Tag: Home Renovation

Home Addition Ideas to Increase the Value of your Home

Posted on by Canadoo Admin

Home additions can not only make a significant impact on the comfort and quality of your life, they can also have a significant impact on the value of your home.  Adding living space such as kitchens, bathrooms, or bedrooms or even making space for more storage are all investments that can increase the selling price of your home.  While you may already have some ideas of additions for your home, here are some home addition ideas to increase the value of your home.

A Home with a Story

Building a second story on your home is a big project, but one that brings a big payoff.  Story additions can almost double the living space in your home while also increasing your home’s value.  These additions are certainly costly – you should expect to spend somewhere upwards of $100,000 depending on many factors including the current size of your home, its structural integrity, and even your geographic location. 

Make sure you work with a qualified builder and architect so that the addition is done safely and to building code.  Not all home foundations can support an additional story, and some cities or neighbourhoods may have bylaws that prohibit these additions.

Make it Roomy

If adding a second story is a project that seems like you’d be biting off more than you can chew, consider adding a room or suite over your garage.  You can increase your square footage while potentially creating a revenue stream by building a suite you can rent out.  Homes with rental suites are highly attractive to buyers because they can help mitigate the cost of a mortgage. 
Or, if you are not interested in renting out to strangers, it makes a great space for guests.

Nowadays, modular additions are an attractive option for homeowners to add rooms, suites, and even stories.  These pre-fabricated living spaces are great for smaller homes or single-story homes because they are cheaper than custom additions and most of the construction occurs off-site thereby limiting the inconvenience associated with large and lengthy home addition projects.

Basement Bang for your Buck

Perhaps the most common and affordable of all home additions is a finished basement.  If you currently have a blank canvas of a basement, finishing that space can considerably expand your living space while also leaving a significant mark on the value of your home. 
Add a suite, a living room, or an entertainment space and you’re sure to see an excellent return on your investment.  In fact, many basements can be finished for under $20,000 (sometimes just a fraction of that cost) which will easily pay for itself when you consider the impact on the selling price of your home.

These are just 3 home addition ideas to increase the value of your home, but there are many other additions to consider – kitchen or bathroom additions and expansions, converting a porch to a sunroom, or adding outdoor living spaces…the options are only limited by your imagination.

Home Renovation Planning

Posted on by Canadoo Admin
Home Renovation Planning

When it comes to keeping a home renovation on time and on budget, planning is the single most important factor home owners need to consider.  Your dream renovation should always be your goal, but cost and affordability are very realistic concerns that may impact the scope of your project.  Big ticket items tend to make a big impact in a renovation, and home owners can make the mistake of jumping the gun by purchasing cabinets, appliances, fixtures, or furniture before they know what the project will cost.  Planning your finances before you begin your project is the cornerstone of successful renovations.  So, what do you need to know about home renovation planning?

Prioritize

First and foremost, prioritize your home renovation budget.  Working with a contractor or a home renovation expert can help you plan for the cost of different elements of your budget.  Then you can prioritize the items that are “must-haves” versus “nice-to-haves.”  You should also consider more than the cost of the item, but also the impact and necessity.  For example, if you have an older home and you want to upgrade appliances or lighting, you may need to consider whether your home’s current electrical system is up to code.

Padding your Budget

Also, remember that you might not be able to calculate all your costs up front – with any successful renovation, you should plan for at least 10-15% of your budget to go toward unexpected costs.  In fact, home renovations regularly cost more than anticipated, and some experts suggest padding your budget by up to 25%.  In general, smaller budget projects can get away with a little less padding, whereas with larger projects you need to save more for contingencies.  It also helps to have prioritized your project before you begin because that can help you decide where to compromise if you are getting close to your budget.

Paying for your Renovation

Once you’ve planned and budgeted your renovation, you’ll need to start paying for it.  Ideally, you have the funds available to cover all the costs of the project, but some homeowners prefer to seek out alternative financing.  Credit cards are one of the most costly approaches to paying for major home renovations because the interest rates are high.  Your financial institution may provide a low interest loan, particularly if you have equity in your home.  Ensure that repayment of any loans is within your monthly budget before you break ground.  Some homeowners make the mistake of overextending themselves which can create significant stress related to financial hardship. 

Your dream renovation can certainly become a reality and all it takes is careful planning.  Imagine your future home, prioritize your project, set a budget, and organize your financing and you’ll be well on your way to a beautiful and successful renovation.