Tuesday, February 7, 2023
HomeIssues2022 - Winter EditionBEST BANG FOR YOUR BUCK: HOME ADDITION VS. HOME RENOVATION

BEST BANG FOR YOUR BUCK: HOME ADDITION VS. HOME RENOVATION

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According to a survey conducted on behalf of RE/MAX Canada, despite the trend of home renovations done for personal use and enjoyment, 59% of Canadians still considered what their return on investment would be.

A home addition adds livable square footage to your home and is usable all year round (a porch doesn’t count). Additions usually increase the value of your home more than renovations, because you are physically making your house bigger, and everyone likes more space.

A renovation refers to updating or repairing an already-existing space and does not add square footage to your home. Turning your unfinished basement into an entertainment room or building an outdoor deck are both considered renovations. They’ll likely also increase the value of your home, but at a lesser amount than an addition.

Adding square footage is adding actual livable space. And adding more livable space will always be more valuable than simply changing the look of a room. While both an addition and a renovation will make your home more appealing, and both will increase its functionality, only one actually makes your home bigger. And more space equals higher resale value.

6 Popular Home Additions

1. Expanding an existing room (ie: kitchen, dining room or family room)

2. Bump-outs to existing rooms (ie: adding a walkin closet to a bedroom, adding a mudroom to a front entry, adding a pantry to a kitchen, adding a fireplace or bay window to a living room)

3. A 4-seasons sunroom

4. An extra room above the garage (ie: guest bedroom, playroom, office)

5. A full second story

6. An in-law suite or rental unit complete with bedroom, bathroom, kitchenette, living room, and laundry

The first few days of construction can be thrilling. At first, you can barely wait for the workers to show up. They cannot seem to arrive soon enough. Then one Saturday, two weeks into the project, you’ve been woken up abruptly to the roar of a gas generator five feet from your bedroom window, and you suddenly realize that your romance with the building of your new en-suite has come to an end. Worse than that, your relationship with your spouse or partner may have gotten a bit rocky. Any number of things could have added to this stress on your relationship: having work crews in your house six days a week; noise and dust; constantly dealing with the contractor rather than with each other; lack of privacy; and the ultimate relationship stressor… money worries.

HELPFUL HINT – whether you choose to renovate or add an addition, have your home appraised BEFORE you begin and after!

FOR MORE PERSONALIZED ADVICE, Connect with Domilya Group and let’s see which is the right process for you.

4380 S Service Rd #11, Burlington, ON L7L 5Y6
905.366.4592 | www.domilyagroup.ca

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