Thinking of renovating your home in Vancouver?
A home renovation can be an exciting process. However, it can also be incredibly involved and complex, depending on the scope of your renovation needs. Having a clear outlook on what you plan to renovate and what the potential costs are is essential for carrying out a beautiful and functional home renovation.
When calculating the total costs for a home renovation, determining the cost per square foot can help you see the bigger picture of how expensive the project will be and how much time and labour is needed for each room of your home.
In this article, we will discuss everything you need to know about renovating a home in the Vancouver area. Keep reading to learn about the costs per square foot, as well as factors that can affect renovation costs and how you can finance a home renovation.
Why Renovate Your Home
Home renovation can be a big project, leading many homeowners to wonder if the renovation process is truly that necessary. While it may be time-consuming to begin such a project, there are many key advantages to home renovation, such as:
Increased Property Value: For many homeowners, a house is not just a place to live but is also a financial investment. By renovating your home, you can increase the value of your property.
Improved Efficiency: Outdated electrical systems, appliances, and other structural or functional aspects of a home can have a massive impact on your home’s overall efficiency — which can, in turn, be reflected in your utility bills. With the right renovation plan, you can not only improve the appearance of your house but also boost its efficiency.
Greater Quality of Life: Having a home you love is the key to a comfortable living space that you can enjoy for many years. A home renovation can help you achieve a living space that meets all of your wants and needs, resulting in a better sense of satisfaction and quality of life.
Do You Need to Move Out of Your House During the Renovation Process?
When it comes to whether or not you need to move out of your house during a renovation process, the answer is highly dependent on what you are having done.
If you are making major changes - such as an entire home renovation - you may need to temporarily move out.
In general, however, whether or not you move out of your home during renovation is usually up to you. It is ultimately your decision to determine whether or not the renovation process will be too disruptive to your day-to-day life to stay in the house while the project is completed.
How Long Does a Full Home Renovation Typically Take?
For a full home renovation, you may be looking at 6 to 12 months before the renovation is complete.
This long timeframe accounts not only for the actual construction period but also for the time it will take to get the appropriate building permits, labour contracts, and completed designs or blueprints. In North Vancouver it can take 12 – 16 weeks to get permits.
As you plan your home renovation, it is very important to set clear expectations and deadlines for your renovation project — especially if you are working with a third-party contractor or construction company. Without clear expectations and a set timeframe, a renovation can be dragged out much longer than necessary.
Renovation vs. Rebuilding: What’s the Difference & Which is Better?
If you are considering a full home renovation, the thought may cross your mind to fully rebuild the house instead. While it may be tempting to completely flatten your property and start anew, rebuilding is often much more expensive and time-consuming than renovation.
The key difference between a renovation and a full rebuild is the presence of a structural frame. When you rebuild a house, you will likely need to tear down the existing structure, which requires additional costs for demolition labour and equipment.
Additionally, rebuilding often involves an entirely new building blueprint and design. By comparison, a renovation will work with the existing blueprint to restructure certain elements or aspects of the house without fully changing the entire structure.
Factors Affecting Home Renovation Costs
As you plan your home renovation project, it is of the utmost importance to consider all the various factors that can affect the project’s total cost.
These factors include:
Age of the Property
Depending on previous renovations or construction changes to a property, the age of your property can greatly impact renovation costs.
Older homes are more likely to have outdated functional systems, such as electricity and plumbing. This can require more intense repairs or replacements that drive up your total renovation expenses. Plus, an older home will likely have older appliances, finishings, and other aesthetic elements that need updating.
Size of the Property
It goes without saying that a small, one-story house will not be as expensive to renovate as a larger house with multiple stories and rooms.
Along with more square feet, a larger house will add more complexity to the renovation as contractors need to consider how to make the desired changes without disrupting the building’s structural integrity. Moreover, a larger house will require more labour and time to renovate, which increases costs.
If you have a particularly large home, you may want to split your renovation into multiple phases over a longer period. For instance, you could renovate the kitchen and dining room first but hold off on renovating the bathrooms.
By splitting up a renovation over multiple months — or even years — you can maintain a more flexible budget and timeframe.
Labour Quality
Like all things in life, some contractors are better than others.
When researching various renovation contractors it is crucial to look into the quality of their work. You can get a quick idea just by looking at their past projects and online reviews. Meeting the contractor and having them walk you through other projects they have completed is another good way to assess if they will be a good fit.
Project Complexity
No two home renovations are the same and the complexity of each project can vary greatly.
