"Love it or List it" - The New Surge in Home Renovations
2020-10-26 | 10:12:02
Happy Monday Everyone!!
Hope you are all staying safe and staying healthy during these times.
I’d like to focus today’s conversation on the increasing number of Canadian households who, rather than sell their home, are renovating them.
Many are weighing their options more than ever. To quote from the very popular HGTV show we all know: “Will you love it, or will you list It.”
This is what more and more Canadian homeowners are considering in light of the many changes that have occurred in their lives during this pandemic.
For many families, the pandemic has resulted in them looking for greener pastures outside the city where larger living spaces and smaller financial expenses address their changing needs. Therefore, listing to sell is their best option.
For many more homeowners, loving where they live, coupled with the new responsibilities for study at home kids, aging loved ones and work from home employment, renovations has become an increasingly popular trend.
On Thursday, October 22nd, TD Bank released its Real Estate During COVID-19 Survey. The report reveals how drastically the pandemic has affected the personal and financial wellbeing, living spaces and, romantic relationships of Canadians.
“Canadians are re-evaluating the way they live; looking for unique ways to incorporate home offices, classrooms and gyms into their existing space as COVID carries on,” says Jared Jarman, Associate Vice President, Specialized Advice, Acquisition at TD.
So much so in fact that, 37% of Canadians have or are planning on major renovations or upgrades to accommodate the changes to their personal and professional needs.
Going back to the premise of the TV show, “Love it or List it,” one recalls that one member of the couple would rather move than renovate. The other wanted significant changes made to their home so that those new renovations would accommodate their new requirements while not having to move.
In my experience, I find that those who choose to move rather than renovate is directly connected to the significant disruption that a major renovation causes to the daily lives during the construction.
Permits, building quotes, architects, contractors, best methods to finance, noise, garbage bins, partial or complete closure of home, possible rental expense and for how long, dust, unforeseen additional repairs and time, are just some of the reasons people do not want to renovate and would rather move.
However, there are numerous reasons that exist where one cannot or does not want to sell their home despite the many hurdles mentioned above.
Thankfully, I am happy to let you know that aside from guiding you to select the best financing solutions to your renovations, I can also present to those who directly connect with me, a renovation solution that significantly eases the many disruptions that causes people to not want to renovate – all at a price that is equal or better than traditional construction methods.
The technology is not new in commercial construction. In reality, these materials have been used in commercial applications for over 30 years now. Ever wonder why commercial spaces are ready so much quicker than residential? Did you know the entire building and surrounding area for a COSTCO store is built in a little more than 9 weeks?
A huge factor to the time required to build or renovate are the materials used to construct.
Whenever we think of construction, we think of the piles of wood, scaffolding, noise, dust, waste, heavy machinery and more that characterizes a job site.
For those who are interested in adding an extension to their home or cottage, retrofitting existing spaces (especially basements), building a coach house, building a new garage or laneway home over your garage, a pool house, a cabana or even a Bunkie, please connect with me.
I will happily introduce you to a team of fantastic individuals who will present their designs or, work with your architect design teams to bring your planned builds to life. Let me present you with a superior product that is vastly greater in efficiency, lasts practically forever, will greatly reduce heating and cooling expenses, improves indoor air quality, improves room to room noise transfer, is not susceptible to mold, mildew or pests, and on and on.
With a portion of the benefits mentioned, the price to construct is equal and sometimes even less than traditional construction.
For many, the most attractive features of working with this material is the significant reduction or elimination of noise, dust, heavy machinery, garbage bins and above all else – time!!
Saving time = saving money!
As always, I appreciate your calls, comments and questions on how best to deal with your mortgage financing objectives – whether you are planning to sell, purchase and now, building out more space or renovating the space you call home.
It is not a surprise that many homeowners on “Love it or List it” tend to stay put when the designer is able to build out or renovate older layouts to their wishes.
The overwhelming majority of people want to avoid renovations because of what we expect with traditional construction – noise, dust, garbage, heavy machinery and cost.
Allow me to introduce you to materials and construction methods that reduces the many disruptions - including environmental ones - of traditional construction. One that greatly reduces the time for your project regardless if large or small and, all at a price that can be perfectly financed to your budget.
Wishing you all a great week ahead,
Marco
Lic. #19001778
Broker Lic. #13059
