There are all sorts of reasons why someone might consider renovating their home. Not everyone renovates for the same reasons. Usually, it’s a mix. Are there times when renovating might not be the best decision? Sure, if your house is in good condition and fairly up to date, as in renovated in the past five years, it might not be a good idea to renovate simply for the sake of trying to increase the resale value if you’re planning to move soon. Other than a fresh coat of paint in a few prime locations, like a kitchen or main room, there’s little value in spending money on major renovations to areas like the kitchen, bathrooms, basement, or an addition if they’re not dated. You’re not going to recoup much of the money.
If your house style is dated or you want to make some changes to its functionality, here are a few reasons to throw into your consideration basket.
Adding resale value
You may not be considering moving in the near future, but if your home is dated, it might be challenging financially and from a time constraint perspective if you choose to move in the distant future and want to do it all at once and right away. If it happens to be in a busy construction market you may not find a contractor who can start on your reno until months after you’d like it finished. Good reputable contractors are generally booked out two to three months in normal conditions and sometimes well beyond that in busy markets. So, it might be a wise move to do renovation work sooner than later.
Renovating kitchens, bathrooms, painting, and flooring are the biggest hitters for adding resale value to a home. Though adding additional living space like an addition or a finished basement also add resale value, the return on your investment won’t be as great.
Save the Cost of Moving
There are times when moving is the right choice or not really a choice, even if the cost might be higher than you might wish. However, there are times when the cost of moving plays a significant factor. By the time you add real estate fees, lawyer fees, new land transfer tax fees, the cost of hiring movers, and various other costs associated with moving, especially if the move is to a new home, it might just be a wiser move to stay put and invest a smaller or same amount into your existing house, if you generally like your home and its location.
Which brings me to the next reason.
Staying in the Neighbourhood You Love
One of the most common reasons we hear when people talk to us about renovating their home is that they love their neighbourhood. If you don’t like your neighbourhood that can be a strong motivator to move. But. If you like where you live, the convenience of it, the look and feel of the neighbourhood, the people, the friends you and your children might have, staying put is a great reason to invest into a renovation project. We’re creatures of habit. We like things the way they are, especially when they’re good. You never know what moving brings.
Update your Home’s Style because YOU want to enjoy it more
In the first reason above we talked about renovating to update the style of your home because it will add to the resale value. A valid reason to renovate. However, a greater motivational influence is to renovate your home because you’ll enjoy it more. We spend a lot of time in our homes. They’re our place of leisure, comfort, entertainment, and the place of our day to day living. Most of us are influenced by our physical environment. Taking down a load-bearing wall to create a more open space, replacing a small window with a large picture window, updating that old kitchen or bathroom, or adding a finished basement are all huge on the hit list to increase your enjoyment of your home.
Don’t underestimate how your home makes you feel. Let it be your retreat.
Improve your Quality of Life
Quality of life is a subjective term. What may improve one person’s quality of life might not mean much to another. If someone has no interest in cooking it’s not likely that renovating a kitchen to create more countertop space or increasing cabinet space is of any significance. If entertaining family and friends is of little importance to someone, than adding an addition for a great room or finishing a basement won’t matter much. If there’s only one person living in a house, adding another bathroom to a house won’t really matter.
If someone in your family does care about having a more functional kitchen. If someone does love to have friends over to entertain or have family or friends stay over occasionally. If there are too many people in your house for just one bathroom and perhaps a small powder room.
Renovating will improve your quality of life. If we can make our homes more functional, we end up being happier. When we’re happier, our quality of life improves.
We hope these reasons for renovating have contributed to your thought process as you wrestle with whether or not you renovate.