A major renovation is a significant investment. Before committing, it is worth confirming that the work addresses the right problem.
1. Will the investment be recovered?
Some renovations are recovered through rent or resale value; many are not. A new kitchen in a house that is still too small or poorly laid out may not change its value much. Consider what the finished house would be worth or rent for, not only what the work costs.
2. Is the problem the finishes, or the layout?
New finishes do not fix a layout that does not work. If the issue is too many small rooms or too little light, the scope is larger than it first appears.
3. What is behind the walls?
Older Toronto houses often have outdated wiring, old plumbing, foundation issues or materials that require careful handling. Allow for these in the budget and have the house assessed early.
4. Could part of the house earn income?
A basement apartment or second suite can turn underused space into rental income. If the basement is being opened up anyway, planning for a legal unit now costs less than adding one later.
5. Is the land worth more than the house?
Depending on the lot, a laneway or garden suite, a conversion or a new multiplex may deliver more value than a renovation of a similar budget.
For a second opinion before you commit, request a free quote, or read more about our renovation services.
