YYC Market Tips

living room

To Renovate or not to Renovate

Sometimes it's worth your time, energy and money to dive into a renovation and if you're considering doing one  but haven't quite made up your mind, these reasons might put you over the edge:
Getting ready to sell!  In Calgary’s current market, you must make your house stand out from the rest.  In most cases these renovations tend to be simple changes to make your house appealing to the majority of buyers.  Often times, this is mostly cosmetic and involve a lot of painting such as changing the colour of the cabinets, and walls,  giving your trim a refresh, changing a light fixture or swapping out a bathroom sink to give it a fresh look.  It’s imperative to set a budget and use the money for things that will give you the most return.  This budget can be a small as 500$, this small expense could mean thousands on your overall list price.  Sometimes you need to spend money to make money.
Increase the value of your home!  This involves a much larger scale renovation and could be the first step in preparing your house for a sale a few years down the road.  Often this will involve moving or removing walls to create an open concept, gutting and updating high return rooms such as kitchens and bathrooms, upgrading your landscaping or updating essential elements such as a furnace, new windows, electrical, plumbing and even redoing the roof.   A renovation of this scale will cost significantly more but updating anything that makes the house run will likely give you a return as will a large investment in updating and modernizing the main living area and adding anything that appeals to today’s buyer such as second floor laundry and large mud rooms with ample storage.
Modernize!  This can range from simple and affordable to extensive and expensive.  If you’re thinking simple fixes, try changing your faucets, swap out hardware for more something trendier, add window treatments to warm up your space or change out an old patio door for something more current.  If you’re looking for something more impactful without moving walls, swap out your appliances and refresh your kitchen with a fresh coat of paint on your cabinets.  You could also just switch out a builder grade countertop for a slab of granite, marble or quartz.  This will instantly refresh your space for a small investment.  Bathroom cabinets are also super simple to change out and can make a world of difference.   
Efficiency!  A few small changes can bring down those rising energy bills.  Some people may consider hiring someone who can assess their home’s efficiency before making any changes but if that’s not in your plans, the first few things to look at are making sure doors and windows are properly sealed, switching out an old hot water tank for a tankless one , changing out inefficient light bulbs or getting your ducts cleaned to ensure your furnace is running efficiently.  Changing out old windows and doors would also be a great long-term investment and likely save you money in the long run.   Finally, if your appliances are over 15 years old, they are likely not the most cost effective and therefore it could be time to consider buying new ones that are likely designed to be more energy conscious.
Renovating is without a doubt a daunting task but all it takes is a great plan, a good budget and the ability to execute.  Don’t be discouraged, something will probably go sideways so plan for that too but if you see it through to the end you’ll be thrilled with the end result. 

If you're contemplating a renovation and are needing some guidance, please send me an email, I'd be happy to help or refer you to someone that can help.