14 Mar Home Renovation vs Remodelling: Which is Best for Your Home?
Welcome to the world of home improvement, where the choice between renovation and remodelling can shape the very essence of your living space.
As we embark on this journey, let us explore the difference between these approaches, consider what motivates homeowners to take the plunge, and weigh the costs involved. So, whether you are dreaming of a fresh coat of paint or considering a total transformation, come along as we navigate the exciting world of home upgrades.
Understanding the difference
Renovation typically involves repairing and updating basic features of a home. This may include painting, replacing flooring, updating fixtures, and making minor improvements to enhance the overall look and functionality of the space.
On the other hand, remodelling involves completely changing a room or area of the home. This may include major construction work, such as knocking down walls, adding extensions, or redesigning the layout of a space.
While remodelling can dramatically enhance your home’s design and layout, it is usually costlier than renovation. Despite the higher cost, remodelling can be a worthwhile investment if you are looking to transform a specific area of your home and create a more functional living space.
Reasons for Home Improvement
A recent report revealed that the Canadians have started renovating their homes for personal enjoyment since 2021. This shift in mindset signals a departure from the traditional focus on ROI, as homeowners prioritize their comfort, lifestyle, and safety within their living spaces.
According to the report, only 16% of Canadians cited increasing the market value of their homes as the main reason for renovations. Instead, 29% of homeowners stated that they undertook renovation projects to enhance their overall lifestyle. This includes creating a more functional living space, incorporating design elements that bring joy and comfort, or simply making their home a more enjoyable place to spend time.
ROI and Cost Considerations
Despite the shift towards personal enjoyment, it is noteworthy that 59% of Canadians still consider the return on investment when deciding to renovate. This balancing act between enhancing personal enjoyment and considering the financial implications reflects the complexity of modern-day home renovations.
Renovation projects, such as re-siding a home, can bring in a net ROI of around 98%. In contrast, major kitchen remodelling projects may only yield about 60% ROI.
Annual spending on home renovations in Canada has been on the rise, with Statistics Canada reporting a 66% increase in the recent years.
Which costs more?
When it comes to the cost of renovation and remodelling, it ultimately depends on the scope and complexity of the project. On an average, homeowners in Ontario spend around $13,603 on home renovations, with interior painting being the most popular project.
Remodelling homes, on the other hand, can cost significantly more due to the complexity of the design and construction involved.
The choices between renovation and remodelling are as diverse as the homeowners themselves. From fresh paint to full-scale transformations, each option offers its own set of benefits and considerations. Yet, amidst the excitement of upgrading the living space, one thing remains certain, the opportunity to turn the house into the home of dreams.
With a touch of creativity and a dash of inspiration, your home has the potential to become a true reflection of your unique style and personality. Here’s to unleashing your imagination and transforming your living space into a sanctuary you’ll cherish for years to come.