There may not be a perfect time to renovate or build a new home. Right now, though, the current economic climate can feel scary for a lot of people. With the threat of tariffs, high living costs, and uncertainty lingering across the economy, investing in a new home design or renovation might feel like something better left for another day.
But economic uncertainty doesn’t mean you should forget about the possibility of new home design or renovations entirely. In fact, with interest rates still high and the cost of buying new homes rising, renovations could be a more solid idea.
We’ll explore the intricacies of renovations and new home building during economic uncertainty here, along with how to move forward with your project responsibly.
Home Design During Economic Uncertainty
Why should you consider home design during a period of economic uncertainty? While you should always weigh your pros and cons, some benefits are worth considering.
Future-Proofing Your Home
When you’re considering a custom home design, think about the ways that it will not only be adaptable to the changing lives of you and your family, but also how it might maintain its value on the real estate market down the road.
Future-proofing your home is not only a way to ensure that you have enough space and privacy as your family grows, but it’s also a way to make sure that you’re protecting your investment. That’s true in both good and challenging economic times.
There are a few key things you can do to future-proof your home design:
- Open concept layouts have been popular for decades, and that doesn’t look like it’s going to be changing anytime soon. Combining your kitchen, living room, and dining room into one continuous, expansive space is great for bringing the family together and entertaining. It also spreads natural light throughout your home and is appealing to potential buyers.
- Don’t just follow the trends. While social media can be a great way to find inspiration for your home design, trends come and go and can affect the value of your home. A home designer can challenge your perspectives and help ensure you don’t go too far down a trendy TikTok rabbit hole. Timelessness is the goal, more often than not.
- Sustainability is increasingly important in home design, and incorporating modern energy-saving technology like solar panels, smart thermostats, and proper insulation is almost always a good idea. It saves you money in the long term, is good for the planet, and is appealing to potential buyers.
- Embracing flexible spaces that can be used as home offices, gyms, or areas for kids to get some privacy as they get older means your home can evolve with your family’s needs.
Injecting Flexibility into Your Home Design
Just because you decide to design a custom home or renovation, that doesn’t mean that everything needs to be done at once. This is important to remember during times of economic uncertainty. If your budget doesn’t allow for every part of your custom home to be built just the way you want it, that’s okay, this doesn’t mean the project can’t go forward.
For many custom homes, the design and building process happens in stages. Maybe the basement isn’t finished on Day 1, and the work in that area of your home can be put off for a couple of years. That doesn’t mean the bedrooms, bathrooms, kitchen, and shared spaces on the main floor can’t be completed and lived in comfortably.
When you work with a custom home designer in Calgary, you can design the home of your dreams and then work with a builder to complete it piece by piece, if that’s what you desire. In uncertain economic times, that can reduce the financial risk you take on.
Design Now, Build Later
Just because you design a custom home, renovation, or addition, you aren’t forced to build right away. In fact, designing a home can give you a head start so that you’re ready to go quickly when you feel more comfortable with the economic conditions in Calgary or Canada at large.
If you know you are going to want to build a custom home or do a remodel in the next couple of years, working with an experienced team can help you put the plans you’ll need in place so that you can consult with builders and get a better idea of the eventual costs of the project. When the time comes to start work on building, everything is in place.
A design-first approach also allows for better financial planning, as working with a custom home designer means you can pick and choose what will go into your home and make sure it fits your budget. Once you have a design, you can consult with builders to figure out the likely total cost. That allows you to save what you need or move forward when you’re ready.
How Including a Builder In the Process Can Help
When you’re designing a new home, we recommend having a builder involved in the design process early on. Builders know what materials will cost and the construction time frames for every area of your home, and they are also well-connected with subcontractors who do everything from electricity to plumbing to installing the fine details of your home.
Our home designers will help ensure the permit process with the City of Calgary goes as smoothly as possible, while builders can assemble the team that’s needed to bring your home design to life in a cost-effective and timely manner. Getting a builder involved early can save money, as they can help homeowners make informed decisions on costs.
Design Your Dream Home with Ellergodt Design
Economic uncertainty is always concerning, but that doesn’t mean you have to put off renovating your home or designing the one you’ve always wanted. You just need to do it wisely.
One of the great things about home design is that there is flexibility built into the process, and at Ellergodt Design, our goal is always to work with our clients to make them feel excited and comfortable about moving forward with their custom home.
For more information on how our experienced team can help with your home design, call us at (587)803-3715 or fill out our contact form.
FAQs
Is now a good time to build a home in Calgary?
There is a high demand for new homes in Calgary. While economic uncertainty prevails across the country and housing material prices are high, building a home in the city can still be a wise investment.
Are house prices in Calgary dropping?
Currently, housing prices in Calgary are not dropping, despite homes staying on the market for longer. While Calgary hasn’t seen the same dramatic increases in housing prices as Toronto, Vancouver, or Montreal, the price of homes has been steadily increasing. The median price of a home in Calgary increased 4.9% last year.