The rule of thumb is to save 1 to 4 percent of your home’s value each year for maintenance and repairs, which can give homeowners sticker shock as real estate prices soar. To determine how much you will spend on home remodeling, follow five steps: estimate home renovation costs, consider home remodeling loan options, and get home renovation quotes. The widely accepted rule of thumb is to set aside 1 to 4 percent of your home’s value every year for home maintenance, including both repair and replacement costs.
To create a renovation budget, follow five steps: estimate home renovation costs, consider home remodeling loan options, and get home renovation quotes. Be realistic about your budget, set a contingency line item for 20 of the projected costs, and research the cost of home renovations and building materials. The average home renovation cost is approximately $49,979. The amount you spend is largely determined by the size of the renovation project.
Homeowners should be budgeting at least 20 over the estimated cost of the renovation. Sit down with your contractor, be realistic about your budget, and set a contingency line item for 20 of the projected costs. Fisher recommends homeowners set aside up to 5 of their incomes for home maintenance, as well as $10,000 to cover emergency repairs and system costs. Home renovation costs can range from $19,514 – $87,474, with the average cost for homes between $17,947 and $78,308, with a national average of $48,049.
The most common home maintenance budgeting approach is the 1 rule, which calls for setting aside at least 1 (and as much as 4) of your home’s value for a home maintenance fund. For example, for a home valued at $200,000, you would budget $2,000 to cover the cost of a kitchen remodel and a bathroom remodel.
📹 You CAN Renovate On a Budget in 2023
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How much to budget per month for home repairs?
The 50-20-30 Rule is a budgeting strategy that categorizes income into three spending categories: Needs, Debt/Savings, and Wants. It suggests that 50 percent of net income should be allocated to living expenses and essentials (Needs), 20 percent to debt reduction and savings (Debt Reduction and Savings), and 30 percent to discretionary spending (Wants). This method is based on the total net monthly income (after taxes) from all sources. The goal is to ensure that the majority of income is allocated to these categories.
What is the 30% rule for remodeling?
Home renovations can be a significant undertaking, often taking more time and costing more than homeowners expect. To avoid overspending, it is recommended to set 20-30% of the total cost aside for unexpected expenses, which can be up to 30% on top of the original cost estimate. It is also crucial to get multiple bids, especially for major renovations, to learn from different contractors and avoid overextending oneself financially.
Budgeting for home renovations should be done carefully, dividing it into structural, functional, and internal buckets. Organize projects early, allocate spending carefully, and stick to the budget, setting aside money for unexpected issues. This will help ensure a smooth and successful renovation process.
How do I figure out how much to spend on a renovation?
When planning a home renovation, it is crucial to establish a realistic budget and prioritize needs versus wants. Focus on essential upgrades first and consider luxury additions later. Reuse and renovate materials and fixtures from your existing living space where possible.
Five key factors influencing house renovation costs include the owner’s wishes and financial capabilities, the scope of the work, the choice of materials and finishes, labor costs, and permits and regulations.
Renovation budget: Consider your financial capabilities and the specific goals of the project, such as improving interior comfort or preparing for rental or resale. Scope of the work: Determine the nature of the project, such as a small update, partial or complete renovation. Materials and finishes: Choose materials and finishes that match your current financial situation, such as hardwood or concrete floors, asphalt shingle roofs, and kitchen cabinets. Labor costs: Factors like location, complexity, and experience can affect labor costs.
Permits and regulations: Keep in mind that some renovations may require building permits, which can be an additional cost. By considering these factors, homeowners can avoid unexpected costs and make a well-informed decision about their home renovation project.
What is the ROI formula for renovations?
The formula for calculating the profit or gain on an investment is to take the total return on the investment and subtract the original cost. To calculate the percentage ROI, divide the net profit or net gain on the investment by the original cost:3. Real estate, such as investment properties, is a common investment for those who want to make money through rental income or sell them after a short time. To determine a property’s profitability, it is important to measure return on investment (ROI) for diversifying their investment portfolio with real estate.
To calculate ROI for rental properties, first take the total return on the investment and subtract the original cost. It is crucial to know a property’s ROI before making a real estate purchase to ensure its long-term success and profitability.
How much is too much to spend on a renovation?
In order to ascertain an appropriate remodeling budget, it is essential to consider the overall value of the home in question. It is then prudent to limit spending to a maximum of 10 to 15 percent of the property’s worth on a single room. It is possible that expenditures in excess of the recommended limits may not yield proportional increases in the value of the renovation. For example, if the value of the property in question is $100, 000, the maximum expenditure that can be incurred on a kitchen or bathroom renovation is $15, 000. In the event that the value of the property in question exceeds the aforementioned valuation, the financial outlay may be greater.
