Whether you’re the kind of person who goes into a renovation excited or filled with anxiety, you should give yourself the time to carefully think through all the important decisions you’ll have to make throughout the process.
To avoid spending money on choices you’ll regret, here are some questions to ask yourself as you consider your next home update.
How and when will you use the space?
Think carefully about why you want to renovate in the first place and be realistic about how much use the room will get. How often will you use the home gym, or how much use will the kids’ playroom get?
How are you going to pay for this?
According to a recent report from insurance provider Aviva Canada, 14 per cent of those who renovated during the pandemic did it on impulse, with eight per cent saying they spent too much, and five per cent stating they have regrets. No one should have to regret their reno, but spending can easily get out of hand. Be sure to set out a budget beforehand, consider expenses and comparison shop. Having a plan and a solid idea of what you can afford is always best, even if you deviate from it during the project.
“Finishing a basement, removing structural supports or building an addition may impact their insurance coverage as they can change the home’s rebuild value.”
“When considering making renovations to your home, it’s always a good idea to ensure you have a plan in place,” says Phil Gibson, EVP and managing director of personal insurance at Aviva Canada. “Canadians looking to make major changes to their home should