If you’re wondering whether buying a home now sounds like a good idea, you’re not alone. While the saying that this is a great time to buy a home rings so familiar, many people question if there are still benefits to being a homeowner. You’ve probably heard that property values have declined or that it’s much better to rent than buy, yet the truth is that purchasing a home still forms part of the dream of millions.
Here you can see a list of the benefits of buying a home. Indeed, this is also a purchase that comes with obligations. This is why before you decide to buy, you should evaluate whether being an owner would be beneficial for you and your family and whether it fits your current reality.
1) It Gives You Stability
When you buy, the moves are over year after year, the activities that impact your wallet and the stability of your family. Besides money, it also saves you the time you have to spend picking up your things in the old house and putting them in the new one.
One of the most significant advantages is that if you have children, they won’t have to change schools, except to do so with their group, and they can continue to participate in everyday activities with their friends.
2) You Will Feel Safe Having a Roof for You and Your Family
Being able to call the area you live in “my home” will make you feel confident, entitled, and most importantly, proud. Owning a home will give you a real sense of accomplishment, knowing you achieved one of your most desired personal goals. This will, in turn, contribute to a better quality of life for you and the whole family.
3) Plan for the Long Term
Maybe your house doesn’t look like those in magazines when you buy it, and you dream of changing the interior or even the layout. Even if you can’t do it right away, you can plan numerous improvements for the future. As long as you consider the building codes or restrictions that apply in your community, you will have no problem doing so.
Sometimes the improvements are minor and purely aesthetic, such as having some curtains custom-made for your living room. If you live in a rental house and move, you will probably lose that investment because the dimensions may differ from where you live now.
4) The Purchase Is an Investment
It is true that, unlike a few years ago, in most cases, you will not see an immediate increase in the value of your property. But in the long run, real estate remains a safe investment, and many experts believe that the worst part of the economic crisis is over and view the future with optimism.
In any case, you must have realistic goals regarding your income. Again, these will not materialize immediately, with few exceptions.
5) Ownership Gives You Independence
You can make your own decisions and eliminate problems with landlords. Many of them are used to inspecting the properties they rent out, which sometimes creates uncomfortable situations for residents.
Being an owner also means that you can paint the interior walls the colour you want, you can keep pets and even replace the carpets and put in that wooden floor you like so much, or you can even build a terrace or an extra room.
If you’re planning to build a new home and need help from experts, the Elite New Homes team has over 16 years in the residential construction industry. They also employ an independent building inspector to review work at lock up and other stages of the building process, and more! Do not hesitate to contact them!
1. Refresh a room 2. Renovating a room 3. Renovating a home 4. Renovation: some general advice 5. Price of a renovation
A renovation consists of working on an existing property to bring it up to the standards of comfort and aesthetics sought by the buyer. Many different renovations are possible from the same premises. When it affects the main structure, the costs involved must be carefully considered. There are different types of renovations, which are more or less heavy.
1.Refreshing a room
It’s the cheapest renovation. Sometimes it can be enough.
Make an informed choice
You may wish to change the wall and floor coverings in a room to give it a facelift. Changing a wallpaper, a carpet can really bring pleasure to a room that used to be a bit out of breath. In this case, you will simply have to choose the flooring that suits your budget and your desires.
First, find the colours that match the function of the room. Then see how you can coordinate the new colours with the colours of the parts you may be leaving in place.
If this is to your liking and you do the work yourself, choose flexible floors that are easy to lay and in widths that avoid cutting out as much as possible.
If you have irregularities on the walls, opt for a matt covering, which will provide better coverage.
2. Renovating a room
It is a real renovation that can affect different parts of the building.
Make an informed choice Tearing down a partition, enlarging a window are works that restore habitability to a volume that is perhaps no longer adapted to current tastes or to the function of this place. Masonry, electricity and decoration are to be expected.
Don’t underestimate the different items, each one will contribute to your final feeling of comfort.
You can let your imagination run wild, within your budget.
Take the opportunity to think of equipment that would make your life more enjoyable. A second shower area will avoid morning traffic jams. Creating a master suite will give you more privacy. Opening a partition to create a library or TV area will clear the living room and give you more living space.
If you’re planning partitioning or masonry work, think about the connections you’ll need to make. A partition comes down easily, but do you have enough space to add the same tiles as the existing one where the partition was?