What costs the most when renovating a house?
The average cost of home renovation projects in 2021 was $18, 000, with the highest spending among recent homebuyers ($30, 000). The median national spend was $18, 000, with the 90th percentile being $100, 000. The highest renovation spend was among short-term homeowners ($19, 000) and long-term homeowners ($15, 000). HomeAdvisor found most renovation costs to fall between $17, 947 and $78, 308, with a national average of $48, 049.
A 2022 study by the National Association of Home Builders found that buyers of new homes spend an average of $12, 000 on renovations, $5, 000 on furnishings, and $4, 000 on appliances within the first year of ownership.
What adds the most value in a renovation?
Remodeling and renovating your home can significantly increase its value, but not all renovations are created equal. Some projects can add significant value, while others may reduce the sale price. The kitchen is a prime example of a project that can pay off, as prospective homebuyers are looking for modern, updated kitchens. According to Remodeling Magazine’s annual Cost vs. Value Report, recouping 62. 7 to 81. 6 percent of your investment on a kitchen remodel is possible. However, it’s important not to go overboard, as adding an $80, 000 kitchen to a $125, 000 home isn’t a smart move.
What I wish I knew before I renovated?
The text discusses the challenges faced during a renovation project, particularly when piping mains water to The Quist. The mistake was that the wrong diameter water pipe was installed, leading to potential risks. It is advised to hire independent tradesmen instead of relying on an end-to-end contractor for full responsibility.
Renovation is a marathon, not a sprint, and it takes patience to self-build, especially when working with children or other responsibilities. It is crucial to maintain a positive team environment and make trades on-site feel welcome. However, everyone works best when the client is on-site, so it is essential to be present as much as possible.
The text also mentions the importance of planning and organizing belongings before starting the project. It is suggested to be ruthless and donate unwanted items to charity shops or car boot sales before the move begins. Additionally, finding a new home for items you no longer use is recommended, as storage space is always in demand, regardless of the size of the house.
In conclusion, the text emphasizes the importance of planning and organizing belongings before starting a renovation project. It also highlights the importance of considering the time spent on tasks and finding a suitable location for unnecessary items.
How do people pay for their renovations?
Home renovations can be financed through various options such as cash-out mortgage refinancing, home equity loans, personal loans, Fannie Mae HomeStyle Renovation loans, or 203(k) loans backed by the Federal Housing Administration. When deciding whether to start a renovation, consider factors like project necessity and rising material costs. Assessing the project scope, property value change, and reviewing financing options can help decide whether to pay cash or finance renovations. The right financing can make a renovation within reach, and there are several options to consider.
What is the 50 20 30 rule?
The 50-30-20 budget rule is a financial management tool that suggests that individuals should spend up to 50% of their after-tax income on essential needs and obligations, with the remaining half dedicated to savings and 30 for non-essential items. This rule aims to balance paying for necessities with saving for emergencies and retirement. To follow the rule, individuals can set up automatic deposits, use automatic payments, and track income changes. If spending more than 50 on needs, it may be necessary to cut down on wants or downsize lifestyles, such as downsizing to a smaller home or car, carpooling, or cooking at home.
What is the most expensive part of a home renovation?
The kitchen, bathroom, basement, and other entertainment areas are the most expensive parts of a home remodel. These areas can transform a living space into a more functional and aesthetically pleasing environment, but they also require significant financial investment. Understanding which parts of a remodel are the most expensive can help homeowners plan and budget more effectively. Structural changes and repairs, particularly those involving the foundation, are one of the most costly aspects of a remodel. Repairing or reinforcing a foundation and removing or altering load-bearing walls requires professional expertise and can significantly increase costs.
📹 The “REAL” Cost of DIY Home Renovations
I have been renovating my old farmhouse for a year now. I am going to break down all the costs to give you a better understanding …
I’m renovating the apartment upstairs (2 family house) basically by myself single woman and I’m down to the studs and floorboards. Found newspapers from 1940s all over the floor used as shims I think back then. This job is tough but your articles keep me motivated & some history found in the house was a nice surprise. One day this back breaking work will be worth something. Thanks contractor dad!
we own a 4 bdr 2 bath 2 story 2300 sf home with 500 sf unfinished. We added 2 more bedrooms and a full bathroom, I did all the framing myself and the electrical added to an already existing sub-panel . Also one of the new bedrooms has connections for washer and Dryer in the closet for the teenagers living on that floor. The bathroom has separated sink vanity from the toilet / shower / bathtub area. We also added an AC to the HVAC so it could all be inspected as the same time. To stay in budget we bartered and traded services for the Drywall installation and mudding and texture. Also sound proofed the rooms with knowledge gained from perusal this website (Thank you sooooo much) I love your website and the way you present your information and ways to perform the tasks. next will be remolding the main laundry room and then the kitchen. Again love your website!!!!!
