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Spring reno season is in full bloom! Whether you’re updating a kitchen, adding a bathroom, finishing a basement suite or putting in a backyard pool, you face a host of decisions — and each one has cost implications.
Use this list as a guideline to help decide where to save money
 and where to splurge  .
Do it yourself. Even if you lack DIY skills, you can reduce costs by providing some of the labour yourself, for example, by completing the teardown before the professionals arrive to build anew.
Purchase ready-made. With more choice than ever before, and the current trend to more flexible, less uniform designs, you can usually find an off-the-shelf solution for even the trickiest of spaces, especially if you’re willing to be creative.
Focus on what’s most useful for you. The range of home reno features is endless, so let your needs guide you. What use is a six-burner stove if you never cook? How often will you use a multi-spray shower system?
Choose lower-cost flooring, finishes, fixtures. Today there are thousands of options in flooring, tiles, fixtures and other décor elements, which means it’s possible to make a statement on any budget. For example, good-quality laminates mimic the look of hardwood flooring for a fraction of the cost.
Hire the right contractor for the job. The lowest quote might not actually be the cheapest — especially if the job takes longer than you had expected or isn’t to the level of quality you were expecting. A good contractor will provide quality workmanship to deliver an attractive final product that is also structurally sound to stand the test of time.
Buy the best you can afford. Spend your money on the best quality you can afford for key elements: cedar decking, triple pane low-emissivity (low-E) windows or cartridge faucets, for example.
Don’t skimp on infrastructure. It may not be glamorous, but invest in what you won’t see: upgrading the electrical and plumbing systems to meet code; waterproofing the basement; installing wiring for an outdoor lighting system. You can add many of the extras later.
Consider the services of an interior decorator. Consult an interior decorator whose style you love, and ask for colour, surface, hardwood and fabric selections that are within your budget. You’ll do the actual shopping and legwork, but the designer will provide a harmonious scheme that will look like you paid much more.
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Finance Your Reno Your Way
A home renovation can help you enjoy your home more and increase its value. When seeking financing for a home renovation, remember that there are several considerations to keep in mind. You may need funds for a single purchase or you may need a flexible credit solution to help you with contractor fees, material upgrades or other unexpected costs.
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Royal Credit Line®. Available in a secured or unsecured option for competitive interest rates as low as Prime, Royal Credit Line lets you borrow instantly, at any time, by writing a cheque, withdrawing cash, or transferring money to another account. Pay back as much or as little as you want each month (subject to paying minimum monthly interest charges), and pay interest only on the outstanding balance.
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RBC Homeline Plan®. Put the available equity in your home to work with an RBC Homeline Plan and start your home renovation today. Leverage up to 80% of the appraised value of your home to pay contractors, buy appliances and more. And with RBC Homeline Plan, repayment is easy and flexible to suit your financial needs and balance your cash flow.
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