Renovate or Relocate?

Purchasing an older house that requires it's fair share of updating projects could inevitably lead to this question.  It's easy to underestimate the depth and cost of renovations when initially purchasing a home, especially if it's your first time on the property ladder.  If after a few years, a few renovations and way more than a few thousand dollars there is still lots to be done, at what point should you consider whether you are going to love it or list it?

This is a dilemma that I have personally been wrestling with since we moved back from England and purchased our 3 bedroom bungalow nearly 8 years ago now.  While I can envision transforming each space into a designer showroom - adding skylights, high end finishes and beautiful landscaping  - the burning questions that run through my mind are:

1. Does this home have the potential to be all that we need (and want) it to be?

2. Will the hard work & money get us a decent return on our investment if we sell at a later date?

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Now don't get me wrong, I understand that owning a home equates to ongoing maintenance and continuous decorating projects.  However, there are a few considerations to determine if those hard efforts are going to pay off in the long run and make it a functioning home for you and your family to create lasting memories in. 

Here is a short list I compiled while deliberating the issue for myself that you may find  helpful as a reference if you (or a client) is in a similar situation.

*Function - First and foremost you need a home that will function well for the purposes that you require.  Storage is a big issue for many of us, but choosing practical furnishings, multipurposing items and being well organised can help alleviate this problem.  If your still running out of space and putting on an addition is not an option, moving to a bigger home may be the solution. 

A little busy, but is it multi-functional? Heck ya!



*Family & Friends-  For me, having friends and family close by is important so that we can gather frequently with little effort going into planning the time we spend together.   Also, because I do not have set working hours, having people I trust close by to watch the kids is very helpful and much appreciated.

*Amenities - Travel time to places such as work, recreational facilities, medical offices, restaurants and shops definitely impacts on your daily life.  Being close to these amenities can save time and make life that much easier.  However, you generally  get more bang for your buck if you are willing to move further out of the city limits.  

This is peaceful and dreamy to me

*Location, Location, Location - Be careful how much money you put into renovations because  all  neighbourhoods have a limit of how much houses will sell for, no matter how grand you make them.  Speaking to a Realtor for a free home evaluation and taking a look at comparables within the neighbourhood is a wise move before putting out the cash to rebuild your home.  

*Needs vs Wants - Ensuite bathrooms with double sinks, walk in closets, refridgerators with tv's and triple car garages - when going through your list of requirements be sure to prioritise what's a necessity and what's a luxury.  Once all that's been worked through if there's still money left over, then by all means indulge and shoot for the sky!     

 

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*Costs - Be mindful of the costs involved when working through your pros and cons list for renovating or relocating.  Property taxes can vary depending on which area you live in and having a larger home will incur higher utility bills and require more furnishings.  Or if your an empty nester your house may be bigger than you require and downsizing could be the way to go.  

Either way, your home is the single biggest investment that you will ever make.  For this reason it's important to maintain and update it as and when you can afford to.  That way, if and when you decide to move you will have protected your investment wisely and helped retain its value.

If you are choosing to renovate and want advice for making your dreams for your home a reality, please contact me and I will be happy to help.  Alternatively, if you are looking to relocate and would like Home Staging advice, I can help with that too.  E-mail me: claire@creatingcontrastdesigns.com

Good luck with whatever you decide!

New Years Resolutions for my Home Decor

Happy 2012 to you! 

January is a time to reflect on the past year, look forward to a promising future and set goals for the year ahead.  My personal goals are pretty standard - eat better, lose weight, exercise more and continue to focus on building my business. 

We all have the pieces to get to where we want to be, we just have to put them in place.

Soon I will be publishing a post called 'Renovate or Relocate'.  This is a topic my husband and I have been wrestling with over the past few years.  This year we are seriously contemplating a move and need to start thinking about what projects to focus on in the house to make it more 'sellable'.  Therefore, I have made a second list of New Years' Resolutions for improving my homes' decor.

In my post about  Home Staging I addressed the importance of having your house appeal to potential home buyers and some of the key elements that should be looked at prior to placing your home on the market.  I know the earlier I start getting things organised the less stressed I will be when the right house comes along and we want to put the 'For Sale' sign on our front lawn.

#1-  Complete the basement renovations.

My husband is doing a great job creating these built ins that I designed.

The other half of the basement is as good as finished but is unlivable until the other side is completed.

We are lucky that our basement is so large and I am confident that it will be a great selling feature.  Once it's finished we may change our minds about moving, because I know it will look fantastic and function much better than it did before.

#2.  Placing hardwood on the stairs.

As we live in a Bungalow, the only stairs we have lead to the basement.  Despite having the carpet professionally cleaned, over the years you can see where the dirt has set in.  Pulling up the carpet and staining the natural hardwood will make them more hygienic, practical and pretty.

#3.  Tiling the floor in the bathroom.

If you are not prepared to go all the way, sometimes you have to do your best to work with what you've got

It's no secret that bathrooms and kitchens sell a house.  Since moving here seven years ago, we have done some major renovations including the kitchen and a full bathroom in the basement.  Although we did do some updates to the main floor bathroom, we never got around to completely gutting and redoing it.  In my opinion, the best thing we can do now is simply re-tile the floor.  Currently the floor has those nasty and cheap stick on linoleum tiles. By updating the floor this will be a fairly easy and inexpensive way to improve the overall look of the bathroom. 

#4.  New Window Treatments in the Kitchen.

In this post I asked if you were making the mistake of not incorporating the cost of window treatments into your budget when re-decorating.  I have to confess that I have not updated all of my own window treatments, but always try to leave room in the budget for draperies or blinds when working with a client.  Window treatments really are a necessity for giving a room its 'finishing touch'.  I am leaning towards the idea of fabric roman blinds like the one in the picture below to update and add softness to my kitchen space. 

I may go with a patterned fabric but need it to be transitional in style

#5.  Continue to purge and keep things tidy.

This makes me feel happy

Keeping storage areas like closets, drawers and even kitchen cabinets organised is essential to ensure these spaces remain neat and de-cluttered.  When potential home buyers walk through your home you can bet they sneak a peek behind these closed doors and it's not  just to be nosey.  They are also looking to see what storage space is available for their things - so the more effective you utilise these spaces the better.

Although there are many more ideas that I have and could do in the house, I must stay focused on these top 5 as a priority.  Being passionate about interior decorating can be a curse when the ideas just keep on coming, just ask my husband!  

If you are thinking of doing any renovations this New Year and would like professional advice, please contact me.   I offer a free initial consultation and would be more than happy to help make your dreams for your home a reality.  You can e-mail me at the following address to make an appointment:  claire@creatingcontrastdesigns.com.