Remodelling Your Home vs Moving

If you’re at a point where you feel like you need more space or possibly a change to your current space, it’s important to consider the cost of remodeling your home vs the cost to moving. One way to gauge this is to expect your moving cost to be roughly 10% of your home’s current value. If your renovation project will be less than that amount, then it’s likely worth staying. However, when you plan a renovation to your home, make sure you’re keeping in mind what kind of upgrades will add value to your home.
 
What to remodel?
Let’s start with some suggestions on what is likely to add the most value to the home when your done.
 
Kitchen:
Kitchens are an area of the home that most families spend a considerable amount of time in, so it’s no surprise that this is one area of the home that will help add value to the property. Think about usability and functional use. Upgrades like dual sinks, additional cooking areas, walk in pantries and countertop space will all help to add value. Aesthetically, you can help add value in your kitchen with granite/stone countertops, modern backsplash & stainless steel appliances.
 
Bathroom: 
If your bathroom has limited space and adding space from other areas of the home is not possible, then think about adding space with upgrades such as a walk in shower or a vaulted ceiling. Think about functionality by adding dual sink vanities and adding attractive aesthetics with stone countertops, ceramic tiles, and backsplash. It may also be a good idea to consider heating flooring if it fits your remodeling budget as this will add an additional layer of comfort to another room you and your family spend a lot of time in.
 
Windows:
New windows are vital in not only making the home more saleable, but will also help you improve your utility cost and help to make your home more energy efficient. Windows are a part of the home that most buyer’s look at when thinking about putting in an offer on a property, so it’s no surprise that homes with old windows often sell for less money. Do your homework and select a quality product that is right for your home.
 
Planning & Budgeting:

  •   Draw out your new space and explore different ideas that may be suitable for your needs
  •   Talk to other people who have gone through similar renovation projects. This will help you get an baseline idea of potential cost and may even help you find the right contractor.
  •   Figure out how much money you have to spend and start talking with industry professionals to ensure your project can be done within your intended budget.
  •   Calculate the cost of materials, labor, permit fees etc.
  •   Establish a timeline to help your contractors plan.  

 

 

 

 

Kevin Lennie

Kevin Lennie

Sales Representative
CENTURY 21 John DeVries Ltd., Brokerage*
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