Wednesday, 23 May 2012

Renovating Vs. Buying a New Home

With the current cost of housing, the desire to find exactly what you want can be challenging at best, frustrating at worst. If you’re on the verge of giving up, don’t.  There is the option of renovating your existing home over time to suit your needs.

Here are some of the reasons renovating your existing home is a good decision:

  • Renovating allows you to customize your home to meet your needs and desires. The only similar, but much more costly alternative, is to have a brand new custom home designed and built.
  • Renovating means that you don't have to leave your neighborhood and schools.
  • Renovating is a more efficient use of your financial resources.  

When deciding to renovate your home make a ‘wish list’. 

  • Do you eventually want an equal number of bathrooms to bedrooms? 
  • How about a larger laundry area? 
  • Is there ‘room’ to make more room in the kitchen? 

These are serious aspects for consideration. Other less technical aspects would be repainting the home to create a different feel for each room. 

Some simple renovating ideas to consider are:
  • Repainting the rooms with different colours
  • Adding/changing moulding or skirting strips
  • Changing closet shelves and doors
  • Replacing/adding lighting fixtures
  • Changing doors and framing windows

When contemplating a major renovation, apart from determining what it will cost, when will it start and how long it will take to be completed, a very important consideration is how much the work will add to the value of the home. 

Some experts say that remodelling the kitchen is the most popular home improvement project as it adds almost instant increased value and equity to the home. Some renovations however, can price the home out of the neighbourhood, given the current prices in the market and where the home is located.

Once you have decided what needs to be done, what approximate costs are associated and consequently which area to tackle first, there are several other important issues that you should be aware of before construction begins.

Larger projects, such as room additions, may change the living conditions in your home for the duration of the project. While some of the changes may only be minor inconveniences, you should know beforehand the problems you may encounter when the renovation begins.  Be mindful of the fact that with every renovation, the home becomes transformed into a ‘construction zone’. 

Expect inconveniences. Workers will be coming in and out of your home, dust will settle, most likely throughout the house and the access to other rooms may be limited, especially if materials and equipment have to be stored inside while the project takes place.

The most important thing to remember is that quality takes time. While delaying construction for a couple extra days is not an easy thing to do, ensuring that the project is completed to your total satisfaction will be worth it in the end.

While there are many reasons that people choose to renovate, the bottom line is that renovating makes your home a more enjoyable place to live. 

Harry & Emmanuel

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