Renovation or Relocation?

The decision to either renovate or relocate comes down to your financial situation, emotional attachment to your home, and ultimate real estate goals!

Anyone who has gone through a renovation of any kind can tell you it can be one of the most stressful experiences on the home front. There are worries about finances and meeting budget expectations. Worries about the project getting done on time. The simple stress of living in a chaotic environment when the renovation is taking place is a major concern.

Make no mistake about it, renovations are popular in Canada. First, they enhance the living experience for homeowners. Deciding to renovate can also add value to a home if people are intending to sell their most valuable asset. Debating whether or not all home renovation projects are a good idea is a futile as determining whether or not real estate is a good investment these days. Yes, there are spots where homes are over-priced. There are  many variables, so how can we give just one accurate answer to a question that impacts a nation of people?

Going through a home renovation can be a tough (and relationship testing!!) thing to do.  No matter how many homes you have renovated, there are variations to each project. Each renovation  seem to come with its own unique “surprise!” … whether it’s a pricey asbestos job to a failing roof or wiring that’s not up to code … first piece of advice  is to expect the unexpected. 

Here are some tips to help you through the renovation:

  • It won’t be perfect: Even though we have seen hundreds of houses and been a part of multiple renovations it’s still not possible to think of EVERYTHING! No matter how hard you try, there will always be something you’re not entirely happy with and wish you would have done it differently … and that’s OKAY!
  • Write EVERYTHING down: No offence to contractors, suppliers, or tradesmen here, mistakes are made and sometimes people don’t really listen … or maybe they hear something different than what you said. Write everything down because at the end of the day you don’t want your warranties to be misplaced or have the wrong tub size show up or the wrong depth of fridge, etc. If you don’t do this it just costs you more time and money along the way!
  • You’re going to go over budget: Unfortunately, it’s true … some things are going to be unexpected and some things are just going to end up costing more than you anticipated. However, if you are able to stay on budget … pat yourself on the back. Here are some budget tips to consider .
  • Stick to a quote and change order/ Track your expenses :  Write EVERY expense and change down so you know exactly where the extra money went …  When you’re at the end of your renovation and you’re thousands upon thousands of dollars over budget it’s SO HARD to know where that money went if you didn’t track it.
  • Hire ONE person to manage your home renovation: Having someone fully accountable for your home renovation will ease your pain and save time and money.
  • Your house is going to be dirty and dusty for months after you move in: It’s so annoying and we don’t know how to solve this. Some tips to share would be to turn the furnace off .. Some renovators will use an older furnace until the renovations have been complete.
  • Don’t forget about the ceiling plan: Everyone is always so concerned about the floor plan. There are changes  you will make in your home that will affect how the ceiling looks. Keep the ceiling plan in mind and envision how a renovation would affect the site lines of your ceiling.
  • Pay attention to the stairs: This is something to pay close attention to … it will  impact the rest of your house so you have to take the time to think this one through … whether to keep them in the same spot or change them!
  • Landscaping? We recommend not to  lay your nice entrance rugs down until AFTER it is completed. 

So….You’ve decided to Renovate instead of Relocating !

 Each year   “Remodeling Magazine”  produces a cost vs. value report for nationwide and regional renovation/ remodeling trends. The 2018 report points to the traditional remodeling projects and those that will pay off . Here are a few remodeling projects that will surprise you!

So… You’ve decided to Relocate !

Understanding current market conditions, viewing properties, finding the perfect home, negotiating, and closing the deal without getting emotionally involved are just some of the daunting tasks facing a property buyer. About us

 
CIR Realty is a licensed real estate brokerage. A Realtor® is a real estate professional who is a member of the National Association of Realtors®. E&O.E: Not intended to solicit properties already under agreement. CIR Realty Brokerage is Independently Owned & Operated.
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