Budgeting for renovations
Housing affordability in Canada has been a hot button issue in the last few years and while some believe it’s not an issue those people aren’t considering all the expenses. Daycare, retirement savings, maintenance on the home and renovations are largely excluded from their thinking and the price of renovations has increased. Whether you want to or not, home renovations are a part of every home at some point doing what you can to protect your investment.
Protecting and enhancing your investment is part and parcel with home ownership. Pink bathtubs, mirrored walls, and heavy stuccoed ceilings will only deter buyers and negatively affect your selling price. Keeping your home current is important. The best homes always sell for the best price.
Houses, due to their construction materials and their ability to last over a century, are susceptible to natural decay. Mother nature, kids, pets and trends can initiate a home renovation. DIY shows and bog box stores make it seem easy and exciting to renovate and inspiration is everywhere you turn.
Ottawa’s online database of construction, demolition, and pool enclosure permits issued monthly state that both gazebos and porches are popular items for renovations. Gazebo projects range between $3,000 and $25,000. Porches between $12,000 and $88,000. Sun rooms seem to also be popular renovations. Three season sunrooms range around $10,000 where a year round sunroom can run around $35,000.
Bathroom reno’s start at $4,500 and can go all the way up to $45,000 for a spa like retreat. Additions to the primary dwelling have the widest range. Adding a second level to a one storey home can cost you upwards of $80,ooo and adding a larger footprint can cost as much as $125,000.
The amount of money spent on renovations has risen 7% annually in recent years, adding to the financial strain on households. More and more Canadians are choosing to renovate rather than to move.
If you are considering your options and whether or not moving vs renovating is for you, I’d be happy to assist you with my market knowledge and tips to make your renovation one that will attract buyers in the future.
Saskatoon real estate agent
Century 21 Fusion