While there are many reasons to take on a renovation project in your home, it is easy to get swept up by the prospects of how nice it would look and lose sight of whether you should be planning to renovate at all. Before you commit to a home renovation or remodeling project, check to make sure you don’t fall under any of these categories:
1) You are Counting on it Increasing Your Home’s Value
Certain renovation projects can offer an increased home value should you plan to resell. For example, redoing the kitchen, adding on another bedroom, or creating an en-suite bathroom in the master bedroom are all good ways to increase your home’s value. But other renovation projects don’t necessarily do the same. This is especially the case if the work you are doing would fall under the category of general home maintenance and upkeep, or if it is something that a home inspection would dictate needs to be completed before sale.
2) You are on a Strict Timeline
Renovations take time, and more than that, they usually take longer than you expect, or longer than the timeline dictates. Anybody who has been through a renovation likely has a story about how it took longer than planned or was delayed for one reason or another. Despite the best efforts by you and your contractor, there are an exorbitant number of things that can go wrong when renovating and all of those can push back the completion date of your renovation project. From finding out about unexpected home structural problems, to having materials placed on backorder, to needing an extra coat of paint, or waiting on an inspector, assume everything in a renovation will take longer than you expect, and don’t start if you need it done by a certain date!
3) You are Trying to do it on a Tight Budget
Just like it will take longer than you expect, it will also probably cost more than projected or run over budget. When you receive a quote from the contractor, cabinet maker, painter, etc. these are general estimates, providing everything goes exactly according to plan. When the job ends up taking longer because of a newly discovered leak in the wall, or the materials you are using go up in price from the manufacturer, these all add extra costs to the project. Allow for more than you are quoted to cover the job, and reconsider undertaking a renovation if you are tight on finances.
4) You are Making it Highly Customized
While adding your own personality into a renovation is important, and even more so, it’s important for the renovation to generate something you like, going too far in one direction and creating a completely customized look is not necessarily the best idea. Firstly, it will be more expensive on your end to order everything customized to your specifications, and secondly, it may not bode well for resale value. Having a part of your home that is deeply tailored to your own personality or preferences, means it likely won’t be that attractive to prospective buyers and may be a turn-off when it comes time to selling your home.
Freshly renovated or not, if you are thinking about selling your Calgary home, you know who to call. The Calgary Real Estate Professionals are ready to help you out, and will even let you know if that home renovation plan can be cast aside in favour of selling instead!
