Let’s set up a hypothetical situation here. You have been living in your home for a number of years, seeing the same colours, furniture, and layouts for just as long. Your neighbour just finished his brand new kitchen remodelling and held a big dinner party to celebrate, enthusiastically offering you their contractor’s business card. Suddenly, the idea of gaining a whole new look and feel to your home gains appeal, and you are ready to pull up your sleeves and start remodelling.
Before you pick up your sledgehammer and start dismantling your home, there are things you should first consider before making such a big decision. Everything may seem very clear to you now, but there may be things you haven’t yet considered. Take a moment to consider the following reasons why you may want to cancel or postpone your current plans for remodelling.
Can You Justify The Remodel?
First and foremost, you may believe that your home needs a refinish, but you have to ask yourself what you are ultimately gaining with the money you are spending. Sure, a new kitchen might look nice and new, but your old kitchen is probably functional enough to handle most kitchen tasks comfortably. Look at your plans objectively and make your decisions rationally before you pick up your first tool.
Breaking Even Is Harder Than It Sounds
At first glance, adding value to your house seems like very simple math. You purchase a $750,000 home, you complete $50,000 worth of work, and sell your home for $800,000 or more. Sounds right, and at the very least you’re breaking even on the deal, so what’s the harm in going for it?
In most cases, the cost of a renovation is very rarely equivalent to its ultimate value. More often than not, a renovation will lose value rather than gain it. Costs increase more often than they decrease as a renovation progresses. The kitchen remodel your neighbour just finished may be nice, but it may have cost more to build than the actual value it brings to the resale value of the home. Consider reading our other blog post on breaking even and resale value for an idea on how a few common projects might affect the value of your home, and if they are right for you.
Some Eco-friendly Remodels May Not Be Eco-friendly Themselves
There are a lot of products on the market that are excellent eco-friendly alternatives to many modern equivalents found in households today. When building a new home, they can be excellent new solutions to save money and the environment at the same time. However, consider how much has to first come out of your home to allow you to convert to eco-friendly equivalents. Much of what is being removed will go to the landfill, and the actual ecological benefits may be negligible.
Don’t Try To Be A DIY Superhero!
If you have remodelling on the mind, chances are you have seen one or two home renovations shows on television. These shows are designed to make everything seem easy and manageable, and you can quickly find yourself in hot water if you take on something that is out of your element. Be realistic and identify which jobs are actually manageable on your own, and which ones probably require the help of a professional.
This is where Georgio Lolos and the HiLife Builders Corporation can help turn your dreams into a reality. If you’re looking for home renovations, architects, or home builders in Toronto, Richmond Hill or Vaughan, we are trusted professionals with over 25 years in the business. Contact us for expert advice on your next project today.