For example, let’s imagine two different families who are each renovating their homes. The first family is only renovating their kitchen and living room, focusing mainly on updating appliances and refinishing flooring. Since this renovation is focused on just two rooms, the total square feet is lower and the scope of the project is less complex, meaning their renovation will be less expensive.
On the other hand, the second family is doing a full home renovation. This project is larger. likely to be more complex and will require an experienced contractor. The price point of these projects will vary greatly.
Timeframe
When you work with a contractor for a renovation, the company will likely ask for a timeframe in which you want the project completed.
Fixtures & Finish Quality
As you plan your renovation, you will have many choices to make in terms of what fixtures and finishings you want to add to your home. This can include:
· Light fixtures
· Floor finishings
· Countertops
· Wall painting or wallpaper
· Woodworking etc.
For higher quality fixtures and finishing, the price for these materials will be higher. Let’s look at kitchen countertops as an example. A standard laminate countertop is generally the most affordable option but can lack the durability and aesthetic appeal of granite or quartz.
Depending on the flexibility of your budget, you may need to make some compromises with your fixtures and finishes to keep costs lower.
Additional Costs
There are many potential additional costs associated with a home renovation beyond those discussed above. These costs can vary depending on if you are working with a renovation and labour company versus if you are carrying out the renovation on your own.
For both DIY renovations and renovations completed by professional contractors, additional costs can include:
Equipment: Along with a variety of design plans and construction materials, a home renovation will also require a slew of various equipment. If you are doing a DIY renovation, you may not own many of the tools and supplies needed, which can run up your costs. As for construction companies, the use of larger equipment may require additional payment depending on the complexity of the equipment.
Materials: Material costs play a huge role in the total price of a home renovation. Along with your fixture and finishing materials, there are also many general construction materials (plywood, nails, construction glue, wiring, etc.) that need to be considered.
Inspections: Depending on the scope of your renovation, your home may require a new inspection once the renovation is complete.
Square Foot Cost of a Full House Renovation In Vancouver
A full home renovation in North Vancouver is the most expensive type of renovation, as it involves making changes to an entire structure rather than one or two rooms.
A typical range for a full house reno in Vancouver is: $125/sqft - $400+/sqft
Kitchen Renovation Cost in Vancouver
In North Vancouver, a kitchen renovation will generally start at $50k and can cost up to $200k+ depending on the project and the finishes used.
However, a kitchen renovation price can vary drastically, as there are many aesthetic options you can select that are higher or lower in price. This is especially true when it comes to countertop materials, light fixtures, cabinet finishings, and appliances.
Bathroom Renovation Cost in Vancouver
A full bathroom renovation is typically less complex than a kitchen renovation, however they often do require changes to electrical and plumbing.
On average, a full bathroom renovation will start at $35,000 and can exceed $100,000 depending on the size and finishes.
Final Thoughts: How to Finance Home Renovation
A home renovation can be expensive. As such, it is crucial to consider how you plan to finance your renovation during the planning stage of your project.
According to WOWA.ca, renovation financing options include:
Home Equity Loans: A home equity loan is a secured loan in which you receive a fixed amount of money. To qualify for a home equity loan, you must have at least 20% home equity (home equity = the difference between what you owe on a mortgage and the current value of your home).
Home Equity Line of Credit (HELOC): A HELOC is similar to a home equity loan except that you will receive a credit limit rather than a fixed amount of borrowed money. With a HELOC, you can spend more or less depending on your needs, as long as you make on-time payments and stay below your credit limit.
Mortgage Refinancing: Mortgage refinancing raises the amount of your mortgage balance. This raised amount accounts for the money you are borrowing for a home renovation. It is important to note that there are penalties associated with refinancing during a mortgage term, so your best option is to wait until the end of your term.
Personal Loans: Personal loans are one of the easiest options for getting the money you need for a renovation. However, these loans also tend to come with higher interest rates that can vary according to factors such as your credit score or income. This is one of the best options for homeowners without the required home equity who are still locked into a mortgage term.
Credit Cards: Credit cards are often considered a last resort, as they have high-interest rates for money that is borrowed and not paid back immediately. If your renovation costs are lower, however, a credit card can be a good option for making payments quickly without going through a loan approval process.
Store Financing Programs: Some home improvement stores offer financing programs and credit cards specifically for their store. Aside from credit cards, these programs will often have high-interest rates but can be very beneficial if you plan to use one specific store as your supplier.