Homeowners are always on the lookout for ways to add value to their home and property, whether it’s through landscaping, window replacement or a new roof. An article on globeandmail.com takes a look at another option, home additions, and offers some helpful advice for anyone considering this type of big ticket option.
An addition to your home can be a very good way to add value, depending on what your home may be lacking,” says (Todd) Senft, president of ReVision Home Custom Renovations Inc. in Vancouver.
Carefully considering the type of home additions that may be right for your situation can make a huge difference in the return you see. Just knocking out some walls and tacking on some all purpose square footage is not usually the way to go. As Mr. Senft points out:
If your home only has three bedrooms then adding a master bedroom and ensuite may be the best value addition you can add to your home. You have to keep in mind what types of buyers and renters live in your neighbourhood. Are they young couples looking to raise a family, people getting into a ‘step-up home,’ or is it investors? That information will have an impact on your decision.
Another thing to consider is your commitment to the property. That is, the amount you recoup is also dependent on how long you hold on to the property after any home additions are complete as well as circumstances largely out of your control like market forces. If a long period of time elapses it’s possible real estate values in your neighborhood may have increased significantly over that time providing a much more attractive return even when adjusted for inflation. Whereas if you flip the property immediately after the addition is completed your return could be less significant.
Lastly you’ll want to be sure you enlist the help of a contractor with an impeccable reputation and the necessary experience and expertise to do the job right. As a recent article on usnews.com states: “For most homeowners, the hardest part of any home renovation project isn’t the work itself, it’s finding a competent and reliable contractor to do the job.”
Warning signs that you may want to take a pass on a particular contractor include:
- They pressure you to make a quick decision
- They downplay the need for building permits
- They try to sell you on using materials they have left over from previous jobs
- They quote you a final price without ever visiting your property in person
- They are unable to produce a contractor’s license and/or proof of full liability coverage
At Karen Homes we have more than 15 years of experience with renovations and additions in both the commercial and residential markets in the GTA and a long list of satisfied customers who will attest to the quality of our work and the competitive nature of our pricing. Regardless of the type of addition you choose Karen Homes can see it through from concept to completion.
Do Your Home Additions Homework and Stay Realistic
If there is a buzzword that should guide home additions today it’s this; “realistic”. As in, be realistic. Remember that it’s not 2006 and you’re not going to see a 10% increase in the value of your property overnight for no discernible reason. Today you simply need to be smart and realistic.
If you’re considering an addition to add short term resale value, research the market in your area and choose the type of addition that makes the most financial sense. Just don’t expect miraculous returns. If you don’t plan on moving out right away make sure the addition will satisfy your current lifestyle needs and not just stand unused while you wait for some future sell date.
Want to Know More About Home Additions? Contact Karen Homes Today
Once you’ve decided on the right addition for your home contact the building pros at Karen Homes. We’ll make sure any additions will add immediate lifestyle as well as resale value to your home and we’ll do it for a price that will make recouping your investment that much easier. Don’t be swayed by inexperienced contractors dangling bargain basement quotes in front of you. Make sure you hire the right team to handle your home additions. Make sure you hire the professionals at Karen Homes. Call us today on 416-661-6006 to find out more.