New year, new home? Not for everyone. We recently spoke with market expert Ben Myers, Senior VP, Market Research & Analytics, Fortress Real Developments, who predicted that this year, relocation will flounder and renovation will spike as a result of dwindling real estate supply and the inevitable aging of housing stock. These factors could cause some families to pause their plans to buy a larger home and consider some home renovations instead.
The mere idea of home renovations can strike fear into the handiest homeowner because of how easily things can go off the rails, whether they end up going over-budget or past timelines. Plus, winter in the Greater Toronto Area (GTA) is super unpredictable. Heavy snowfall can throw a wrench into the gears depending on the project.
While home renovations can be mentally and financially taxing, the end can outweigh the means. You can add much needed space to your home and improve your features and finishes, thereby improving the value of your home. Best of all, the personal touch can make your house feel more like a home. And if you choose to DIY, you get to brag about the finished product!
It’s no secret that winter isn’t usually the most popular season to move, but winter is a hidden-gem when it comes to renovations, as you are much less likely to get discouraged by tight timelines. Also, if the project requires a permit, it will be easier and faster to obtain due to the light traffic.
If you are looking to take on a home renovation this winter, be wary of projects that are susceptible to damage or derailment at the hands of the weather. This is including, but not limited to, window replacements, roof restorations and driveway resurfacing. Can you imagine shingling a roof in the middle of a snow day? Not fun.
If you’re still intimidated by a major home renovation like building an addition, try these three slightly less ambitious projects this year.
1) Replace your flooring
We usually pay more attention to what’s at eye-level but floors really bring a room together and are great for connecting living areas to give the illusion of more space. The timeline of the project can vary drastically depending on whether you extend the project to the entire house or keep it in one room, as well as the size of the rooms in question, but the impact is lasting.
If you want to give your floors a subtly unique edge, try a parquet mosaic or go with a dark stain to give your home a more sultry feel.
2) Try a new hue
This is probably one of the easiest projects that you can take on. It is also one of the most impactful. Whether you decide to brighten up or go with a darker, more dramatic colour, a new colours make all the difference. Best of all, it can be done in a day or two and isn’t a very intimidating DIY.
Painting your walls is hardly a drastic home renovation, so if you’re feeling like you can take on a bit more, brainstorm a way to make a room pop with an interesting feature wall. Repurposed barn boards are still in style, and it looks like wallpaper is back for good.
3) Breath life into your boring basement
A basement remodel is a big project with a big payout. Though pricey, it boasts up to 70% payback, making it one of the most valuable renovations that you can do. In addition to increasing property value, it also allows homeowners to optimize their space’s potential and tailor it to their family’s unique needs and wants.
The possibilities are endless. Your basement can be made into a separate guest room, a playroom, a home gym, an office space or even a home movie theatre. And that’s just scratching the surface.
Mid-renovation, your basement will surely be in complete disarray; however, it is completely self-contained and doesn’t debilitate other parts of your home, meaning you can carry on with your day-to-day life while the project is underway.
Best of luck with your home renovations this year!