Budgeting for Home Renovations

This week Jackie is joined by Diane Ing, an NCIDQ qualified interior designer with many years of experience to talk about home renovations. Perhaps you are trying to make a decision to renovate or thinking of how to budget for it, read on to get useful tips that could help you make more informed moves. 

 

Tell us about your journey to becoming an interior designer? 

Diane shared that her journey has been up hill and one that has been intriguing. She started off as a kitchen manufacturer and then decided to improve her skills by taking the NCIDQ certification which covers all the technicalities of building and designing structures & homes. She made the decision to train and become better at her craft from a young age to avoid complacency and to push her out of the comfort zone  

 

What was your experience as a renovator during the pandemic? 

The renovation industry never really slowed down despite a pandemic, the only thing was that more people were at home and that kind of obstructs a renovator’s job. The supply chain for materials also slowed down with a jump in prices as inflation hit. Diane confirmed that there are scenarios where a renovator had to revisit approved invoices due to the price jump. The pandemic brought about increase in labor prices as well as material prices  

 

How do you financially prepare for a renovation?  

 It is good to save up the lump sum needed for your renovation ahead of time. There are also financing opportunities people can tap into depending on what is available to them. Based on her experience, clients have already saved up cash aside for their renovation projects.  

 

How do you go about finding the right renovator? 

 Referral still remains the preferred means for Diane, as most people connect through conversations and that is also how she is also able to get suppliers. She suggested digital platforms for acquiring clients which allows you to view a potential renovator’s work as well as compare quotes. She highly recommends getting options before making a decision which should be based on chemistry, price and quality  

 

What are some renovations you recommend people to do to get the most out of money spent? 

As far as priority, Diane recommends you start with the master bathroom and then the kitchen. A decision on what should be changed would be made based on how much you are willing to spend. She also advises that people hire a consultant to give them advice on what needs to be done based on the resources available.  

 

What do you recommend people set aside for a renovation? 

 Setting aside money for a renovation depends on what a client wants to achieve. One thing that is important to note is that prices have doubled, so budgets should be done according to updated market prices. To financially prepare and budget for inflation surprises, Diane recommends adding 15% to the original budget to avoid going into debts as a result of the continuing price jump.  

 

What would be your last advice for anyone who is looking to renovate? 

 Diane’s first tip is try to give renovators the entire space as the dust, noise and chaos can cause stress and also slow down the work. it is important to be financially and mentally ready before embarking on a renovation journey. Plan ahead and factor in for time away from home into your budget while the work goes on.

 

You can reach Diane on Instagram at @ingenuity_diane_ing and LinkedIn at Diane Ing. She is the founder of INGenuity design studio. Are you a busy professional looking to manage your finances prudently? Hit us up at info@askjackie.ca for a 30-minute free consultation.