Great website, Jeff! With regard to using a % of your home for business use and claiming CCA, when the house is sold, CCA gets recaptured (“unclaimed”) and capital gains apply if the house is sold for more than the ACB. We decided not to claim a % of our principle residence for business because tax on the capital gains would be MUCH more than the temporary CCA tax benefit and claimed expenses over 10 years.
ace is more expensive for common products besides hardware in my area. but they have excelent help and they offer stuff for the age of the neighborhood the store is in. they have single pane glass ready to go in old neighborhoods. idk what they got in new neighborhoods because i dont live in one. im buying a house thats twenty years newer then the one i own now and its still 50 years old. cheers from arizona.
Here in Southwest England we have sn equiverlant store like your Home Depot called B&Q. Massive DIY store. They do articles on how to do things like tile a floor, paper walls, etc. I am a single mature woman who has done all her own DIY for decades. I learned to do joinery, plastering decorating, tiling and now Demo…The kitchen is next. I love doing it myself. Saves paying £250 per day for a tradesperson. Its not as perfect but it is ok.
I’m a prime candidate for what Jeff if discussing today. Totally renovated our laundry room (with Jeff’s help and with Sal D’s help) since the former owners fully disregarded the space and treated their young 10 yr old machines like these magical dirt removers which were absolutely disgusting and not even worth fixing now for a simple bearing replacement. The substrate floor grinding (after Ditra removal) is probably the only part of the job I would have hired-out (it was like rotatating tires and my time/health safety is worth way more). If all it takes is for me to own my own small business so that I can write off part of my living space expenses, I’m all ears…because I have a decision point coming in a few more months where I need to decide whether to stay in the near upper-management position at my workplace or otherwise go back to being maxed with less responsibility in my fully matured series at the day job after the temp-promote try-it-out is over. I’d much rather be fixing holes and keeping more of my take home pay with tax write offs at the lower grade level than having to go on all sorts of work related travel and constant management discussions.
Hi Jeff! I recently came across your website and I’m really hooked. We are about to buy our first home and I am soaking up as much of your content as possible. Your articles are extremely informative and detailed, thank you! One question, if we (my husband and I) are serious about renovating our not permanent home, would going into a trade school be worthwhile? We’re both in our mid-forties, but very much interested in learning more about this area. I still do DIY’s and repairs, but would love to get better at it.
Hansgrohe kitchen, bath and shower fixtures. Toto one piece toilets. Bosch Dishwasher, LG 25.5-cu ft Bottom-Freezer Refrigerator (no ice maker buy one), Ikea SAMFÄLLD 36″ Induction, black cooktop, Ikea LUFTBUREN Wall mounted range hood, 36″ Stainless steel range hood, Ikea KONSISTENS Wall oven – Beat that!
Lol my land is worth 65% of my home value. City lot. 30x100ft. There’s no possible way I could spend $120,000 on my kitchen, short of covering every single surface in carrera marble. I’ve priced out my kitchen renovation and doing an absolute deluxe stretch with crazy appliances it would come out to $30,000.
Please Help Jeff. Have you ever installed a semi-recessed vanity? I try to be a DYI’r but I’m just a dad with a house that needs a lot of work. We are replacing the old vanity which probably existed since the house was built in 1972. My wife insisted on having a larger vanity so we bought a 36″ vanity which was fine but we found out that it was 22″ deep which was came out too far and would block the door. Not many options since it is a small bathroom.
I honestly just enjoy the knowledge and the calm, take a breath mentality that you have with your communication! Have been perusal for a long time while my wife and I had been remodeling all our homes over the years, and even after our crazy ventures, I still am up late just perusal all your great content as you release it! Many thanks, from the Brooks family! And let me know if you need a great experienced hand! 👉 😅
I’ve been renovating my house for the last few years mostly DIY and I have definitely learned to search the area for lumber yards, tile stores etc. before checking out the big box store. Not only are the people at specialty stores usually wayy more knowledgeable and helpful, but the quality is usually much better too. Especially things like trim. Big box stores usually charge a similar price, sometimes cheaper, but the quality is absolute garbage 99.9% of the time.
I love the idea of us paying a monthly to be a part of a buyers group that gives us contractor level access. I feel like we could do some of the work and maybe do some research of our areas and have somewhere to post known suppliers in our areas for each other. I am not afraid of spending money on renovations for my 1893 house. I have it livable in now so now I am here 24/7. But only a fool would not want to maximize their budget.
