Renovating your home is an exceptional way to customize it to better suit your needs and preferences. Further, a strategic well-planned renovation can also significantly simplify your home’s market value.
A successful, ROI-optimizing home renovation is the culmination of well-thought-out decisions and careful preparation. With that in mind, here are 5 critical considerations to make as you map out your project.
Before You Begin: Consult Your Agent
While your current needs and preferences are vital, it’s equally essential to consider the potential impact of your renovations on the future resale value of your home. With that in mind, it’s helpful to consult your real estate agent before proceeding with any home upgrades.
As experts in property values and the trends of your local market, they can advise you on which projects may offer the most optimal return on your investment. An agent can also ensure you sidestep potential pitfalls or any moves that may actively diminish your property’s long-term value.
Looking to upgrade your home? Our strategic advisory services can guide you toward a high-ROI renovation. Call us at 416.441.2888 or reach us by email at evan@christensengroup.ca.
1. Your Intentions
When undertaking a home renovation, one of the most critical considerations will be your intentions and ideal outcomes. This step lays the foundation for the entire project and guides subsequent decisions, including your budget and timeline.
Start by analyzing your goals. Is the intention to enhance your home’s aesthetic appeal, optimize its functionality, add greater space, or directly boost property value? With a solid understanding of what you’re looking to accomplish, you can prepare for a smoother and more efficient process.
Seeking more renovation and real estate resources? Consider these posts from our blog.
- Converting Your Family Home into an Investment Property
- 5 Renovations That Can Boost Your Home’s Value
- What to Know About Condo Renovations
2. Potential Costs & Financial Resources
In the face of inflation and the rising costs of labour, renovations can be fairly costly. In Toronto, it’s not uncommon for projects to exceed their initial estimates. With this in mind, creating a realistic budget is paramount.
After outlining your intentions for renovation, begin researching the costs associated with the projects you are aiming to complete. Compare your early estimates with your existing budget, i.e., the funds you’ve saved or financing you’ve obtained to complete your renovations. Allow for a buffer to accommodate unexpected costs or challenges that may arise.
3. Regulatory Processes & Timeline
Another important consideration for home renovations is the timeline. As you approach your renovations, you’ll want to understand (approximately) how long certain projects may take. Further, depending on the extent of your renovations, you may need to obtain various permits or approvals from the city. While following these regulatory processes can be fairly straightforward, it may impact your timeline – especially if there are delays or setbacks in getting your plans approved.
Looking to optimize your home’s future market returns? Explore these resources for helpful advice.
- How to Sell Your Home Without Losing Money
- Why You Should Think Twice About Working With a Discount Agent
- Why Staging is Important in a Balanced Market
4. Labour: DIY or Professional
While some aspects of your renovation may be suited to a DIY approach, seeking professional support is critical for any major changes to your home’s structure or systems. Depending on what you are aiming to accomplish, you may work with architects, contractors, or other tradespeople in plotting and completing renovations. As you research available options, seek recommendations from family or friends. Your real estate agent can also connect you with trustworthy
5. Disruption & Potential Setbacks
Renovations can be fairly disruptive to your day-to-day life. Depending on the scale of the project, you (and anyone else you share the property with) may need to temporarily relocate, contend with noise and debris, and adapt your daily activities. Anticipating these inconveniences and creating alternate plans can be a helpful method of minimizing stress.
Along with these everyday disruptions, you’ll also want to consider larger adversities that come with renovations. While strategic forethought can help your renovations go smoothly, it’s important to recognize that delays or setbacks may occur. Preparing and accounting for unforeseen delays provides you with a strategic buffer that can help you stay on track.
Looking to upgrade your home? Our strategic advisory services can guide you toward a high-ROI renovation. Call us at 416.441.2888 or reach us by email at evan@christensengroup.ca.
