If you are asking about when to renovate you may want to consider the following:

  • Will it increase the value of your home
  • Or add to the functionally of your home
  • Or does it need some upkeep or a simple freshen up

There are a lot of questions that can come up about when to renovate and one of the big ones is: Is this a good time to renovate?

Our construction experts here at Coleridge Construction, have taken a moment to and lay out some of our thoughts and ideas to better help you navigate through this question. We obviously cannot predict the future, however we can look to the past where we can see some clear indicators in the industry to help you consider your options.

Key Things to Consider When to Renovate

Here are some of the important factors that my influence your decision of when to renovate.

Cost of Building Materials & Labour

We foresee that construction material goods will continue to be high.  That doesn’t necessarily mean they are going to sky rocket. Rather, they will continue on a slow constant move upwards in price like many other materials and goods, due to inflation, regulator challenges and availability. Additionally, this is also going to affect construction labour costs as employers will need to work a bit harder and be willing to pay a bit more to retain their best staff, as well as their general labour and sub-contractors.  

Local Building Codes

This is going to play a big part in how much future renovations are going to cost and possibly when to renovate. Local building codes and city requirements are going to continue to focus on being more energy efficient and promoting long-lasting builds and home renovations. This is a good thing in the long run but will continue to be challenging while everyone navigates the new rules and additional bureaucracy of building and renovating a home. 

Disposal of Waste Materials

Waste is starting to be a bigger issue provincially. With stricter guidelines on how construction materials (and what materials) can be disposed of. This will continue to add challenges, additional rules, and costs. We foresee some potential major issues in the coming years in regards to construction waste and waste management.  

Interest Rates

There may be some flexibility in the borrowing rates in the next couple years, but future home renovations are going to have to balance the cost of waiting for a lower interest rate with possible higher material and labour costs that may potentially come in the future.

Overall Personal Finances

This is one of the most crucial things to consider when deciding when to renovate. When is a good time to renovate may also depend on whether or not you have the money to be able to spend on your home and on a renovation. No one wants to get themselves into a spot where they can’t finish their renovation or their renovation has to be put on hold. Sometimes new renovations may force homeowners to constantly have to choose cheaper materials then they would prefer because their finances aren’t ready for the renovation they had hoped for.  No matter what, finances need to be thought of, budgeted for in advance, and conservatively planned out.

There are lots of issues and discussions at play when it comes to when to renovate your home. No one can really decide when is the best time to renovate your home other then you and your family.

When to Renovate Help
Contact Coleridge Construction

If you are curious about your timing or want to pursue the idea of doing a home renovation, Coleridge Construction would love to help you on this journey. Let us show you what it can be like to work with construction experts you can trust and have your best interests at heart.

We’d love to hear from you. Call us 604.302.6312 or request a renovation quote.

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