In September of 2022, me and the missus moved into our first home. I’m building a suite, from concrete to studs. perusal your articles is part of my bedtime ritual. Thank you for the time, effort, and passion for sharing your knowledge. Whhenever I need to learn how to do something, this is where I start.
Similar to others, I”m perusal a ton of your articles and learning so much as I put a suite into our basement. Based on your suggestion, I got a quote for 4 doors from a proper lumber yard and each door was less than 1/2 the cost (and two were 1/3) of what HD wanted for the same doors. I owe your several beers if you or your team are ever in Vancouver.
Jeff, you’re the man by the way! I have a serious DIY job on my hands, and I’m struggling to get good interior design / remodelling advice. It seems to be a massive cost for most projects, and wondering how you do it? I’m planning a complete restructure of my whole home layout. My issue isn’t the engineering or construction, it’s strictly getting good advice on room layout and flow to the house. Surely I’m not the only person in this boat?
Not sure the strategy will hold if a home owner wants to make a change because they will enjoy the change over, say a 40 year period of time. Not just a “flip the house” type approach against neighborhood values and you hate the changes for those 40 years because you didn’t want to spend outside the market value of a room. Not saying to paint the house with gold, but a balance of future value verse future enjoyment. This is the other side of the business part; a house is a home. Otherwise, I guess we can just wait for avocado colored fixtures to come back in style again, change our houses over to them, and sell.
This article could not have come at a more perfect time – myself and my wife (both 27) have been very fortunate to be able to afford a good sized 3 bed/2 bath house near OKC, and while it is in decent shape and is very much livable, we’ve wanted to make some major improvements including bathroom remodels, re-flooring, and new countertops in the kitchen at a minimum – and with Spring approaching, we’ve been beginning to try and figure out what I can do myself and what we may need a professional to do for us. I didn’t really know there were alternatives to home depot or lowes, and the section about budgeting each part of the house is going to be extremely useful for us when planning all this. Thank you!
The problem with Zillow right now is… our housing economy might be collapsed in 6 months. The comp across the street that sold in Oct last year almost certainly couldn’t sell even today at that price. It’s just terrible for planning ahead. But I VERY much appreciate the budget guidelines — percentages are solid and incredibly helpful. Thank you.
Sometimes quality of life renos aren’t going to make financial sense. Some plan to stay in their homes for awhile. It’s not necessarily about ROI. That’s not to say I want to pay 10%+ over market for a reno… Given your car analogy, if that 15k fix is for my late grandfather’s 1969 Camaro, Imma dump that money. Markets aren’t perfect and reasonable.
Down here in New Jersey nearly every wholesaler is open to the public but you have to know what you want. If you’re shopping for fixtures or lighting something like that they might have a showroom but for the most part it’s just a desk and a warehouse. Im a contractor myself but a article on the process of buying and ordering in these place might be useful. It can be intimidating the first few times you do it.
you can guy an $8 bag of thinset at home depot. the reality is most suppliers are not cheaper or better quality than home depot. the ones that do give you a discount do require contractor accounts and for any deal and even then it all depends on your purchasing power. the more you buy the more you save, you’ll need to be on you 6/7th order before they knock anything significant off.
I’m 58 years old. I’m on my third home. I got married late in life so I got a late start. My first two homes were fixer-upper‘s and I did just what you say and now that I’m in my third home I own it free and clear but here’s the kicker. I have a niece and nephew that are both in their late late 30s early 40s. They thought we were insane for buying a house cash not having a mortgage with money to “play with “. Keeping in mind one of these guys owns a mobile home in the other one rents. Where are peoples heads at?
Home depot stoped caring about the DIY and home people a while ago. They cater to the pro/contractor crowd. Thats where the business is. So sadly if relflects on how average people are treated. Also if they can have a few people sell big jobs and everyone else is just a glorified order picker, thats also the quality you get. If the diy and small reno customer made more money for them that would shift, it just doesnt.
Thanks for the motivating content. Single woman in my 60’s here, quite good at DIY. I tried setting up a cash account at my local paint store, and they told me they have a minimum spend per year to get their contractor rates. I could sign up for an account, but I know I will not spend 20k on paint in 1 year. I’m DIYing, so it’s going to take me multiple years. Change paint vendors each year? Thoughts? I have found a lumber place that is already extending me great prices on their trim. Another lumber company that I just opened an account at. Their choices of woods is extensive & quality is so much better than the box stores. Thanks for posting this information. My house needs a lot of love. I can take my time & buy products when I’m ready to use them, and being selective about where I buy.
