Four Questions (and a bunch more) to Ask Yourself BEFORE Embarking on a Major Home Renovation

What is the real estate potential of your home?
Who was it that said “Context is everything”? Perhaps it’s the same sage as gave us “Location, location, location.” However you look at it, you need to have an accurate picture of your environs before you commit to a renovation.

The first step is to take a look yourself and try to assess how your neighbourhood is evolving. Are small bungalows becoming two-story homes? Are single-family dwellings being converted to duplexes or townhouses?

Next, get in touch with a good real estate agent working in the area. He’ll assist you in strategic decisions related to what’s happening in the next five years – changes in zoning and the like. You may find that it pays to do a modest renovation now and an ambitious one later – or vice versa.

What level of quality do you require?
This can be a slippery calculation. In addition to considering your own needs and tastes, you’ll want to take your neighbours’ homes into account. It’s good to know how your renovated home rates against its peers. Does the average new home in your neighborhood have marble countertops? Top-flight appliances? In-floor heating? If so, you’ll want to consider comparable items or risk losing a step on your neighbours (which will definitely affect future resale value). A couple of weekends of open houses will give you the correct perspective.

What kind of heating system do you have? How old is it? Can you afford to upgrade if you must?
Heating systems really affect a home’s functionality and appearance. Because of the need for duct work in a forced air system or plumbing in a hot-water radiant heat system, these structural items severely impact the renovation options available and must carefully be considered.

Sometime the renovation funds might be better spent on switching or upgrading the current heating system.

Where are your blueprints?
It might seem an obvious question, but it stops many people in their tracks. Are the drawings necessary? If you are doing a major renovation, they would be essential to your designer or architect in assessing and creating your renovation plans.

If you didn’t receive an original set when you purchased your home, you have two options. The first is to go to the municipality. As the owner on title, the city will (for a fee) give you a copy of whatever is in its files. The information may be on microfiche – not optimal, but better than nothing – but in most cases you’ll get a full set of drawings.

If you don’t, you’ll need to have them made, which will cost up to $5,000. The money goes to measuring your house from scratch and producing “as-built drawings” – your design starting point.

There you have it – four questions which should focus your mental and financial preparations for home renovations in 2011 and beyond.