Developing Your Lifestyle Checklist

• Changes in your family situation, such as the arrival of a new child or an aging parent, or having grown children move away from home. Each of these changes can mean changing how you use space in your home. You may want to convert an extra bedroom into a home office or create a living area on the main level of the home.


• Increased accessibility needs due to health or mobility impairment. Stairs may cause difficulties. Bathrooms may need security handholds, wider doors and special fixtures.


• The length of time you expect to live in your home may influence your renovation investment choices. With the possible exception of kitchen and bathroom upgrades, not all of your renovation investment is likely to be recovered when you sell your home. If you expect to be moving within a few years, you should take this into account. If you expect to live in your home for many years to come, the financial return on your renovation investment may be of less concern.


• Your long-term financial goals should also be considered. For most Canadians, their home is their single largest financial asset. Renovation investments should be part of, and consistent with, your overall personal financial plan.