Renovating a room needs to be thought through in detail. The budget is never neutral and the comfort level must be in line with your investment.
3. Renovating a home
It’s a heavy and long operation. It’s impossible to get started without taking a few precautions.
Make an informed choice
The house is no longer adapted to the growing family, you have bought an old house for which you had a crush but its layout is far from your lifestyle. Big works in perspective. Depending on the rooms, different trades will intervene.
If you have to live in the house during this time, be sure that your choice is compatible with the inconveniences caused by your decision. Dust, noise, private space invaded by workers will be your daily lot.
A complete renovation project is heavy, you must be prepared for it. A complete renovation must be managed like new construction, although it is different, as far as the overall organisation is concerned.
First of all, go to the town hall to find out about the necessary authorisations, especially if you are changing the external appearance of the house.
Then, either you go through an architect or a project manager, or you coordinate the work yourself.
Before making up your mind, ask for an initial estimate of the cost of the work. Use the quotes you receive to make a more accurate estimate. Talk to competent and recognized professionals. Don’t think that a renovation is easier than new construction. It often requires more know-how and experience to find the right solutions, which are not standard.
Once the work has begun, follow your construction site closely. Take delivery of the work and do not sign if the work does not correspond to the estimate.
4. Renovation: some general advice
These tips will be useful to you whatever your project.
Doing with the existing
First of all, you know the old saying, “you can’t make something new out of something old”. Renovation must be considered with the best possible respect for the existing distribution of rooms and load-bearing walls. If you want to redo everything to make it “as good as new”, you will expose yourself to work costs that may be prohibitive.
If the building is to be completely renovated, the cost of the work may be equal to or even higher than the price of equivalent new construction.
Expect the unexpected
When renovating, you must also be aware that what you are going to renovate… is not what you want to renovate. You are always going to come across things that you didn’t plan for when you renovate: cables or pipes coming from the old layout that you will have to divert, wall reinforcement that you will have to leave in place, siding that you want to remove and that was in fact hiding an unsightly structure and that will now show through, etc.
Always remember that a renovation is not new construction. Starting from the existing requires adapting to reality.
Also, be aware of the disturbances in the neighbourhood caused by your building site. Stop by to see your neighbours, explain your project to them quickly and tell them the schedule for your project. You do not know their reactions, it is better to reassure them.
Respect the regulations
The Construction and Housing Code, like the Urban Planning Code, is constantly evolving.
Tip: check with your local town hall and Unique Custom Homes to find out about the rules relating to the renovation of existing buildings.
For example, acoustic insulation has become compulsory in areas that are particularly exposed to noise during major renovation work. According to the Building and Housing Code, this is the case in particular when such work includes:
– the replacement or creation of glass walls or doors to the exterior of main rooms in residential buildings;
– the repair of a roof opening directly onto the main rooms of residential buildings;
– or relating to the thermal insulation of opaque walls opening to the outside.
Evaluate the bill
First, put it all down on paper. Make a global plan and small plans piece by piece. Surface area, desired equipment, colours should be included.
List all the estimates, add up all the costs. Look also at the purchase price of the property plus the amount of work to be done, which should give a potential selling price that is within the market price range. No one knows what the future is made of.
Think insulation and renewable energy sources, you can kill two birds with one stone and reduce your energy bill. Also think about the various tax credits and other tax reductions.
If you haven’t bought yet, compare with new home prices, you might be surprised by the high cost of some renovation projects.
Get organised if you live on site
Try to draw up a schedule according to your daily needs, in order to see if the comfort that will be generated by the renovation justifies all the inconveniences to which you will be subjected.
If you only have one shower, for example, wait until you have all the necessary equipment at your disposal before starting work on it. The new shower will then be available quickly. Otherwise, the work can take a long time. And put your (and your family’s) nerves to the test.
5. Price of a renovation
This price depends of course on the complexity of the renovation, the size of the building, its accessibility and your choice of materials and decoration. For 1 m² of floor space, count, made by a professional:
– from $50 to $150 before tax for a refreshment;
– from $200 to $400 excluding taxes for a light renovation;
– from $500 to $1,000 excluding taxes for a heavy renovation. Even more for a total rehabilitation of the building.
Note: the price above is simply indicative and may not reflect the actual price. Talk with your contractor and remember to share your experience in the comment section below.