Deep renovation can have a positive impact in many different ways. It is the best way to create energy efficiency and lower your energy bills as well as to give you a sense of refreshment and boost your mood.
In order to decide whether or not a deep renovation is necessary for your property you need to take into account the following – the amount of time a building is owned or rented, the life / business stage of occupants, the process to find a good general contractor and the payback time of investments.
Homeowners
Whether you are thinking of selling or renting your property, you need to consider that a deep renovation will help you increase the rent or resale value. Wouldn’t you pay more when knowing that you will save a lot more money from your energy bills and that you will live in a much more modern house?
In Canada most properties are owned by the same person for no more than 7 years. Actually, the average Canadian owns 4.5-5.5 properties during their lifetime. Additionally, the most common age for first-time buyers is 25-30 years and people stop acquiring new properties around their retirement age.
This leads to the conclusion that a home renovation would be beneficial whenever there is a new homeowner or at least every 15 to 20 years since different owners require different home arrangements and the property starts degrading after a while.
Tenants
For those living inside the property, a deep renovation could have great psychological benefits. A well-designed space has the ability to help you develop a better perspective and more positivity when you are at home, which is critical to a more balanced lifestyle in a more relaxed environment.
Especially, after Covid19, our home has become a lot more than the place we rest and sleep. It is now the place we entertain ourselves and most importantly the place we work.
Even though lockdown days seem to belong in the past, remote work even in a hybrid model seems to be here to stay. Since our needs change, the environment we live in needs to adjust accordingly and a deep renovation proves to be very beneficial in multiple ways.
The Environment
NRCan estimation indicates that without energy efficiency improvements, energy use in Canada would have seen an increase of 55% between 1990 and 2014. The financial outcome of this is that more than $38 billion were saved in energy cost in 2014. This can easily be ascribed to energy efficiency improvements.
In addition to that, when comparing the amount of energy used per square metre of built floor space in the residential and commercial-institutional segments between the years 1990 and 2015 we experience a decrease of 35% and 8% respectively.(Source)
In 2016, the Pan-Canadian Framework was issued with the purpose to help achieve clean energy and to try to restrain climate change. The measures projected, intended to make significant progress in helping Canada reach its 2030 goal of a 30% reduction below 2005 levels.
Choosing a general contractor
Choosing the right general contractor to lead you into the deep renovation process is of the utmost importance. New City is one of the top general contractors in Vancouver and Toronto, with a great track record of successful deep renovation projects.
To explore some of the projects we have worked on, click below.
