Oct. 8, 2023
Read time: 2 minutes and 31 seconds.
tags:Home renovations in North America can quickly turn into a financial black hole for those who are eager to build, but less eager to DIY. We often get trapped in this cycle of expensive upgrades, especially in high-cost-of-living areas such as urban sprawls like Toronto or Ottawa. But what if there was a completely different approach?
In North America, even basic renovations can be surprisingly expensive. A bathroom that was about maybe 4 meters in length and 2 meters wide…was a little more than 20,000 dollars. This is definitely a little more expensive than one might expect, but it’s the price of doing business in an economy where your taxi driver is upset with a sub-$50 fare. No matter where you are, labour will typically cost 50% or more of the total renovation expense. This is more from experience, but the reality is far more bleak:
I don’t recommend trying to cut corners on spending on good labour. In fact, it’s something you should make sure you spend good money on. However, there’s such a push for expensive services that people act as though it’s the only option and there are other options that exist. But those options are really up to you.
There are places where construction and renovation costs are drastically lower. Earlier this year I had developed a short six to eight week project developing turf field in the air, basically the complete floor space of a two story home…And altogether it still cost me 60% of what a bathroom cost me. Well, specifically the bathroom I had mentioned before was of my sister in law who had spent a pretty penny doing renos. You can get much more for your money in different parts of the world and it’s incredible how much further your dollar can stretch. It’s not just about saving money; it’s about a potentially better quality of life too. The material and labour costs were proportionally the same. I am talking about close to 30 tons of concrete poured whereas the bathroom was a lot smaller and mostly made of plywood and fiber glass.
Ask yourself honestly:
Sometimes, the perceived value of local amenities (like a specific school) can inflate living costs significantly, especially if you’re someone who wants to live comfortably. But what value are you placing on comfort? And does it really make you that comfortable?
You don’t need to be tied down to insane labor cost if you’re looking for a certain standard of living. And if you’re not interested in building, consider how much cheaper rent is in different places where it’s more affordable for construction and rent alike.
It’s worth re-evaluating what you truly value in a home and lifestyle. You might find that your dream of a beautiful, affordable living space is more attainable than you think, just not where you expected.