Hey Jeff, What is the thing you are saying around the 4 minute mark? I keep re-listening snd can’t make it out. “Pro-something”. What is the second word? Saw, sell, solve…I can’t make it out and I’ve googled everything. Please help!! (Side note: I often miss certain words you say as you speak so fast, which is great! But if you can sometimes spell out words for products or suppliers that might be hard to understand over article, that would be SO awesome!)
My husband and I are in the process of purchasing a 5 1/2 acre piece of land, there is a house on it that is not livable. We want to try and save it, eventually move into it (3year plan) sell our current house, build a pole barn and barndominium. We can do a lot of work ourselves. Some days I think we’ve lost our minds, other days I can’t wait to get started.
I love these articles, but I have a bone to pick with the math. I am an appraiser and where I live (say a 50 mile radius around Seattle), land is about 33% of the total value for new homes and for 40-50 year old houses in my hometown, land is 90-100% of the value. A 100-year-old rental I own in Seattle reverses that pattern–a decent Craftsman house with nice historical features can maintain some value, but it’s rarely 50% of the total. In Seattle proper, they rarely replace a SFR with another SFR (instead it’s a duplex, 4-plex, or SFR with a couple accessory dwelling units… if the lot is big enough and zoning amenable, it could be replacing a SFR with a 12-unit apartment building!), but in the suburb where I live, the absolute standard is to buy a mid-century blah of 2,000 sf and replace it with a 4,500-sf McMansion. That means the land price has to compete with entry-level home-buyers (and vice versa) and for the past few decades, the builders have been driving value (except from 2009-2013 or so). If that McMansion sells for $3.0M new, spec builders are happy enough to spend $1M on the 8,500-sf lot, whether there’s a house on it or not. Friends in a 1973-built lakefront mansion were unhappy to hear that if they ever went on the market, their house would be a teardown. Custom built by a locally famous architect! Worthless! (in terms of market value. It’s still a great house.) But all the value is in the land. Another quirk that may or may not be local: The expected life of a trophy house is about 25 years, whereas the expected life of a more ordinary house will be 50+.
Nice article. I did call Prosol here in Ottawa and they wouldn’t sell to me but maybe I needed to open a cash account. Guy on the phone didn’t offer one though but told me to call any flooring place and buy from them. I got one quote for 0.79/sqft CDN and thought that was too expensive. Keep it up, this if great advice!
I always feel like I’m in trouble perusal your articles 😅 Like I’m being called out. Just purchased my first home this year and it needs a lot of work. I’m hoping to start with a good knowledgeable foundation on how to tackle all the renovations this home will need. But, at the same time this is my forever home hopefully. I’m not trying to flip this home. Do your long term strategy numbers only work for people looking to flip homes for profit? Or is this something I can use to factor in my own renovation costs? I feel so lost.
The idea of a contractor asking for a down pay as a bad sign is nonsense. If I spend 2-5 hours visiting a site, measuring, listening to needs, offering professional solutions, researching product prices, and preparing an estimate, you can be certain I’m asking for a down payment. That down payment is a measure of commitment from a customer. It would be stupid to invest my time, money, and schedule a 2-4 week job without a financial commitment. It isn’t because I “can’t ” afford to finance the job, It’s because I shouldn’t have to. Please reconsider your advice
Love the idea of starting a business to finance and write off expenses for your home. Problem is in California if you don’t have a GC License its illegal for you to contract for any kind of work over $500 and that LABOR AND MATERIALS!!!!!!!!. The US is dying for Blue Collar workers but Government doesn’t want anyone to prosper. Not gonna install those floors for free. Contractor fees, Permits, more fees Bonds and Insurance are to big of a business. Then the citizens get stuck with the bill having to pay 4 times the actual cost of work so contractors can make a living because their cost to run the business is through the roof!!
Love ur articles but I’d have to disagree. After much research and various quotes I went with Lowe’s for my lumber package. Lowe’s was less than 3 lumber companies. I quoted multiple times as well. Lowe’s and Home Depot was close but I have not received the best service there (even on the Contractor side). Same with Windows/Doors. Received multiple bids from Windows/Doors contractor. Lowe’s (Contractor side) still beat their pricing by more than $2K. I’m not even including Lowe’s bonus programs which provide cash back. I haven’t priced out drywall, concrete, roofing materials, etc but pricing on these initial items has been better at the big box store. Believe me I was shocked as well.
wanting my tub converted to a shower. The shower in a day people want $17-20USD. The rip it out and tile to the ceiling people $25K. Can you comment on painting the ceiling over the tub? Also.. tried to replace my ceiling heat vents and of course the 4×10 is too short on the flange part and the 4×12 is too big. Guess I will be “derusting” and painting the old one. BTW that Cost vs Value report is WAY off on the pricing they quote for the PNW in the states.
