Is a renovation right for you?

Borrowing Budgeting

4 minutes

This article outlines key factors homeowners should consider before starting a renovation. It emphasizes clarifying your goals, such as improving daily function or increasing resale value, and understanding how you actually use your home before making changes. Timing is important, with major projects best scheduled in warmer months and planned well in advance. It stresses choosing a certified, reputable contractor, securing a detailed contract, and ensuring permits are handled properly. It also highlights the financial side, renovations often exceed budgets, so planning for contingencies is essential. Finally, it explains common financing options, including loans, lines of credit, and renovation‑focused mortgages that leverage home equity, and suggests working with a lending expert to choose the right approach.

As you look around your home, you may notice a few things you’d like to change or update. But how do you know if now is the right time to renovate? These guidelines can help you decide.

Why renovate?

Every homeowner has different priorities, and understanding the goals and potential benefits of your renovation can help determine whether the investment is worthwhile. For example, are you renovating to boost resale value? If so, consult a real estate agent with local expertise to find out whether renovating your specific space is likely to deliver a return.

Do you really know what you need?

If you’ve recently moved into a new home, it’s wise to live in the space for a while before planning renovations. Taking time to understand how your home functions day to day will help clarify your needs. Pay attention to traffic flow, where groceries come in, how you use your living space, and what changes would genuinely improve your lifestyle.

When do you want to renovate?

Timing matters. Major projects, such as a kitchen renovation, are best scheduled for spring or summer. Being without a kitchen and relying on a barbecue for every meal isn’t ideal in freezing temperatures. Contractors are often busy year round, so booking a warm weather renovation several months in advance not only ensures better timing but also gives you more time to plan and prepare.

Do you have a trusted contractor?

Gather quotes from several contractors and take time to compare them. Choose a contractor who is certified, a member of the Manitoba Home Builders’ Association (MHBA), and enrolled in a third party home warranty program. These professionals are held to a code of ethics and disciplinary standards.

Before work begins, check references and meet with your contractor to ensure you’re comfortable working together. Make sure a signed contract is in place that clearly outlines every stage of the renovation. Your contractor, not you, is responsible for obtaining permits. Any contingencies should be documented in writing and signed by both parties. Beyond credentials and reviews, a good personality fit matters just as much.

Are you prepared financially?

Renovations often take longer and cost more than homeowners expect. Using disposable income for a renovation may not always be the best approach, especially if the project goes over budget. Planning for contingencies can help protect your overall financial health.

What are your financing options?

There are several ways to finance a renovation. If you purchase a home knowing you’ll be renovating, you may be able to include the renovation costs in your mortgage or use a mortgage secured line of credit that offers lower interest rates and flexible payments.

After you’ve lived in your home for a while, options may include a loan, a line of credit, or a renovation mortgage that allows you to leverage your home’s existing equity, or its “as completed” value.

Working with a lending expert gives you peace of mind, helping you choose the option that best fits your needs. No matter which route you take, competitive rates and flexible payment options can help you bring your renovation goals to life, comfortably and affordably.