The home improvement market has been booming. In 2019, home improvement industry sales reached approximately $50 billion in Canada. You may ask yourself why so many people invest money into their home renovation? What are the benefits of renovating your home? And why does it make sense to renovate your home this year? We’ll answer all these questions and more in this article – please continue to read on!
Why invest money in your home renovation?
When it comes to renovations, there are three primary decisions – DIY or hire a contractor, what to renovate and why, and budget.
Decision #1 – DIY or hire a contractor?
Given you’re on our website, we’ll assume you want to hire a contractor, but if you need more convincing, we encourage you to read:
- Home renovations that require a contractor
- Advantages of hiring home renovators
- Why choose ACR for your home renovation
Decision #2 – What do you want to renovate in your home?
While this might seem like an easy question, some people aren’t always sure. We find that it can help discover “why” you want a specific renovation to be done. List goals you hope the home renovation will achieve to round out your thought process. There can always be other factors at bay that will influence your decision processes, such as budget and timeline. For more planning-related topics, be sure to review:
- Start planning your future home renovation
- Important things to determine when renovating your basement
- Things to consider when renovating your bathroom
- Kitchen renovation decisions you’ll make during your project
Decision #3 – Budget for renovating your home
The range of this topic can vary greatly. First, you’ll need to factor in your current financial situation. We don’t recommend overextending yourself to complete a renovation. Similar to purchasing a home, a renovation is going to be perhaps, your second largest expenditure in life. It’s important to know how much you can afford and have a plan for paying back debt if that is the route you choose to go.
Our next suggestion is to talk to your financial planner or advisor to determine what’s realistic. They will also be able to guide you on options such as secure lines of credit, re-mortgaging, etc. With interest rates at an all-time low, these options can be great ways to get the renovation you want, sooner.
Finally, we recommend you reach out to us to discuss your questions related to the budget and your specific needs for a renovation. Every renovation is based on many factors including the condition of your home, your needs, and the work you would like completed. Due to this the cost for your renovation will be such a wide range, we recommend contacting us for pricing estimates.
Finally, for windows and doors, the cost will largely depend on the size of your windows, the type of new windows and doors you want, and the number of items we are replacing. However, with this type of renovation, it’s most easily split into batches, should budget be a limiting factor.
Benefits of renovating your home
Before you start a remodeling project, you need to know what you want. A home renovation is a large undertaking and comes at a significant price. However, there are massive benefits to completing a renovation.
Increase the value of your property
Remodeling can be a big investment. But when you consider most renovations will deliver a 70% return, you can easily see why so many people are ready to make such an investment. Hiring a renovation contractor to help you remodel the property will enhance its value for prospective buyers.
Make your home more functional
Perhaps you don’t want to sell your home. Why renovate it then? Well, you can customize it to your needs and preferences. Not only can you make your home more enjoyable, but you can also make it more functional.
Increase the amount of space in the house
Most people are now spending much more time in their homes. A great way to add some more space to your house is to renovate your basement. Other alternatives can be a home addition or an attic renovation.
Lower the energy consumption costs
Do you feel like you’re spending too much money on bills? Why not invest some money right now and save a lot in the long run? A home renovation allows you to make your home more energy-efficient. Read more about energy-efficient renovations in our article.
Change the style of your home
You can modernize your home with a few technological enhancements. Make your kitchen, bathroom, and living room more modern with smart thermostats, faucets, etc. A style change can also enhance the life of your home. The contractors you hire may also determine spots that need fixing. They can analyze your property and come up with ways to fix crucial problems as a part of the renovating project.
Why renovate your home this year?
The information in this article covers in-depth just some of the things you should consider. Renovating your home this year will have an impact on your quality of life. Some of the top reasons for renovating this year are:
- Spending time at home, so invest where you are and support local in the process
- Low interest rates and flexible financing options from banks and lenders
- Reduce energy costs through renovations and other home improvements
- Increase functionality which will benefit you now and as you age into your home
- Increase your property value which will affect your net worth
- Or increase your property value to maximize your home resale value
Get in touch with us to renovate your home in Winnipeg today!
If you’re ready to take the next steps to renovate your home this year, make sure you contact us! All Canadian Renovations is a leading home contractor in Winnipeg. We have an innovative home renovation process that our clients love! Come experience it for yourself and request an estimate at 204.779.6900 or through our website.