Jeff I thought you were asking me a question. Do you remember when. Well I do. I started working for Home Depot in 1984 about 1½ years after they opened the first store. Store # 1 it was on Memorial Drive at I-285 just east of Atlanta. I can remember the times when Bernie Marcus and Arthur Blank actually came in to the stores. They would speak to you “how are you? Is there anything we can do for you?” Real men, good men and Godley men.
The biggest drawback to using supply houses and such is attitude towards folks not in the business. I’ve had poor experiences with plumbing supply because I used the wrong term or asked questions. The fella at the counter told me I’d be better off in the showroom than his supply house. It’s a bit off putting. It’s also a different process than going to the big box, grabbing what you need from the aisle and heading to checkout. A process that they don’t want to let you in on. I’m in New York so I don’t know if the people here gatekeep more than other places but you’re absolutely right in the convenience of the big box store keeping me coming back. More often than not I need to load up my truck and go, not dance around someone who can’t be bothered with selling to me. Have any advice on getting more familiar with the buying process?
15:20. “Before we had debt and taxes” Clarification. Taxes were WAY higher back in the 60s and 70s for the top marginal rate and perhaps lower for the common person. Now the rich pay nearly nothing and people who earn a wage get shafted. We need a wealth tax and a raise in the top marginal rate and a lowering in the lower brackets. (Top marginal rate should be in that 700k+ range. The wealth Tax and over 50 million would be not important)
I’m in a house that hasn’t been renovated except for paint and cheap flooring since 1975 when it was built. In my area, they are selling mobile/manufactured homes the size of mine including lot for 600k with upgrades. I bought the house for 180k and I am renovating it. And the properties for sale have always been limited. I expect a very hefty return on my investment by the time I’m ready to sell the place in a few years. We’re tackling the room that bugged me the most first, the bathroom, and it’s a total gut. It’s a one-bedroom house, and I’m on a tight budget, so we’re renovating it stepwise. We expanded the room by about three feet on two sides because we had a huge closet on the other side of two walls. We’ve moved the toilet to it’s new location and we’re working on putting in a two-system shower that is huge. While we’re doing that, the existing tub and shower surround stays so we can use the bathroom while we go. It’s hard living this way, because the vanity had to go (handwashing and tooth brushing in the kitchen sink. gah!) But it’s going to be so worth it when we’re done. We’re using laticrete for the shower system, and plan on installing a floating vanity with glass bowl and high end fixtures, textured tile on the floors, new ceiling, new lights, installing an exhaust that wasnt there, plus beadboard lower walls and fresh paint. We’re upgrading the lights and electrical to install missing gfi. The whole works. So far in all the fixtures and materials we have already purchased and stockpiled, we expect to get the job done in right under 10k.
I have so much to do on my house. We just had a baby and I need to save money. My sons window is broken, back door falling a part, and our French doors are rotting. Most of the seals in my windows are shot as well. Anyways, i need advice where to buy these items. It is so expensive. I am honestly scared to do this but a buddy is suppose to help me. Can someone give advice where to buy other than HD.
Last time I went to a granite place for my counter top I got ripped off and delays. I’m sure they don’t take returns or exchange either. I’d rather pay extra to have a peace of mind that I can return whenever I want no question ask and big box stores is 8 mins from my house while other places is far out and pressure into selling and their prices is almost close to big boxes
What?!? Just the biggest load of incorrect information and unrealistic advice. I listen to this and see you have some homework to do. Where to start? So much, but just a tip of the iceberg to inform … 10% of value is land price? I will speak for the entire Golden Horseshoe area, throw in Muskoka too, what the hell, and the Lower Mainland area of B.C … I’m not 100% sure to speak of other areas but would not be surprised if it also applied. You are aware that in Toronto, for example, houses are bought for 1.5 to almost 2 million and knocked down. Nothing is saved! It is ALL about the land! You can’t repeatedly “flip” houses without paying capital gains. There are land transfer fees, real estate fees, moving expenses and inconveniences from this ie if you have children perhaps new schools or distancing from friends/family etc. How, if you have a 9 to 5 job, do you pull off doing “a couple of flooring jobs every month”? Who is going to hire you? What kind of customer experience would these people be providing if there were delays for various reasons and you had to go back to your 9 to 5? … “oh, I’ll be back in a week to finish your floor”. Please!! Do they have insurance? WSIB? Knowledge of what is done in order for it to be a professional, quality install? Never mind some other trades. This is why there are apprenticeship training periods to begin with. If you are budgeting a $150,000 kitchen in a $500,000 house … you are NOT making money! DIYing many things, not all, over 20 years doesn’t necessarily add value, as things over that same time period, become dated.
