Remodel, Addition or Tear Down & Rebuild?
It’s time for a change but you like your neighborhood?
You have three real options: to renovate, create an addition or tear it down and create a new build. If you approach it intelligently, each option will increase the value of your home as well as change the function and aesthetic. There are several factors to take into account before you decide to take the plunge.
Disruption to your life:
While not ideal, you can live in the house during renovations and perhaps even some additions but a new build will mean moving out, putting your possessions into storage and finding somewhere else to live for the duration of the project. This might not make financial sense, let alone the disruption to your life.
Cost benefit:
The value of your home will increase with the improvements you make. Not all but most and we will cover that in an upcoming article. That increase in value has a ceiling, based on the house prices in the area and city and several other factors. So there will be a point of maximum return for the money you invest into the construction project. If this is your forever home this might not be as important to you but it’s always something that is good to keep in mind. The last thing you want is to find yourself unable to sell your house because the market cannot support the asking price.
Functionality:
What qualities can you add that might improve your life? A renovation might add some limited function by opening up walls or optimizing the layout of your home but you are simply optimizing within the constraints of the existing space. Maybe you need several more bedrooms or you have a space in mind that the existing structure simply cannot support. Consulting a designer might give you options you never would have considered or thought possible in the first place.
Zoning & Permits:
Can your area even take the design changes you had in mind for your property? Depending on the area and they type of house you have, you might be severely restricted in your ability to change the roof-line, footprint or even colour of your front door! The zoning Peterborough, ON can be found here.
If you love the location of your house and don’t want to move but the house isn’t your dream home. Maybe you will want to design and build that dream home in your ideal location. Or you like the location and the bones of the house but want more space or a better layout, maybe an addition is the way to go. Lastly renovations can can change the layout, look and feel of a house a surprising amount for a reasonable cost and disruption to your life.
In the end of the day, you know what is best for you but don’t be afraid to take the plunge. I put of renovations on my first home for a long time, it was okay but it wasn’t what I pictured in my mind when I thought of where I wanted to live.
My Personal Take
When I finally took the leap and committed to major renovations, it went from a dated, dreary space with a horribly laid out kitchen space, to a sleep and modern, open concept space that I wake up proud to call my own. I literally walk in and smile every day because it’s exactly what I envisioned in my minds eye. Now my only regret is having waited that long to do it.
Whatever you do, make your home your own, make it somewhere you are happy to wake up in and proud to bring friends to.