Why you Should Consider Home Remodeling in RichmondAugust 7, 2021
If you’re a homeowner in Richmond, try to think back to the year you bought your very first home.
The exhilarating experience of being handed the keys to a house you can call your own would be hard to match. Looking into the empty rooms, you could imagine what would go where who would have which bedroom.
Your first home held the potential to create the life you were envisioning for yourself.
Time passes. Maybe you have more kids than you originally planned to and find yourself in need of another bedroom or two, or a third bathroom. The once spacious kitchen feels cramped and you wonder how you ever thought there was enough space in the living room.
Or, perhaps your kids are grown and have moved out, and your once cozy home now feels vast and empty.
In any case, it’s time to upgrade. But before you start subscribing to real estate notifications, why not consider home remodeling?
Remodel vs. Renovation
Unlike a renovation, which restores your home to a ‘fresh’ state (by laying new flooring, painting, updating electrical or plumbing) remodeling changes the layout of a structure. This might include knocking down walls to create a more open floor plan, building them up to add more bedrooms, adding bathrooms or otherwise changing the location of water sources, or adding extensions (like new floors) to the home.
Because a remodel involves re-designing the layout of the room or home, more materials and man-hours are required, and it will end up costing more than a renovation.
Also Read: Planning a Remodel? Start with the Kitchen
Both are great options for adding to the resale value of your house, but if your issue is one of space, a simple renovation isn’t going to be enough.
According to a chart put out by The Real Estate Board of Greater Vancouver in 2016, the average cost of a house in the Greater Vancouver Area (which includes Richmond) saw as much growth over a five-month period as it did between 1981 and 2005.
Back in 2016, the average cost of a home had increased more than tenfold since 1977, and it’s only continued to rise since then, making the real estate market in the Greater Vancouver Area one of the most competitive markets in Canada. Not only that, mortgage rates are rising from all-time lows while unemployment remains high. The value of a home is increasing, but prices are not. These factors, combined with others as a result of the COVID-19 pandemic, prompted the Canadian National Housing Agency to name Metro Vancouver as a ‘moderately risky property market’.
Given that nearly three-quarters of residents in Richmond own their homes, many who want to continue to live here may be opposed to the idea of selling and starting over again in this volatile market.
A Fresh New Look
Richmond has begun to see a steady increase in the number of homes being built since 2005, after a sharp decrease at the end of 2000. According to data provided by Townfolio, the majority of homes built in Richmond occurred between 1961 and 1980. But homes built back then looked a lot different; aesthetics have changed dramatically, leaving long-time owners with outdated siding, trim, small rooms, and poorly thought-out floor plans.
A remodel is the perfect way to breathe new life into your home.
Buying a new home is exciting, but it’s not the right choice for everyone. If the thought of starting over again with a brand-new mortgage feels stressful and exhausting, why not talk to the folks at Dreamville Custom Homes and ask for a quote for your own home remodeling in Richmond.
Ready to build your Dream Home?book an appointment