Renovating Your Home

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