Consider these expert tips before kickstarting your next project.
During the pandemic, many of us are spending more time at home than ever before—learning, working and socializing in our bubble. It’s no surprise that some of us are tired of looking at the same old counter tops or ceramic tiles, listening to those creaking floors or managing the clutter. Perhaps now’s the time to consider a home improvement project.
Before you drive to your local home improvement store, or grab a hammer, consider these tips from Scott McGillivray—Canadian entrepreneur, investor, television host, author and educator.
If you fail to plan, you plan to fail
“People get excited about home renovations and they sometimes jump in without considering all of the implications,” says McGillivray. You need to budget, have a contingency plan, and be prepared for surprises. He advises to talk to your contractor and go through the scope of work, and review any potential issues you could run into.
“Don’t get caught up on timelines, as they may go beyond your expectations,” McGillivray cautions. One of the main reasons for this is the shortage of materials due to the pandemic. A successful renovation always comes down to proper planning and managing expectations.
Food for thought: the Appraisal Institute of Canada (AIC) also advises people to understand the reasons for the renovations. Ask yourself, do you want to increase the value of your home or enjoy the renovations for years to come? Or both?
Top three reno rundown
Kitchens, bathrooms, and now more popular than ever before, finishing unused spaces is where McGillivray recommends people focus their attention. “I think by now most people know that improving kitchens and bathrooms bring you the best return, but this year finishing basements, attics and even converting sheds into usable spaces is huge,” he says.
With people working and learning from home, maximizing space is really important. In a lot of cases, if you're selling a house with an unfinished basement you're just throwing money away.
Food for thought: the AIC suggests repainting the interior and exterior in tones with wide-ranging market appeal, updating décor like lighting and replacing worn flooring. Also, consider decluttering and removing excess items to help better showcase the features of your home.
Not-so-glamourous but key updates
Not everything can be exciting when it comes to home renovations, but McGillivray suggests anything that improves energy efficiency is usually a good idea.
Things like topping up your insulation or replacing windows and doors count as important improvements. ”Even switching to energy efficient appliances can make a big difference if you don't already have them,” he says. It’s true, insulation improvements might not seem like the most thrilling project, it's well worth considering it when it comes to return on investment.
Food for thought: the AIC also advises that replacing the roof cover and updating heating and cooling systems as they near the end of their life expectancy is essential to maintaining your home’s worth.
| Did you know? With an increased focus on protecting the environment, the demand for green home improvement solutions is on the rise. Ever wonder how jeans and toilets can help reduce our eco-footprint? Scraps from manufacturing denim jeans can be used as non-toxic home insulation. This material holds more heat, absorbs more sound, is formaldehyde-free and won’t irritate the skin, nose or throat. It’s also completely flame retardant and saturated with a mold-, mildew- and pest-discouraging solution. If you’re looking to refresh your kitchen or bathroom workspace, terrazzo and composite countertops are both great eco-friendly options. They’re made from recycled porcelain from toilets, sinks and tubs, crushed stone, glass, and post-industrial recycled glass. Check out the David Suzuki Foundation website for more green tips for your next home project. |
Home improvement projects can be exciting, but it’s a good idea to talk to an expert before jumping into any big projects. This way, you can help ensure your money’s well spent in areas that’ll benefit you and your home for the long haul.
How to value your renovations, Appraisal Institute of Canada