I love that you got my brain vibes, I was just wondering about what you had mentioned in a previous live about buying from the source. I am planning my long term and I have some things I wana bring further closer to present which we all know a timeline is very financial dependent soooo yeauh let’s gain some knowledge.
Well! This was super helpful! I have an extension build planned, designer and I are working on that part to get the permit….I have been interviewing and talking and meeting with builders and contractors for 3 yrs…its exhausting! A quick buck and they want control of the whole project….when it is “out of their league” because of the passive home details I have sketched out on the computer program. I mention I am following Dr. Joe Lstibureks science building principles and then ask questions in the talk to feel if they understand about Water, air, vapour and thermal parts of a build, paying attention to the first detail especially, and we soon realize they are “cookie cutter” home builders and detail is not their thing but gouging your money is. So, yes Jeff…any location and tips on how I can buy building materials for less would be deeply appreciated! Thanks for your help on so many levels!🙏🙏 🇨🇦🍁☺
Thank you for all your advice, I searched many times in the past for flooring distributors, not once I came across Prosol, turns out there’s one in St Catharines a few minutes from me, I will check them out. Why are this places impossible to find unless someone like yourself mentioned?. Do you have a list of other suppliers for different materials like this one? Cheers
God forbid should you just consider a home, YOUR HOME. The value of home renovations is found the intangible joy you feel living in a home you own, in a neighborhood that you like, in a city where you work and live. I don’t give a single fork about the $$$ value added if renos doesn’t bring me joy living in my own home. The toxic flipping attitude is one of the reasons why I couldn’t afford to buy a home until my 40s and even that would have been impossible without a couple low probability events happening near each other.
Why would you spend more money on renovation if you can’t justify cost to sale price? Well, it depends on exit strategies, doesn’t it? Flipping may be proper in favorable market conditions. Med/Short term rental, Senior housing, Corporate retreat rental. Ability to get in prime location for above average appreciation. etc
Jeff, thank you for name dropping some alternatives to the big box stores, the hardest part as a DIY’er is finding those regional secret stores! Do you have a list of alternatives available for us to use or even contribute to anywhere? For example, I’d love to know where to find cheaper rigid insulation in southern Ontario!
I paid 20000 for my house and half acre. It was an old camp and I thought I could live there and renovate it. The problem was the person I bought it from is family and I totally trusted him. I’m also a single mom and full time caregiver to my adult son with severe/ nonverbal autism. I couldn’t do it… the bathroom ceiling fell in and the floor in the living room and bedroom started warping and it made the asbestos tile start breaking. I moved us into an apartment for 2 years while I searched for a group home/supported living situation for my son. He just moved in 2 months ago. I’ve been taking on the challenges with the house because I can’t stay in the apartment without my son. (Disabled apartment) I haven’t been able to get a regular job for the past 25 years, I’m 51 with no resume. Thank you for making these articles. They really do help and are even inspiring me to article my attempts / failures/ successes. You rock.
Unfortunately, Menards is Midwest only to my knowledge. Based out of Wisconsin, but we have them here in Iowa and Minnesota. They have a better electrical selection. Ace is definitely not cheaper but carry high end stuff, they have 1 or 2 of it..and that’s it. How many places can you go and buy 1 or 2 screws of most screws they make?
FINALLY…some is speaking the truth out inheritance, legacy and home ownership. I’m in the market for a house and I’m not afraid to buy one that needs work. I plan on doing what I can, learning what I need to know and contracting out things I’m qualified to do. I will be viewing your catalog of articles throughout the whole venture.
Jesus said that the harvest is ready and the workers are few….. completely different context….but so very connected. There is a difference between God and mammon and yet God didn’t design us to be lazy…nor entitled… I’m a simple man with a Savior that still wants me to be a good steward and provide for my family….and yet not fall in love with this money… Just waiting for the time when our gov’t figures out some kind of breathing tax and step tax…and blood flow tax…. 😅🤣😂
The only time I have no problem supporting the bigger name stores is the ones that are locally owned, but you can tell the difference for sure. My local home hardware and Canadian Tire stores are owned and run by a local person and they are both usually at the store too. They are both very helpful and spend allot supporting the community as advertising rather than just paying for ads. The other good thing I have is my father in law and my uncle are contractors with accounts so I just use their accounts and pay cash.
