Let’s imagine for a moment – you’ve saved for years, you’ve scoured the market, and you’ve finally had an accepted offer on a home in the perfect location – the yard is beautiful, most amenities are within walking distance, it’s a quiet neighbourhood, but… the house needs some work. You knew this when you made an offer, but how do you start? Where do you start? What do you prioritize?
Renovating can be a big decision and there’s plenty of reasons why you might consider renovating your home. Let’s dive into some of the most common ones!
- Increase your property value: Renovating your home can increase its value, which can be beneficial if you plan to sell your property in the future. By making improvements such as updating your kitchen or bathroom, finishing the basement, or building an amazing walk-in closet, your property could look more appealing to buyers. Keep in mind that not all renovations are created equal when it comes to your ROI – chances are, completing your basement and building a secondary suite will likely fetch you the best return, while adding something like a pool can be a huge upfront cost with a minimal return (albeit fun!).
- Improving functionality: If you’ve lived in your home for a while, I’m sure there’s an area or two that doesn’t quite function how you want. Maybe your kitchen layout doesn’t flow for how much you cook. Maybe you have a growing family and need to modify some spaces to create additional room (nothing quite like a new baby to take over your home office!). These are great renovations if you plan on staying put. You want your house to function and work for you – you shouldn’t work for your house! This is a great time to get an experienced interior designer involved – they have the expertise to help you make decisions to get the most out of your space and can make recommendations and configurations you may not have thought of. Designers can also guide you in solving what can or cannot be done to your home within your budget and existing space.
- Energy efficiency/Creating a greener home: Have you seen the cost of heating and electricity alone? Taking the time to ensure that your house is as energy efficient as possible is a great choice if you have the upfront budget – replacing an old home’s windows is a huge cost, but cutting out the drafty single pane windows, installing a heat pump, upgrading your insulation – these options all helps to keep your house cool in the summer and warm in the winter and will have a cost savings in the long run. You can check out BC Hydro for more energy saving tips and upgrades you can make to your home! A greener home doesn’t just mean replacing windows – upgrading to energy efficient thermostats and appliances, low flow toilets, or water saving smart plumbing are all great options to consider when renovating.
- Aesthetics: The fun renovation reason! There’s nothing quite like making changes to your home to make it really feel like yours. Walking into your home and having it feel like home? A priceless feeling. You’ve always dreamed of a crazy colourful house? Do it! You want a super modern sleek industrial look? Let’s go for it. It’s your home – make it how you want! While we suggest working with a designer for major renovations, having an idea or inspiration is a fantastic starting place.
- Safety improvements: While some older materials may not need to be updated, there’s some things that you want to upgrade sooner than later. If you have an older house (think 70s-80s and before), seriously consider updating your electrical if it hasn’t already been! While old wiring isn’t inherently dangerous, it may not be up to code. If you want to utilize your basement more, does it have a proper egress window? Even small scale updates like adding grab bars to the bathroom if someone in the home has higher mobility needs is an important update to make.
If you can narrow down your reason for renovating, it can make the process smoother. Having a “why” can guide you in making decisions and budget choices – for example, if you’re renovating for aesthetic reasons, to make your home feel like yours, you may be willing to spend more on finishes, compared to doing a renovation to increase your listing price for selling. Ultimately, there’s no right or wrong reason to renovate, it’s whatever works best for you and your property! And we’re here to help fulfil your needs and ideas.
