and who you will hire to perform the work.
Below are some of the main points to consider while you are envisioning your new living space.
Expect Surprise Expenses
Some of us are better than others when it comes to budgeting and crunching numbers. But when it comes to home renovations, even the best budgeter should account for going over budget at times. Whether an unforeseen problem pops-up (like a wiring or plumbing issue) or an error is made with the quality of materials purchased, unexpected expenses should be anticipated during your home renovation process. To prepare yourself, consider setting aside an additional 10-20% of your final budget to cover any unexpected costs.
Get the Proper Permits
Often, depending on where you live or what type of renovation you will be doing, you may be required to obtain a municipal building permit before you begin. As a homeowner, the responsibility to have the proper permits falls on you – whether or not you are performing the work yourself. Many contractors may offer to secure the necessary permits as part of their estimate, however, make sure that you have this in writing and check the documents once obtained. For more information on what types of renovations a permit may be required for, you can visit your municipalities website or call their office.
Use Qualified Professionals
While it can be tempting to save money and do your renovation project yourself, some jobs are best handled by professionals. Furthermore, some renovations such as countertop replacement, cabinet installation and tilework can actually decrease the value of your home if done incorrectly. Get the most out of your investment and hire qualified trades workers which can select the proper materials that you need and install them safely and correctly.
For any specialized renovations that involve plumbing, electrical, gas, heating, air-conditioning or structural aspects of your home, it is best to consider hiring a professional to make sure that they meet all safety requirements and standards.
Speak to Your Insurance Professional First
While it’s true that many home renovations such as painting or changing carpeting will not impact your home insurance, there are others, like structural renovations, which could affect your premiums or coverage. Furthermore, if you are planning on relocating while your renovations are taking place, there may be changes to your coverage that you need to be aware of.
If you are considering a home renovation project and want to ensure that you are properly covered at the best possible price, contact a member of the Bow Valley Insurance team today.