When a couple buys their first home, they will try to predict their future needs, but sometimes life surprises them: they might have more children than expected, work from home, open a family day care in their house, need a larger living room or kitchen to receive guests, create space to spend more time with their aging parents. In other words, your residential needs evolve with different events in your life.
On the other hand, you might be very happy with your neighbourhood and might not want to uproot your children by moving. You might also be attached to your house and you’ve probably invested time and money on landscaping. You might not know it, but renovating your home to adapt it to your lifestyle is a profitable option. A major renovation (such as an expansion or addition of a floor) can cost between $30,000 and $200,000, but the investment usually increases the value of the house by that same amount and sometimes even more, especially if you manage the construction works yourself.
To fund the project, you can consider the possibility of refinancing your mortgage. Most financial institutions will accept an independent appraiser’s estimations of the value acquired by the property through the renovation works. This allows you to obtain funds according to your needs while respecting the ratios established by financial institutions. In order to allow the appraiser to visualize correctly the final result, it is best to have a 3D drawing of the planned exterior of the house as well as the blueprints of the interior spaces.