Overcoming Renovation Obstacles
Overcoming Renovation Obstacles
It’s not always possible to buy your dream home, particularly in today’s market. Renovating your home is quickly becoming the best solution to create not only a dream home but future profit. We understand deciding if you should renovate can be a stressful and confusing time. You will need to overcome renovation obstacles. Within a family/partnership there tends to always be one key researcher who initiates the need for a renovation. This person then proceeds to investigate if it’s a possibility (HINT – If you’re reading this, it’s probably you). That researcher then faces a barrage of questions. “How are we going to afford this?”, “How long will this take?”, “Why would we do it like that”. If this sounds familiar, fear not, we are here to help you overcome these confusing renovation obstacles and ensure your renovation is as smooth as possible.
Renovation obstacle 1: “How are we going to afford this”
The most obvious obstacle of all. How to finance your renovation. Your first step will be to do your research and find a Mortgage Broker preferably with real estate knowledge who can advise you on your options. Mike Donovan, Real Estate Agent, Mortgage Broker and Owner of Broker Smart has advised one of our co-owners on their own home and renovation. Your first step will be to contact Mike and fill out a mortgage application. Mike will then discuss your financing options, from a line of credit to refinancing your mortgage. Mike will be clear and honest with you regarding the best option to suit you. It may seem daunting but it’s actually far more straightforward than you think.
Renovation obstacle 2: “What do we want to change?”
Fortunately for you, we manage your renovation from the design through build stage. We have in-house designers who can work with your wants and needs and also inspire ideas that you would perhaps never have thought of! Sometimes it’s useful to have a design expert who can highlight how a layout could be more functional. Find out where practical items need to go and how to achieve that wow factor. We suggest you visit Houzz.com and collate everything you like to make it easier for our designers to gain a full understanding of what you want to achieve.
Renovation obstacle 3: “How long is this going to take”
A very difficult question to answer. It of course depends on the scale of the renovation. We create a timeline before the renovation starts and always remain transparent and try to manage your expectations. Many projects may have stumbling blocks which add on extra time. Examples of discoveries we have made: the demo stage has revealed two layers of flooring, hidden windows, incorrectly installed insulation etc. We encourage you to organise, if necessary alternative accommodation which is not going to cost you more money than necessary and always expect it to take longer than anticipated.
Renovation obstacle 4: “Why don’t I just get a contractor to do this work?”
If you are considering a smaller renovation we would advise you take this route. Contractors are great for smaller jobs which don’t require design or logistical planning. If however, you are planning larger changes and are busy professionals we recommend working with a design and build company such as us – reVISION Custom Home Renovations. We deal with responsibilities and issues such as waiting in line for permits, suppliers, trades, hazardous materials assessment etc. We take the pressure off by managing the logistics, the design, the demo and the renovation.
Renovation obstacle 5: “What will we gain from this renovation?”
It’s likely you have noticed that Canadians are investing in home improvements more than ever. The Appraisal Institute of Canada has highlighted the ROI opportunities based on different types of renovations. If you are looking to make a ROI via renovation, it’s important to match your renovation to your surroundings. For example a $100,000 kitchen won’t work in a home that’s only worth $200,000. Likewise, if you renovate your home to stand out in a lesser neighbourhood it’s unlikely to have ROI potential. Whereas if you are bringing your home up to par with your neighbourhood it’s highly likely you will make a ROI.
- Kitchen and Bathroom renovations typically make a 75-100% ROI.
- Painting, roof replacements, heating system improvements, additions, doors and window replacements, decks, hardwood floor, garage additions, fireplace or AC additions can provide medium ROI opportunities.
- While Pool additions, skylights and landscaping provide low ROI.
Renovation obstacle 6: “What’s our involvement?”
You will be involved with all the decision making process. However you will not need to be involved in the time consuming tasks such as visiting City Hall to gain a permit, meeting trade on site and ensuring they stick to the plans, talking to suppliers to order materials etc. We will keep you updated every step of the way and try to ensure the renovation disrupts your life as minimally as possible.
Renovation obstacle 7: “Who makes decisions on the finishes?”
You do! Of course our designers advise and suggest what would be most cost effective and have the desired effect. We also help you stay on budget and work with suppliers to get the best deals possible for you. Ultimately, it’s your renovation, so you can have as little or as much involvement as desired.Back to the Blog