Sky-rocketing values, more time indoors, and ‘do we or don’t we’ renovate, are issues many homeowners are dealing with these days.
Our home has always been one of our biggest investments. It makes sense that we take care of that investment. This is truer than ever with home prices going up by double digits in many parts of the country.
Over the last few years, many of us have spent more time than ever in our homes…working from home, participating in online schooling, and just spending additional time at home as we learned to live with a pandemic.
This led many Canadians to realize that our homes could use some renovations, not just to increase sales potential but to make them more livable for the current situation. Better separation for work/home life, more room for family, a larger bathroom, more natural light, eco-upgrades to reduce costs, a finished basement, improved outdoor space, the list goes on and on.
Many of these upgrades will increase the value of your home while increasing the personal use and enjoyment of your home. A 2021 list of best home improvements for resale lists kitchen, bathroom, and finishing basement as the top 3 with eco-upgrades (replacing windows, furnace, air-conditioning, etc) as #4 on the list.
A smart investment
Replacing windows (and doors) is a smart investment in your home. Apart from any incentives, eco-upgrades can be advertised while selling your home. Things like newer windows can reduce the cost of energy. Besides, replacing these items would mean that the new buyer doesn’t have to deal with any of those issues in the foreseeable future. On top of that, your home inspection report will come back cleaner as any home inspector would inspect all these items as part of a standard home inspection.
If you stay in your home, you will enjoy the comfort that the new windows (and doors) bring, and the lower energy bills! Check for Government incentives, in addition to the fact that they add value to your home for resale.
Plus there is the added benefit of the natural light. Did you know there are many health benefits of sunshine? Getting enough exposure to sunlight every day is key to enhanced mood, better brain function, sleep quality, heart health, stress relief and even cancer prevention! Read more in this fascinating blog on The Health Benefits of Daylight. At Aaben Windows and Doors, we are big believers in increasing the amount of natural daylight in our homes and are happy to share ideas on how you can do this.
So is now the right time to renovate?
According to over half of Canadians surveyed, yes.
In most of the surveys* we looked at, respondents stated almost 1 in 2 Canadians have already done or are planning to do home renovations in the near future. Canadians are still making renovation decisions based on pandemic living and/or the higher values of home prices as their main motivation for renovating.
Over the last couple of years, the renovation industry is busier than ever, and this trend doesn’t look like it is going to slow down anytime soon.
And while people seem split on whether they are doing these renovations for their own personal use and enjoyment of their homes or to increase the sale value, there is no denying that sales prices of homes are at an all time high. The typical price of a home across the country rose 26.6 per cent in Canada as of December 2021.
No matter why you choose to renovate, planning is essential. There are challenges homeowners face in today’s marketplace in addition to finding reputable contractors and setting a budget.
Here are a few tips to help renovations go smoothly in 2022:
Don’t rush the process. The home renovation market may be more challenging now, but the principles for success remain the same. Resist the temptation to hire the first contractor who becomes available – don’t skip the due diligence. Finding the right contractor and obtaining the best materials for the job may take longer these days. Now more than ever, your home is your sanctuary, and a well-executed remodel is worth the wait.
Find a verified and qualified contractor. Compare quotes and choose a professional based on fair pricing and a good reputation. Hiring the right contractor is the key to success in this renovation market. Check out their warranties. Look for references. Ask who will be working on your project – for example, do they subcontract out installations? Do they follow up after the project is completed? Ask questions and make sure you are happy with the answers you get.
Plan Ahead: Many contractors are still working on projects signed last year, playing catch-up after a series of lockdowns and supply chain disruptions. Booking during Winter months may be necessary for a Summer or Fall project. Planning your project ahead is important to the success and timelines of your project.
Flexibility: Some materials may be scarce. The supply chain for building materials and products was heavily impacted by the pandemic. Factory closures and production delays limited the availability of some products and materials. A reputable contractor will be honest and upfront with availability of products. Delivery times may be variable. You may have to wait longer for delivery or choose a different brand/product. Successful home renovators will have second option in mind in case delivery of your first choice is unavailable.
Aaben Windows and Doors can help you with your renovation project. If you are looking to add more natural light into your home with new windows, skylights or sun tunnels, patio doors or replace existing windows or doors, contact us for a hassle-free quote today.
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References/Sources:
*https://abacusdata.ca/home-renovations-covid-19/
• https://www.businesswire.com/news/home/20211014005035/en/Canadians-Increasingly-Investing-in-Home-Renovation-Projects-Even-After-the-Pandemic-Simply-Group-Data-Reveals
• https://blog.remax.ca/canadian-real-estate-renovation-trends/
