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August 14, 2021

Should you love it or list it?

A new home feels so...well, new.

But if you can't afford to move, it just makes sense to do so some home renovation projects to make it more appealing while you're living there and to add to the overall value when it does come time to sell.

According to a new survey by Moen Canada, more than 80 per cent of homeowners have undertaken the completion of at least one home improvement project in the past year.

So it's no surprise that more and more Canadians are choosing to stay put and renovate their existing homes to suit their lifestyles and their pocketbooks.

The survey found that remodeling kitchens and bathrooms are the projects that homeowners are tackling and in turn, adding to the overall value of their homes.

These home improvements make living in your home more appealing and, when it comes time to sell, will make the home more marketable.

Jack Suvak, Senior Director, Market Research and Insights at Moen, says, "Repair, replacement or addition of new windows were the most expensive projects Canadians undertook."

However, he noted that interior painting, gardening and landscape projects were the most common projects, while bathroom remodeling was more popular than kitchens, due to the smaller investment required.

If you have ever watched the W Network show Love It or List It you learn about homeowners who renovate their house within a budget to suit their lifestyle and/or growing family

Then they have a tough decision to make: Love It or List It.

And more often than not, they find that the house of their dreams is actually the one they are living in. That is, after the renovations are complete.

But before undertaking any renovations, make sure you get quotes from reputable renovators and stay within a budget.

Canadian homeowners plan on spending more on remodeling projects in the next six months than they had planned a year ago, according to the survey.

In fact, homeowners expect to spend the most on new roofs ($2,500, up from $2,000 a year ago); kitchen renovations ($2,000); and other projects such as exterior siding, windows, patios, decks, porches, bathrooms and other room remodels ($1,000).

"(Many of) these investments are geared at improving the outside look of the house, while making sure that homeowners are not challenged by Mother Nature," explains Suvak.

The survey also notes that the goal for many Canadians is making their home fit their lifestyle, followed by increasing property value and making their home more energy-efficient.

So, should you love it or list it?

By Donna Donaldson, MSN Money

Have you chosen to fix or flee your home and why?



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...