Often the decision to renovate or make improvements to your home is triggered by an immediate need.
Here are a few examples of life changes that necessitate that home renovation –
- you have two children close in age, a boy and a girl but they are getting to the age where it’s really not ideal for them to be sharing a room.
- health issues mean your home needs to be modified to accomodate a member of your family.
- you’re expecting a new baby.
- an aging parent is no longer able to live alone and you want them close to you rather than in a seniors home.
- a rash of break-ins in your neighbourhood has you thinking about home security.
- winter is coming and maximizing home energy savings is your highest priority.
Whether we accept it or not our lifestyle and family needs are constantly changing and as they do the needs and wants your home must satisfy will also change. Sure the arrival of a new baby means you need a nursery and the arrival of an aging parents means you likely need a new suite but what about your needs and wants 5, 10 even 20 years form now? How can your home renovation plan satisfy your immediate needs while anticipating your future needs?
Here are a few tips and questions to help you build longer term goals into your plan –
- Ask yourself – How is my lifestyle and family situation going to change? As the examples above illustrate change happens in our lives a lot. Some of those examples may very be happening to you right now and the core reason you are embarking on a home renovation project. But some of those may also give you food for thought. Think about yourself and your extended family. How will your and their needs and wants change and how will that impact your home over your lifetime?
- Is your current home the one you plan to stay in long term? Consider how long you plan to live in the home you’re in now. If you think of your home as a starter home then the idea of planning long term for an in-law suite may be irrelevant. Think too about the investment portion of your home what are your long term financial goals as they relate to your home as real estate? Many renovations will improve the market value of your home but some projects have a greater impact than others. For example, lets say you really are intent on having your parents move in with you when they are no longer ale to live on their own. That could 10, 20 maybe even 40 or more years down the road. But if you have the room now adding a suite and renting it out could have a dramatically positive impact on your finances over that period of time. If your plan is to live in your home for a long time – perhaps indefinitely than te financial return on renovation may be less important than the priceless lifestyle benefits you will realize. On the other side of the coin, if your plan is to move up and sell your home in a definite period of time then you really want to consider if and how your home improvements will enhance the selling price and salability of your home. A good Real Estate appraisers can give you excellent advice on which renovations are most likely to give you the biggest bang for your buck in your particular market place.
To help you explore your current and future Home Renovation needs download this Planning Worksheet from the CHBA (The Canadian Home Builders Association).