Move or Improve?
A shrewd use of space can enrich family life and if you’re facing the dilemma of whether to leave the home your family has bonded with or stay and renovate it into something that fits more comfortably, taking a look at these key home improvement considerations may help.
- Think about your current space and the potential to reorganize it. Reconfiguring the space you already have can make a big difference.
- Draw a plan of your house and rub out all the walls. Reimagining it will open up new ideas.
- Don’t always open everything up, but think about having different rooms for different functions. Separate spaces can be better than one huge room so you’re not constantly clearing up.
- Think about your budget and be realistic. One half of a couple is usually more creative, the other will be more concerned about overspending.
- If you’re short of cash, spend money where it matters. Get the structure right for example, but wait to install that amazing kitchen.
If you decide to renovate, usually the number one question on a home owner’s lips is ‘will it increase the value of my property?’ and you really can’t go wrong with asking that question. Of course, when spending thousands of dollars on your home, you want some financial payback, eventually. So what are the key areas that will help to increase the value on your property? Here’s a few that may help.
- Flooring – Hardwood floors will immediately increase the value of your home. Existing hardwood re-finished will be less-costly and possibly be better quality that new flooring material.
- Fixtures – High-end kitchen finishes will always impress. But its important to make sure that your taste isn’t too ‘out there’ for anyone else to agree. Simple, clean and classic is always a win.
- Bathroom – Everybody likes a modern bathroom. It gives a flavor of rest and relaxation in luxury. Quality tiles, impressive use of space and rain forest shower heads can all be tailored into something that suits everyone.
- Kitchen – Re-inventing your kitchen space could give your house a brand new vibe. Not only could it re-establish family connections, it could be the focus point for any new buyer and increase the value of your property.
- An Income Suite – Renovating a basement or outdoor space to generate an extra income is a sure fire way of increasing the overall valuation.
There are many ways a home can be renovated into a property big enough for your growing family. After all, we take such pride in our homes and create such wonderful memories that it can be hard to let go, but when we’re faced with extra children or older parent’s moving in, space can feel tight. With the right advice and information about financing, your home could stay your home. Your home could be renovated to grow with you.
You wouldn’t be the first to consider renovating your property. In 2012 The Canada Post released numbers indicating that 850,000 people changed addresses, 37% moved to upgrade their homes for family reasons. More recently, Altus Group measured the boom in Canadian residential home renovation spending, valuing it at $68 billion in 2014, roughly $20 billion more than what was spent on new builds.
It’s certainly easy to see the need for families needing to upgrade their homes. Whether you do it by purchasing another property is another matter. When going down this route there are things to consider as well as the additional cost for a bigger mortgage. How far are the best schools, or how far is it to your children’s current schools? How long will the new commute to work be? What is the neighborhood like? After all, you don’t really get to know a neighborhood until you move in, and when you’re looking to upgrade, you can’t always a buy a great neighborhood.
We know that nothing is ever certain. It could be that a new home may need a little renovation for it to fit just right and that’s okay too. Which ever way you turn will be the right decision for you. Whether you have greater aspirations to start afresh somewhere else or renovate the space you have, Norwood Building Solutions would be happy to discuss your ideas, your needs and we’ll listen and offer the best creative ideas we can, without pinning you down to commitment.
The choice is yours… will you move or improve?