Renovations have been a growing trend for Canadian homeowners, considering the transaction costs involved in selling and re-buying real estate! Motivations for renovations vary; homeowners consider renovations for lifestyle reasons. This might involve building a second level on the house to increase the number of rooms for an expanding family.

Renovations are also considered for a retrofit project. Older wartime houses may be in need of improving the mechanical systems to fit today’s standards.

Maintenance and repair renovations are probably the most common renovation projects homeowners tackle. Maintenance and repair renovations protect your investment and involve projects such as hiring a contractor to install a new roof or new energy efficient windows to up day your property to today’s standards.

Before you get started on your renovation project, yu may want to answer the following key questions:

  • Is your renovation practical?
  • Will your investment in renovation costs make sense through savings in heating or will the investment increase the value of your home for future resale?
  • Will you investment payback over time?
  • Will your renovation create long-term usefulness for your family and lifestyle?
  • How can you incorporate healthy housing principles to maximize environmentally friendly returns to your renovation project?
  • How will you finance the renovation project?

Investing your time by thoroughly planning out a step by step process will pay dividends through your project.

Before you renovate, follow this simple eight step process:

  1. Set you priorities
  2. Know what’s possible – investigate the practicality of the scope of your project
  3. Do the math – understand the costs, potential roadblocks, time to complete. Make sure you organize for financing so you have the funds to cover the project
  4. Pick your partners – research your contractors and trades so that you know so you’re dealing with to minimize surprises
  5. Get it in writing – all contracts and estimates should be thoroughly documented
  6. Don’t worry about the mess
  7. Inspect as you go
  8. Give the thumbs up!

If you have some equity in your home, this is a perfect opportunity to refinance and use this equity for your renovation! Contact me if you’d like to know more about taking some of the equity out of your home.