So you’re thinking of renovating?

Since the beginning of the pandemic, an otherwise steady interest in home renovations has been sizzling skyward, with Canadians spending more than $80 billion on home improvements last year, according to a recent report by Toronto based real estate consultancy Altus Group.

If you have been keeping detailed notes (thanks HGTV!) on the minutiae required to renovate your humble abode into the ultimate dream home, you might be left with just one burning question – where in the world do I start?!

Why are you planning your renovation?

When it comes to renovations, there are a plethora of factors to consider, but the most important aspect is to understand why you are planning to renovate in the first place. Are you undertaking a re-model in order to boost your return for an upcoming sale? Perhaps you’re an empty nester and you now have the luxury of spending your hard-earned cash on that en-suite retreat you’ve been dreaming of? Whatever the reason may be, the WHY is most important when it comes to the value in your return. Although the general consensus is that renovations result in a hefty return on investment by increasing the value of your home, it’s important to highlight that your reasons for renovating end up playing a vital role in this return.

What type of renovations should I do?

Often, clients will seek my advice on the types of renovations they should do and how it can affect them in the long term and/or for resale purposes. For example, renovating your main bathroom and putting in that beautifully tiled, walk-in, glass shower while foregoing the bathtub altogether, has further benefits than simply that of resale purposes. Why? Because it is what you desire. While not having a minimum of one bathtub in the home could be a deterrent for certain buyers, there remain many benefits to making this change, even if it doesn’t necessarily appeal to the masses. It is in these situations where your return on investment becomes an emotional return. Sure, a brand new renovated bathroom is wonderful for resale, but the fact that you’ll be gaining enjoyment and pleasure out of this fresh new space still holds an incredible amount of value. Especially if your plan is to remain in the home for years to come. With the sole mindset that renovations can add value, often the personal value gets overlooked.

Just remember that when you add in the value of enjoyment, your home subsequently becomes that much more valuable.

The timeline is also incredibly crucial.

If you are planning on moving within a year and are thinking of a major renovation, purely for the sake of adding to the resale value, make sure to consult a real estate professional first. The value of your home is much more than monetary. Yes, renovations done properly and effectively will add to the value of your home, but the timeline will determine whether it is worth it or not.