Yes, there is a growing trend toward home renovations. The sometimes overpriced, not to mention characterless box houses that for years have altered the landscape of the Calgary area are losing their luster. Discerning homeowners in need of a change are literally looking in their own backyards!
According to the most recent information available from Statistics Canada, renovations in 2007 were up 10% from the previous year. Since that time, residential construction has had a major slowdown, but renovation statistics continue to rise. While real estate pricing in new construction has softened over the past few years, mature estate neighborhoods have escalated in price and have felt little pressure…if at all, leaving significant equity intact.
When it comes to new construction, our dollars are not stretching as far, and sometimes the cost of building a new home can be significantly higher than upgrading the one we are in. Over the years we have come to love our home, the surrounding area, and the memories that have been created there. We know our neighbors, our children have made friends and gone to the nearby schools, and we have come to appreciate the advantages of an established and mature neighborhood.
We have all heard the adage “Location, location, location” and there is no truer application of this than in reference to our own home. When we have a spacious yard, complete with mature trees and landscaping, located in an area of the city that is close to the amenities we are familiar with, why would we want to sacrifice all of that to ‘start over’ in the ‘Burbs’? Oftentimes all that is required is an update of our existing home to bring it to a design and caliber that would easily rival that of any new home on the market, all the while staying in the neighborhood we love.
We are beginning to value the opportunity to enjoy our homes for longer. Our families are more important to us than they have ever been, and now that the needs have changed, our homes must also change to meet the demand. More than just replacing cabinets or installing new flooring, a renovation must serve the needs of your family, enhance your lifestyle, possibly provide ‘aging in place’ solutions, and as an end result create a haven for you and those you love.
Your task now becomes an interview process whereby you ascertain which renovation firm truly creates solutions for these trends, and embodies your personal ideals.
