To do or not to do – that is the question. And these days it is a very serious question. Gone are the days when “renovation” entailed new kitchen counters and appliances.
Today, the typical renovation involves removal of wall(s) to create a modern ‘great room’ concept, then adaptations of kitchen and main floor living spaces along with a total gutting of at least one bathroom. Once the concept is in place then comes the SHOCK – the price tag! With the significant increase in the cost of today’s materials, the city’s requirement for architectural drawings and permits and finally the labour costs to cover our all time high cost of living, the final projected total price is shocking to the home owner looking at all this for the first time. Of course, home owners will look at more than one cost estimate and will often find two professional contractors coming in with similar pricing.
If you are not the handy person able to do some or all of the work yourself, you may want to ask yourself some serious questions. Why do we want to do this? Many times the answer is to stay in the neighbourhood, but have a more modern floorplan to fit today’s more easy going lifestyle… Or, to stay on a big lot where you love to garden, but still have an updated home… Or to keep children in the same schools. There are many other reasons, but when looking at the renovation costs, why not examine the alternatives?
If there is no all encompassing reason to remain in this particular home, begin by looking at other already renovated homes in the same or similar neighbourhoods, where owners have already paid the price and made the mind numbing design decisions. Their realtor will already have explained that these owners will not reclaim every dollar of renovation and associated costs, and perhaps the renovation was finished 2-5 years ago. Now start comparing the total costs of renovating your existing home or buying another. Moving is certainly disruptive, but so too is a renovation and, at least a move has a definite end date.
This advice is not meant for those folk with architectural and design professions and talents, for whom these renos are fun and part of life’s rich pattern – they are meant for owners trying to achieve a home lifestyle without breaking the bank or cutting so many corners that they will hate the finished product.
It is always so much easier and wiser to do all the research thoroughly before embarking on any kind of large project, but when it is the place your family comes home to every day it is essential that you all love the results, whether a renovation or a move.
We are happy to consult whenever you are weighing the options – always with your desired results as the goal. Whether you opt for a renovation or a move, we are privileged to assist. We have learned many valuable lessons from the experiences of our clients over the past decades and are happy to share them.
Even on snow days we have you covered and remain your real resource, the Generations Real Estate Partners:
Michelle Hawthorne, Scott Johnson, Sheila Francis, Ray Harris and Shane Goutsis.