You\u2019ve snagged a great deal but it needs a full update. In our case it was a fabulous family home in Nanaimo, BC which we picked up for $278,000.<\/p>\n
This home is located in an area where houses of this size sell for $350,000 \u2013 $400,000. It was in it\u2019s original 1970\u2019s condition and the market was in a winter slow down. The seller was under pressure from his girlfriend to \u201cjust sell\u201d so they could buy a new place together.\u00a0 We got a great deal and a big renovation project.<\/p>\n
Our renovation, which included all flooring, a new kitchen, a full interior paint job and 3 bathroom renovations, was on time and on budget! Total renovation cost was just under $35,000 and the new value, according to the bank appraisal was $340,000.<\/p>\n
To create this kind of success here are three major tips to help your renovation project:<\/p>\n
1 – Project Planning! Plan the project, get the quotes and line up your trades BEFORE you close on the property. Look at your plan and identify where the bottlenecks will be so that you can focus on pushing those items forward. Make a list of who is doing what and when it is scheduled to be complete. And make a GIANT shopping list to carry with you everywhere.<\/p>\n
2 \u2013 Is Not Just the Price: Ask a lot of questions \u2013 especially of the cheapest quote and the most expensive quote. Often the cheap quotes are leaving a lot of things out that the expensive quotes build in. Make sure you know precisely what is and is not included before you decide who to hire for your job. Often the cheapest quote can end up costing you more than the other quotes if you aren\u2019t paying attention to what is and is not included.<\/p>\n
3 \u2013 Buy On Sale: With your list in hand, start noting the retail prices at the major stores of the items. Watch for sales. In our major renovation project above, I started by taking photographs of the major items we needed with their price tags. For example, I was watching for laminate flooring deals, kitchen cabinet sales and bathroom vanity discounts. With my list in hand at all times, I was always able to price check items. When some of the major items like flooring and kitchen cabinets were on sale I pounced and loaded up. For the other items, find the best deals and buy as much as you can in one day to negotiate discounts \u2013 even if it\u2019s getting delivery thrown in for free. The Home Depot truck rental is a brilliant way to transport your bulk purchase. The first 75 minutes were only $20 plus gas which worked out to $50 for us basically. It didn\u2019t exactly drive like a dream on the road but it was functional and saved us a TON of delivery charges.<\/p>\n
And, of course, add time and money to your plan for contingency. Stuff happens \u2026and in renovations it almost always happens when you didn\u2019t plan for it.<\/p>\n
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