Renovating a home can improve the value of the property and the quality of your life. Whether it's an addition to the house or just a face-lift for a room, you'll need to secure your finances to give yourself a budget to work with.
Use the power of your home equity to secure a lower interest rate and help finance your renovation.
Renovations - what renovations add value?
What types of renovations add value to your home?
- Improving the kitchen
- Adding or remodeling a bathroom
- Creating a master bedroom with an en suite bath and/or walk-in closet
- Adding a family room, especially on the main floor
- Creating a sun room
What types of renovations are value-neutral to your home?
- Adding a swimming pool, sauna or hot tub
- Installing a central vacuum system
- Reducing the number of bedrooms to fewer than three
- Installing paving stones in the driveway
Before you renovate
There are lots of things to consider before you renovate your home. Here is a general list to help you plan your next project.
- Find out if a building permit is required
- Find out about federal, provincial and municipal government programs that offer subsidies or tax credits for certain renovations
- Look up the "Information and Referral to Federal Programs and Services" listing in the blue pages of your telephone directory; a simple telephone call could save you dollars on your home renovation
- Make sure your renovation plans meet municipal/zoning bylaws and fire regulations
- Carefully research any professionals, trades people or contractors you hire to do the renovation
- Ask your friends, neighbours and co-workers for recommendations
- Draw up a contract for any work that is to be done