Whether you’re adding a new member to the family or just need more space to stretch out in, it can be a serious challenge when you’re weighing the options of renovating versus moving. It’s not always a straightforward answer. The best way to determine the right step for you is to consider a few key factors while weighing the pros and cons of both. To help you decide which solution is the best for you, here are some things to consider when you’re wondering whether to renovate or to move.
If you enjoy your current neighbourhood and have developed good friendships with your neighbours and other members of your community, renovating could be a good option to really explore. By reinvesting in your current home, you can create the property you’ve been dreaming of in a location that you already love. But, of course, there can be limitations and challenges to every project. What might be possible for one person might not be possible for your home or circumstance, like being able to vacate your home while construction is underway.
Before weighing the benefits, it’s a good idea to first ask yourself the following questions and answer them honestly to get a clearer idea of which direction to take:
- Do you want to stay within the area long-term?
- Does your neighbourhood offer the services and amenities that you need to make life more convenient and enjoyable?
- Is your neighbourhood desirable to potential buyers?
- Are homes increasing in value or decreasing?
- Do you have the budget and the time to take on a major renovation?
Benefits of Renovating
Increases the Value of Your Home
It doesn’t matter if you’re contemplating a major renovation like adding an extension, or a cosmetic facelift like redoing the kitchen and bathroom, most home reno projects will add more value to your home. In fact, in some cases, it can add 10-15% more, especially if it involves any major areas like the kitchen, master bedroom, bathrooms or basement.
You Can Get More Money If You Sell
Of course, if you do eventually change your mind and decide that moving is the best choice, even after you’ve completed a reno, you won’t lose out. You’ll be able to get more money by boosting the sale price of your home. Homebuyers today are more interested in buying a move-in ready home that’s already been renovated, so any home improvements will be an added bonus, no matter what you decide.
Avoid the Headache of Moving
Let’s face it, moving your entire home and relocating to a new neighbourhood is not a fun process. It’s tedious, time-consuming, costly, and downright aggravating with so much to deal with. So we say, if you can avoid it, then it’s worth it. Even though a renovation can be costly, it can save you so much time and effort in the long run. Plus, you’ll be able to avoid the long list of fees, in addition to the sale and purchase costs of buying a new home. When comparing, it’s worth the effort to stay put and take advantage of the space you have by reinvesting in it instead.
Upgrade to What You Want
Since it’s your home, you can do what you like with it. Whether you’re growing a business and need a home-based office, growing your family and need a den for the kids, or want to create a separate space to move your aging parents in to keep an eye on them, you get to reconfigure your home as you need to. When working with contractors, you can discuss your needs and get the expert advice to maximize the space you have, improve the functionality of your layout, and upgrade your property to serve as you need it to.
Taking on a renovation isn’t a viable option for everyone. If the space that you need requires too much work or a budget that you just don’t have, then relocating might be your best bet.
Here are a few questions to ask yourself to help determine the right move:
- Does the market show that it’s a good time to sell?
- Can I afford to move right now?
- Is it worth the effort and hassle?
Benefits of Moving
Improve Your lifestyle
If your current location just isn’t suitable for your lifestyle, moving is likely the most practical option. Whether it’s the crime rate, lack of good school options, poor access to basic amenities or a lack of green space, it’s important to determine what you need and whether your current home and neighbourhood are serving that purpose adequately. If not, start looking.
Find What You Need in a Property
Is your current property in need of a major renovation? If you’re living in an older home that requires an extensive amount of repairs, it may stretch way beyond your budget. When the cost just isn’t a practical alternative, or if the home is too run down to perform basic upgrades, or if you just don’t have the desire to live in a construction zone, moving is the right step for you.
If you’ve decided to stay put and make the most of your current home, allow us to help! At Renosgroup.ca, we offer the expertise and quality workmanship to transform any area of your home to improve the layout, design, and functionality. Contact us today to get started!