If there’s one trend that has picked up steam in the last few years, it is without a doubt home renovations. At least when it comes to real estate. In major metro areas like Montreal, available property is scarce and homes can be a bit, let’s say, on the old side (and that’s being generous). Instead of building out or building up, many Quebecois are turning to home renovations to get brand new homes; in fact, total spending for home remodeling in Canada reached over $63 billion in 2013!
It’s easy to see why, right? Upgrading to a stylish granite countertop and upgrading appliances does wonders and comes at a fraction of the cost of a new kitchen, for example. If you want the look of a brand new home without the price tag but are on the fence about the cost, then you should know that home renovations are an investment, not an expense. Here’s more:
The cost of renovations
We won’t claim to know exactly what it’ll cost you to remodel, but we can tell you that recent statistics put the average remodel for multiple rooms at about $17,000 minimum. Don’t let that figure worry you, though. Chances are the average homeowner is upgrading multiple areas and not using an affordable contractor. It’s important to see this as an investment in multiple areas, and one that will provide dividends in the future. It’s not simply shelling out money for necessary expenses.
The benefits of investing in your home
Aside from the pride that comes with having a home you can show off to the friends and family, a full remodel to many areas of the house will return a good investment on money. Here are a few ways it can help.
● Remodeling increases a home’s value – the market value of your home will increase drastically if you remodel some of the most important rooms or areas. For example, a new roof, kitchen or bathrooms will boost your home’s value immediately, and so will adding a finished basement. Kitchen’s normally return 60%-120% of the money you invest.
● Energy savings – thinking of adding energy conserving appliances to the kitchen or bathroom? Good idea, especially with a big family. They will increase your home’s market value but also save you money each month on bills. Remodeling your roof, attic, or windows and doors will also help keep energy in. It’s estimated that a big % of heat escapes through the windows and doors every year.
● Quality of life – it’s not as easy to define, but having more space, better design and even more privacy can drastically increase the quality of life for your family. Imagine staring at a brand new, spacious kitchen every day instead of a drab 70’s design. It’s worth it.
Thinking about spending money on renovations? It’s a good idea. It’s an investment that you will get back in one way or another, not an expense.