Should You Renovate or Add an Addition to Your Home?
As someone who has been in the home renovation business for 30 years, I can certainly understand the pressure you might feel when making this big decision. If you’re feeling overwhelmed, I have a couple of recommendations that will hopefully make your decision to renovate easier …
Step 1: Reasons to Renovate Your Home
The first thing to do is make a list of all the reasons WHY you wish to renovate.
Knowing your “why” will keep you focused on what’s important and help you stay firm with whatever you decide. Your renovation wish list should include all the work you’d like done to your home, as well as anything new you would like built. For example, I have had clients with young families that needed more space, so adding more bedrooms and bathrooms, and possibly expanding an already existing kitchen were in order. That said, I’ve also had clients who were seniors and wanted more space in their home to accommodate a different lifestyle: such as more room for entertaining and downtime activities and hobbies.
Writing out your home renovation wish list will not only make it abundantly clear as to what it is you want, but it will also help me, as your general contractor, to determine what to focus on so that I can give you what you really want within the right budget.
At Alair homes, we feel that “Living Better Starts Here™” and the more I understand about what it is you want from your wish list, the better I can help us get there.
Step 2: Prioritize
Now that you have a list of all the things you want from your home renovation, the next step is to prioritize these wishes. As the saying goes, “You can’t always get what you want, but you’ll get what you need.”
Each item on your wish list should be accompanied by a list of pros and cons, so you can immediately see what each wish will cost you – both emotionally and financially. Having this instant snapshot of the true cost of your renovation or new build will instantly help you prioritize and make informed decisions.
Step 3: Learn How a Renovation Affects Home Value
Ideally, renovating or building an addition should add to the value of your home. And, it should continue to add value for a long time. Think about it – many of us don’t blink an eye when it comes to spending $50,000 or more on a new car – the value of which is lost over the next 6 years or so. I encourage you to consult with a professional real estate agent for more information in this area, in which case, I can certainly help point you in the right direction as to who to talk to.
- Will your renovation project make your life better and easier?
- Will it add financial value to your home?
- How long will the value last?
Answering these tough questions will help you determine whether or not it makes sense to go through your new build or renovation. If you need any help with figuring out if now is a good time for you to renovate or construct an addition to your home, I would be more than happy to talk it through with you. At Alair Homes South Etobicoke,
“Living Better Starts Here™”