Tuesday, 22 November 2011

Building Value in Your Home in Uncertain Economic Times

build value in your home, add value, adding value to your house renovation, collage by

Collage: Build Value in Your Home
Illustration Credits: MS Office ClipArt
House with red roof & Red dollar sign
2011 @

"Price is what you pay. Value is what you get."
- Warren Buffet

If all the media hype around “uncertain economic times” is making you shop around for the lowest possible estimate on your building, addition, or major renovation project, you may want to think again.

Any financial planner will tell you one of the safest places to put your cash is in your home. With low interest rates and red-hot prices in Toronto, adding value to your home is a smart financial strategy.

Be advised: buyer beware. “You get what you pay for” is doubly true when it comes to building projects. Ask yourself (or better yet, ask your contractor): how can they promise so much for so little? What does a low price tag say about the quality of materials and labour used? A quality builder delivers real value. Quality is also the original eco-knowhow. Longevity and efficiency mean you save money over time and increase resale value. Adding the latest green technologies will add even more value over time.

Then there’s the question of design. We’re not talking fly-by-night fashion trends, here. You may have to live with your design decisions for years to come. You want a designer who understands this. The truth is good design saves money. Standard cookie-cutter layouts waste square footage. Smart design makes better use of space, and well-designed spaces work as good as they look.

Last but not least, there’s the whole process. A building project (especially an addition) can present challenges you may not have anticipated. Beware estimates that promise low costs with no contingency plans. You may be signing yourself up for more than you bargained for (and less of what you deserve).

You want to choose a design and build contractor who inspires confidence and delivers value, not the short-term high of "getting a deal." The money you think you’re saving today will cost you much more down the road; meantime, you’ll have to live with what you paid for.

Attila Lendvai
VP of Strategic Development
Wo-Built Inc. - Innovative Design and Build

You can read other related articles here: What to Do When You Outgrow Your House? Move or Be Moved? Aspects of Longevity of Design: How to Design Timeless Spaces Construction Statistics and Economic Indicators: Signs for Future Projects Adding Value to Your House – How About Adding Value to Your Life?! Top Renovations That Increase Home Value