That's a good question and one that should be explored before you begin a major project. It's been my experience that renovations fall into two categories; GOOD BONES NEEDS UPDATING, FUNDAMENTAL FLAW IN PROPERTY
Good bones - renos will enahance the value of the property and make it more enjoyable for a family to continue to live in. Neighborhood can support the increase of value, good location.
Fundamental Flaw - This is the kind of property where something really bugs the owner: traffic too heavy, lot is weird size, support posts in middle of room, neighborhood is deteriorating but still has some pluses, home does not have functional layout. This is where an owner will try to overcome what bugs them with extensive and costly renos, and at the end of the day the flaws remain. The end up selling and the buyer gets the benefit of all those dollars spent.
So before you embark on extensive renovations, give us a call to see if your neighborhood values will support the dollars you have in mind to spend. Remember your renovated home will not bring up the value of your neighbors, it should be the other way around. Don't spend your profits! Call Marylou or Ken at 604-590-2444 to sit down and go over market values to
help you make the right decision - renovate or replace.