Move or Improve

Realtors are currently working in a state of interim as the housing market has seen a significant lack of listings. Home owners are not selling homes, and the the real estate market is halting. Professional renovators, on the other hand, are struggling to keep up with the demand for their services. Jon-Carlos, outgoing chair of the Renovator and Custom Builders Council of the Building Industry and Land Development Association (BILD), says that many owners are opting to renovate instead of selling their homes. In order to pay for these renovations, owners are using their appreciated value of the property. There are two kinds of renovations; one is to get the home ready for the market, and the other is for better living. Which is best for you?

Moving vs. renovating

The amount of money spent on home renovations and repairs now exceeds the amount spent on construction in Canada. Ontario alone accounted for almost four or every 10 Canadian renovation dollars, according to housing research company Altus Group. Worth more than $70 billion in 2015, it is expected to be even higher in 2017. Meanwhile, the realtors and builders are predicting new home inventories ad re-sale listings will continue to decline. Many homeowners who realized what it would mean to step back into the housing market are now choosing to renovate their home and add to their existing property worth. 

Renovating

Modernizing a traditional home is seldom straight forward. Kitchen and bathrooms are always in high demand, and these kind of renovations can be costly and require design knowledge for an aesthetically pleasing theme. If you are considering making any big improvements in your home, it may be best to consider the consultation of a designer. It may be best to look over three designers and their portfolios before hiring. In regards to contractors, Dennis Bryant, of Bryant Renovations, suggests the best way to determine the efficiency of a contractor is to call their past clients and visit job sites. Also, make sure that they are municipally licensed, insured, and trained to avoid any legal mishaps.  Once you've done research about which designer and contractor will be best for your renovations, collaborate with both to go over budget and pricing. 

By the numbers