Value of Renovating Your Markham Home Now

You’ve hated the wallpaper since you moved in. The bathroom layout transforms your morning routine into a passive-aggressive dance with your partner. The kitchen cabinets are bursting at the seams. When your home isn’t meeting your expectations, it’s hard to wait to take action, and it might not be wise.

When you’re considering a renovation, you’re likely unsure about the best time to get started. Many homeowners wait to renovate their lacklustre spaces, mistakenly believing that they’ll pay less in the future once the notorious supply chain issues exacerbated by the pandemic ease. This false belief can cost you even more money than you think as the price of materials and labour rise year over year.

Master Edge Homes builds stunning homes in Markham, Ontario. Our time-tested process, professional relationships with the area’s best tradespeople, and expert skill equip us to transform your home into the space you’ve always desired.

Should I Wait to Renovate My House?

While housing prices might fall slightly at the beginning of 2024, most real estate professionals predict that the bulk of the correction for the surge in pandemic housing prices is behind us. The Ontario housing market, while experiencing slightly lower prices than in the past few years, continues to be plagued by low inventory and rising mortgage rates. If you’re waiting for your dream home to hit the market, you might not like the terms of your financing to make this purchase in 2024.

Keeping your favourable existing mortgage rate or paying off the property and renovating can be a better alternative under these market conditions. However, waiting to renovate your home is likely to cost more than the same project costs today. The latest housing market news in Ontario indicates continued increases in construction. Costs for both labour and material have steadily increased. Looking at the lumber price forecast for 2024, it appears that though the outrageous volatility of the pandemic is over, materials will continue to rise slightly each year. Thus, construction costs are not going to fall in 2024 or anytime in the near future.

Without a crystal ball, we can only take our best guess, but extrapolating from the present and taking history into account leads most experts to the same conclusion: renovating costs will go up for Canadians in 2024. This makes yesterday the cheapest time to begin your reno and tomorrow a more expensive day to begin. Every day you wait to lock in the cost of your renovation commits you to a more expensive project in the future.

How Much Do Renovations Cost?

It’s less a question of how much renovations cost, and more a question of how much renovations cost in your market at the moment. Your project will come with a unique price tag, depending on the size of your project, materials and finishes, and labour/engineering requirements. Here are some area averages for popular projects. Keep in mind, speaking with a contractor about your project will always provide the most accurate information about the scope and price tag.

Reno Costs for 2024

• Kitchen Pull and Replace - $45,000-$100,000
• Kitchen Gut and Redesign - $75,000-$150,000
• Main Floor Remodel - $180,000-$250,000
• Whole Home Remodel - $400,000-$600,000
• 3 Piece Bathroom Remodel - $20,000-$35,000
• Primary (4+) Bathroom Remodel - $30,000-$80,000

Our cost guide puts your project into perspective by digging into the details that influence the cost of renovating your Markham home.

Increase Your Home’s Value

If you plan to move, it makes sense to prioritize the home improvements that add the most cost vs. value.  Smaller projects like painting, cleaning, and exterior maintenance can attack eyesores and quickly elevate your resale total, but some dated decor or design flaw requires professional intervention. Your impending move will also influence your design choices, as you will need to make selections with universal appeal in mind. 

Renovation Projects that provide the best ROI for your investment include:

• Dated Bathroom Upgrade
• Siding Replacement
• Deck Addition
• Replace Inefficient Windows and Doors

Wondering how long your proposed project might take? Find out about the timeline for home renovations in Markham here.

Enjoy Your Space Now

You are likely considering a reno because there are elements of your current home that aren’t meeting your needs. Waiting to renovate prolongs the time you need to tolerate everything about your current home which isn’t ideal. This signs you up for days in your ho-hum environment, dealing with the same frustrations that invited you to dream of something better. Do not underestimate the emotional return on investment of living in a space you designed with your habits and preferences in mind.

Start on the Path to Transform Your Home into Your Oasis Today

We’d love to talk about the home renovation project you’ve dreamed up for your home in Markham, Ontario. Master Edge Homes is ready to put our expertise to work for you to transform your home into the home of your dreams.