Should We Love It Or List It?

We could level the kitchen island, take out the wall in the home office, redo the kitchen cupboards, update our ensuite, get a broader, darker siding, finally fix the carpets in the house, gut the basement bathroom, or enclose the back deck to give us more room.

That’s the wish list for our home renovations, just off the top of my head. Or we could buy a new home.

Love It or List It?

We’ve been in our home for 5 yrs now, just about long enough to really see the warts of our place and wonder if the grass truly is greener on the other side of our neighborhood. Love it? List It?

The renovation list isnt a pipe dream, it’s something my wife and I prioritize every night at dinner. Home renovations are something you really need to plan out and this week closet upgrades and carpeting are at the top of the list. Last week it was blowing up the home office, the week before that it was kitchens and bathrooms.

Love It or List It?

The moment either of us gets a decent promotion, that heads or tails choice will be made. We love the community where we live, and if we dumped a few bucks into tweaking our home, it would be a place we would love to live in. But at the same time those new houses on the other side of the street look pretty appealing.

Think I can get Jillian Harris to come and do a show in Calgary? I mean, she is from here.

Where are you in your home? Do you love it? Do you want to list it? Do you just want to fix it up?

basement renovations

A recent study by Western Financial Group (Western) found that only four in 10 homeowners planning a renovation will get advice from their insurance provider. Whether you’re making minor changes or a major overhaul, your insurance coverage should be included in your planning, since renovations can affect your policy. Before you get started, Western recommends asking the following questions:

Do I have adequate coverage?

While most policies should provide proper coverage, there are always subtle nuances and potential updates to think about. By talking to your broker you will ensure you have the coverage you need.

Am I protected against personal injury?

No matter how experienced you are, renovations come with some risks. Even the most cautious renovator should consider the possibility of injury from things like heavy machinery, tools, or even falling off a roof. Western recommends talking through the potential hazards of your renovation with your broker to ensure you understand what your policy covers.

What type of coverage does my contractor have?

From destruction of your property to damage to a neighbour’s, anything can happen during a large-scale renovation. Western recommends finding out exactly what liability coverage any hired contractors have. This way you can rest assured you won’t be held liable for any mishaps.

Has the value of my contents changed?

If you make any big purchases or upgrade items in your home (a new TV, or new kitchen appliances for example), this can increase the overall value of your possessions. Western recommends connecting with your broker to make sure your coverage limits are still adequate for your newly upgraded home.

Answering all of the above questions will give you peace of mind and, more importantly, complete covering during and after your renovations. What renovations do you have planned for this spring?

Share this story friends and family that are thinking of renovating their home. For more information about home insurance visit here.

Jillian Harris image via Ronald Woan on Flickr

This branded content appears in exchange for a donation to Team Diabetes Canada.

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