by Randall Mang, Real Estate Advisor, Engel & Völkers Vancouver Island –
Choosing a renovation contractor or new home builder is a big decision. Yet, experts say many consumers could benefit from doing more homework before jumping in.
Victoria Residential Builders Association (VRBA) Executive Director Casey Edge says: “People often do more diligence buying a TV than hiring someone for a six-figure renovation.” Among other things, Edge advises consumers review a contractor’s projects, references, WorkSafeBC coverage, plus Better Business Bureau and VRBA affiliations. Noting that specific training is not required for renovation contractors in BC, Edge says new home builders – many of whom also do renovations – must be licensed by BC Housing – Licensing and Consumer Services and undertake 20 hours of professional development annually.
Next on his priority list, he strongly recommends a fair and balanced contract based on fixed-price or cost-plus rates. Change Order forms are also advisable to address potential issues such as cost overruns, project delays and adjustments to the scope of work.
When it comes to estimating building costs, Edge recommends consumers obtain quotes from several contractors, noting that materials and fixture choices, as well as municipal delays and fees can affect costs. For ballpark purposes, the online estimating tool by quantity surveyors BDConsultants.com is a good starting point. Its calculator presently indicates the average build-cost in Victoria of a single-family dwelling up to 2,500 square feet with basement is approximately $411/ square foot (SF), or $387.10/SF without a basement.
Respected, CARE Award-winning home builder and renovation contractor Kyle Velikovsky of White Wolf Homes prefers to deal with clients who come to the table prepared. “If the estimated cost is
$1 million and the client’s goal is $750,000, I would rather be direct and not mislead them. It’s all about fit and setting clear expectations, so the project can be a success in quality, budget and timeline.”
While Velikovsky says new-build construction costs are generally predictable, renovation costs can vary, especially when unexpected complexities arise. In addition to updating and reviewing plans and costs on an ongoing basis, White Wolf provides its clients with online access to software that tracks the original estimated cost against revised costs that reflect changes if and as they arise.
Ready to take on a project? To start your diligence, consider filling out an Expression of Interest form at www.vrba.ca.