Good topic Jeff. Native Vancouver here for long time, everyone knows we got the most expensive real esate in Canada. Prices on home reno are stupid over here. I’ve been buying my goods mostly from Market Place, auctions, private sale for long. Over 90% of the time I get at least 30 percent off. Other times as low as 80% from tools to materials. Off course I dont always get what I want, such as colors, designs, selections, but the deep discounts are certainly worth it. I was inspired the first time when I got over 60% on premium floors packs, back 6 years ago, from that point on, I was being super cheap, I never wanted to go back to retail stores again. I not only saved money for my house projects but at the same reselling it for good coins, to supplement my income. Now that I’m fully comitted to this, I built an extensive network of people and networking, I hardly ever go to those stores anymore.
I worked HD part time for awhile, electrician by trade, they put me in the plumbing section! 😂 I did learn quite a bit about residential plumbing as they actually had a retired mastered plumber on staff. Which is the problem, they don’t have many real knowledgeable people any more and when they do they work M-F 7-3
I’ve been perusal your DYI articles for the last couple of years (Thank you COVID for that) and have found them very very educational and useful. It has helped me do some renos in my house and more importantly prepare me to help my kids do their renos in their homes (3 kids in 3 different cities: Ottawa, Orillia and Alcona). Keeping things within budget (mainly for my kids) is always a challenge as a DYI’er. My question to you is about a new summer project for my daughter and son in law in Alcona, who want to add a heating floor system in the basement on top of the concrete flooring and also soundproof it (he does gaming stuff). I’ve watched your article on soundproofing the ceiling but you don’t mention, as far as I know, on how to soundproof or muffle the air ducts so the main or 2nd floor won’t hear him. What do you suggest we proceed? And what kind of budget should I prepare them for. Thank you in advance for your advice and keep on with all these great articles and classes
I love your content. I love your message. However, you lost my interest in this article right at the end. Your mission is to educate buyers/builders and homeowners. That’s amazing. But the main reason things are “crazy and out of whack” is because everyone involved in the housing industry has ruined the housing industry. Flipping houses has ruined the housing industry. Builders, agents and every other spin-off industry that we’ve created in the last 20 years has RUINED THE HOUSING INDUSTRY!!! How can you complain about a 25yr old not being able to afford a home, then turn around and tell people to work 2 jobs and buy houses and flip them!? How can you complain about big box stores, then tell people to buy wholesale materials and charge a fortune to others to “get ahead”?? This is why the industry is broken and why people are broke. Why don’t you just tell the 7 million men playing article games to dump all of their disposal income into REITs and collect from the corporations that are raping tenants of their hard earned money!? That would be easier than going out and working two jobs, in my opinion. I work full time, help some family/friends with their trade-businesses, volunteer with Habitat for Humanity on builds (to learn more about building) AND play article games in whatever spare time I have. I’m not rich, but I’m a more valuable member of society by doing so. Let’s get back to disrupting the industry and making homes affordable for people!!!
Love your articles! I’m 26 and just flipped my first condo(thank you for teaching me how to do a backsplash and paint cabinets) I’m now under contract on my first residential home which is going to need a near complete renovation. All your articles are very informative I appreciate what you and your team do, Thank you!
Right, it’s those darn article games keeping people from working… Oh, wait, I thought it was TV. Or was it radio? Nope, it’s books other than the bible of course! You sound like my grandpa saying that. It’s (partly) the pay silly, or more specifically the difference in pay for work vs pay for owning. My uncle is a contractor. His boss shows up to the job 1 day a week and makes (at least) three times more money than my uncle, but who does he complain about? The guy that’s there 5 days a week but only gives 80% each day. I’ll take a 4 day a week guy over a 1 day a week guy any day. Why does the boss get 3x the money for 1/5 the work? Because he happens to have his name on the truck they’re using. Because my uncle and the other workers are barely scraping by and don’t have time, energy, or start up capital to go out on their own. Why does Musk get untold billions while the engineers that come up with the ideas get at best millions? Or worse while the people who actually make the cars get less than 100k a year? Why do the shareholders at my job get >5x my pay when they do literally nothing? At one time they loaned the company money to get it off the ground, but they’ve long since gotten a fair ROI. I had to go ~$100k in debt getting my degrees and certs to just now finally be making ~$75k a year. Meanwhile they’re making at least $500k a year because they happened to have rich parents? And that’s just from their one investment/board assignment. Who wants to bet they’re not on other companies’ boards too and also making bank there?
I’m happy to say it’s safe for me to say I love Jeffery because that’s my hubby’s name also 😂 We are up north in cottage country and my son has his own contracting company, hubby is a machinist and he gets teased by him whenever he does something it has to be so precise, and takes twice as long to do.. You’ve helped us remodel our home we’ve learned so much from you and it’s funny because my son is so busy he can’t help us out, but sure he’s impressed with what we’ve done ♥️