From data compiled from over 2 million users’ search behaviour and project posts, TrustedPros.ca, a site that helps homeowners find and rate home reno contractors, found that homeowners consistently set unrealistically low budgets for a few of the most popular renovation projects.
For instance, the national average budget for a kitchen renovation came in at just under $14,480—at least $5,000 under-budget for the average Canadian kitchen renovation, explains Nicole Silver, spokesperson for TrustedPros. “It takes licensed electrical, plumbing and gas experts to install bare necessities in a kitchen,” explained Silver, “and these experts come at a price.” Add in the extra cost of durable or high-end finishes and budget costs start to creep up quickly.
Another renovation project that homeowners tend to underestimate is fence construction. On average, Canadians budgeted just under $4,200 for a new fence, but average actual costs came in closer to $11,700—about $39 per linear foot.
Homeowners also underestimated the cost of new floors and new windows, with average household reno budgets coming in at just over $3,250 and just over $8,520, respectively. “The anticipated floor budget is only realistic for very small spaces using low-end materials,” explains Silver. “While the anticipated window replacement budget covers five regular sized windows and no door replacements,” explains Silver, who suggests that homeowners budget about $1,600 per window (more if installing or replacing specialty or large windows).