Why You Should Renovate Your Home

Photo Courtesy of Tucker Construction Ltd.

Last week I wrote about the benefits of building a new home for yourself rather than buying one. But I left renovations off of that article because there is too much to write about renovations on their own.

We have all seen the TV shows on the HGTV about disaster renovations, time to call in the professionals and fix what some "contractor" called a finished job. But unlike everything we see on TV today (news, celebrity gossip, Community season 4) it's not all bad, and should not deter you from pursuing a home renovation. Homes need upgrades like Desperate Housewives need "remodelling". Perhaps your family is growing and you need to expand your living space into the unfinished basement, or maybe you want a new kitchen and bathroom to update yourself to the 21st Century. Whatever it is, home renovations are a great way to upgrade your house, without losing your home.

The benefits of a well done renovation are simple. You can make better use of space, bring modern colours and materials to your furnishings, get new appliances to replace the energy inefficient outdated ones, and you may qualify for a government subsidy, grant, or tax credit.

Renovations can seem very expensive, but they can increase the value of your home, you just need to ensure you spend in areas that update old fixtures and make more user friendly spaces. So let's look at wise places to put your money.

Rooms that can be renovated

Photo Courtesy of Tucker Construction Ltd.

Kitchens and bathrooms are some of the most common renovations as they contain the rooms with the most appliances and fixtures in the house. It could be creating the open concept kitchen plan that flows into the dining space with new cupboards and counter tops, or even just refinishing your cupboards and adding new appliances. Another great option is to add another bathroom for your growing family. You can turn your unfinished basement into additional family room for less money than you would expect. For the homes that don't have one, building a master bedroom with ensuite bathroom and walk-in closet can add great value to your home and provide the privacy required for many families with older children. However be careful if you are considering using another bedroom for your expansion as that may affect your homes value.

Benefits that save money

So we know that it takes money to make money when it comes to upping the resale value of your home, but you can also save money by discovering where your home is losing energy and costing you more money in monthly bills and renovate to fix those issues.  Hire a home energy inspector and get a recommendation for your improvements with an energy audit.  Some areas you can expect to invest in are window replacements, insulating walls and ceilings, replacing your furnace and hot water tank. But you may also find cheaper options like getting a programmable thermostat to optimize your homes heating and cooling for when you are actually home. When it comes to energy efficiency, be sure to do some of your own research on appliances as the return on your monthly bills may not be worth a large investment.

There are also government programs that can help you get rebates, grants or tax credits on your renovation purchases. While the Canadian and Ontario government has recently closed programs like the Ontario Home Energy Savings Program, you can still find home savings like the new Healthy Homes Renovation Tax Credit in Ontario which I will write about in an upcoming article, and British Columbia's LiveSmart program which provides rebates of up to $7000 for home energy renovations. New tax credits and rebates emerge from government's, be sure to contact your local MP or MPP about what is currently available.

Photo Courtesy of Tucker Construction Ltd.

Now when you think of renovating your own home you can remove those images of Mike Holmes or Bryan Baeumler visiting your home to fix something that was done not to code, with poor craftsmanship or just unfinished. Sorry ladies, I know Bryan's a handsome guy.

The best way to begin a renovation, start talking about what you want done and start visualizing what your home could be, the rest will come naturally once you begin contacting contractors for quotes. And when it comes to quotes, the cheapest is never the best. I know it hurts your bank account to see a cheaper price and not go for it, but there are real differences in the quality of work that you pay for. Your home and your family will be worth it.

Coming soon: How to select a contractor to complete your work.