Mature areas in and around urban centres are continuing to increase in both value and desirability. This only makes sense. It is like going to a concert – the best seats get taken first. In other words, homes that are “showing a little age” are likely in great neighbourhoods. The revitalization, and in some cases gentrification of these neighbourhoods, is creating a new appeal.

If your home is in a great community, close to amenities [schools, shopping, parks, transportation] and is part of the city’s revitalization strategy, your home is likely a great candidate for renovating.

There are many reasons why people want to renovate a home as an alternative to building or buying new. Here are a few key reasons you may choose to renovate:

• Need more space – storage, privacy
• Kids have left home
• Plans are not functional
• Aesthetic reasons
• Don’t want to move – but want new home
• Increase re-sale value – whole home update
• Develop basement – kitchen, bathroom, recreation, bedroom,
• Getting older – don’t do stairs
• Energy bills too high
• Family member moving in – need suite
• Investment property – flip

Many cities have identified ways to preserve the heritage of their maturing neighbourhood. They call this the Overlay – MNO for short. This outlines what renovations are allowed on properties within these boundaries. They evaluate everything from structural changes, to the addition of buildings on a property, and the aesthetics of the exterior and landscaping. All municipalities have restrictions on what you can do with your renovations and we can guide you through what is and is not possible with your home.

Before you take out that second mortgage or kick out the teenager that lives in your basement and eats all your food, know the rules in both your city and neighbourhood. Such things as knowing property setback rules, height restrictions, and building permits will give you a head start on what to expect.

Is it worth it?

• Will the renovation add value in the future?
• Where is the home located?
• How old is the home?
• What shape is the structure in?
• What is the current assessed value?
• What are similar homes selling for in the neighbourhood?
• What type of renovations have been taking place in the area?

The ideal renovation is a product of improved functionality, enhanced aesthetics, affordability, cost of ownership, and future value. This is where dreams and plans can hit a sobering reality. It is important to reflect on these factors to understand which are most important. Although we can help you with this little bit of math, making notes on what you value most will ensure satisfaction when the renovation is complete.

We will…

• Help you understand what is possible
• Apply our expertise and experience to your ideas, plans, and dreams
• Give you an idea of budget and timelines
• Guide you towards making the best decision for your situation

We can guide and help you in obtaining the best financing options for your large-scale renovation. We can also introduce you to select financial institutions who have provided solutions for many of our most satisfied customers.

This calculator will help you compare the level of your monthly debt and housing expense payments to your gross monthly household income.