Upgrade your home to add value and comfort

Did you know that existing equity in your home may comprise a larger portion of your net wealth than the holdings in your stock market or retirement fund? Compared to conventional financial investments that rise and fall with regular frequency, housing has proven to be a stable and sound investment. The Renovation Council of the Greater Vancouver Home Builders’ Association (GVHBA) suggests that you consider upgrading your home to increase your family’s comfort and at the same time add value to what may be your most important financial asset.

Last year was a banner year for the renovation industry, thanks to increased consumer interest in modifying existing homes. Why the rise in popularity?

First, renovation is an efficient way to enhance the value of your current home. Although few of us purchase a home strictly for financial reasons, in practical terms it represents an asset that can pay high returns. A home that is well-maintained and offers up-to-date systems and amenities will have a higher value than a comparable home that is poorly maintained or lacking the conveniences and extra living space that appeal to today’s home buyers.

Renovation also allows homeowners to customize a home to meet their needs and desires, without giving up a familiar neighborhood or school. Whether you are looking to add space, incorporate new amenities or accommodate lifestyle changes such as new children or aging, renovation can provide an alternative to moving. Adding a new master suite or playroom, finishing a basement or upgrading kitchens and baths always are popular projects, while modifications designed to allow residents to “age in place” are becoming increasingly widespread with baby boomers and retirees.

Before you begin a renovation, it’s a good idea to think through your wants and needs. First, decide what changes you would like to make – ask yourself what you like and dislike about the house, and examine what options may be most useful for you in the future. For example, are you planning to stay in your home through retirement? In that case, you may want to consider features such as wider doors, grab bars and better lighting. After you’ve evaluated the potential improvements you’d like to make to your home, create a prioritized list.

Once you’ve chosen a project, look at magazines and collect pictures of what you like. Think about traffic patterns, furniture placement, colours, lighting, and how you want to use the renovated space now and in the future. When you meet with your renovator, this will help you both to work together and achieve the results you want.

While renovation enhances the value of your home, studies show that when it comes to investing in a room addition or kitchen renovation project, most consumers spend more time and know more about choosing a car than they do about choosing a renovator. A professional renovator offers you important services – years of experience, the right tools, a network of suppliers and subcontractors, and an in-depth understanding of legal regulations, cost estimating, scheduling and the latest construction techniques.

There are several ways to find the renovator who best fits your needs. Talk to friends, family, co-workers and neighbours who have renovated their homes. Who did they work with? Were they satisfied with the process and the results? Check with your local home builders' association, such as GVHBA, for a list of renovators. Look around your neighborhood for renovation projects underway. Talk to the homeowners about the work and the contractor. Ask suppliers and retailers of building materials, products and hardware. Reputable renovators have network of suppliers with whom they conduct business with regularly, ranging from lumberyards to kitchen cabinet manufacturers. Visit home shows. This gives you a perfect opportunity to get first impressions and useful advice. Check local advertising. Professional renovators often specialize in certain geographical locations. Look in your community newspaper for ads placed by established firms.