Renovation, Step By Step

From the first idea to the finished project, there's a great deal to think about when you decide to renovate. By following the eight steps listed below, you'll make sure you have answers to all the important questions, and have a well-laid plan for getting the job done.

• Step 1. Set your priorities
• Step 2. Know what's possible
• Step 3. Do the math
• Step 4. Pick your partners
• Step 5. Get it in writing
• Step 6. Don't worry about the mess
• Step 7. Inspect as you go
• Step 8. Give the final thumbs-up

Step 3. Do the math

Can you really afford to renovate?

To know, you need a clear idea of the costs involved. Get quotes from at least two reputable local renovators, architectural firms or materials suppliers. Explain exactly what you want to do and discuss various options. Then, take the most reasonable quote and add 10 to 15 per cent for unexpected costs.

Discuss the financial implications of the project with your real estate agent, banker or financial adviser. If you need financing, you may be able to renegotiate your mortgage or apply for a personal loan. You may even be eligible for assistance, as some utilities and provincial and municipal governments offer incentive programs for energy-efficiency upgrades.

Alberta Equity has helped over 50,000 people find and qualify for the best mortgages in Canada for over ten years. We do all of the heavy lifting and ensure that you get the best mortgage rates and product features available. Apply online for a free, no obligation consultation or alternatively, view our products and services.

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