Are you considering a renovation?

LINZ A+D has extensive experience transforming existing spaces into new, relevant, exciting places!  See our gallery for examples of these projects.

In this article, I want to outline some of the issues surrounding the choice to renovate.

One of the biggest questions surrounding a home renovation revolves around value and location.

You love the neighbourhood you are living in - the mature trees, the longstanding connections to your neighbours and friends, and the memories of the place you've called "home" for so many years!

The other side of the coin revolves around value. The cost to renovate can be a major one, and after you've talked to a few designers and contractors, you start to question whether your dollars would be better spent on a new home, or purchase a used home that is closer to your needs, and renovate that place instead.

All of these are viable options, to be sure, and there is no one solution that fits for everyone. However, my experience has shown me that the best way to get at the root of the problem is to look at the hard costs first, and then determine from there what impact changing neighbourhoods will have.

With the numbers in hand, often people will find the overall assessed value of their home, PLUS the cost of renovating will place their house well above the average value of their neighbours' homes. The natural conclusion, then, is that this option is not cost effective.

Consider, however, that we as a society are undergoing a major demographic change in the 10 to 15 years, as baby boomers leave the workforce. The choices of housing type for this sector is more varied than ever; including downsizing to condominiums, retiring to vacation properties, purchasing a second home in the US, or even leaving it all behind for the RV lifestyle!

Even empty-nesters are re-assessing the design and function of their existing homes. As the kids are moving out (eventually), a common re-fit includes enlarging the kitchen, abandoning the outdated living room, for a larger family room, or creating a state of the art media room.

As a percentage of our total investment portfolio, our homes are typically a large percentage of our net asset value. And while your renovated home may initially be valued higher than the average in your neighbourhood, Canadian home values have traditionally risen over time, which can be a source of comfort, while you are enjoying the benefits of living in your updated space!

On top of all this change, remember that renovations are continuing to rise as a percentage of overall housing activity across Canada. All that is to say - if you are among the first to renovate in your neighbourhood, you can be assured that you are at the tip of that iceberg.

When it comes to your lifestyle, your individual goals and aspirations are unique, and so is your home! Take the time to talk to a professional designer or contractor who will help walk you through the many options you have before you!