If you are in the market for a new home in Toronto, some recent articles in the news may offer some sobering information. With the prices of single-family homes soaring in the GTA (Toronto Star) and the average home price of affluent Canadians topping $1.5 million (Globe and Mail), renovating your existing home could be a better, more cost-effective alternative than selling and buying a new house for you and your family.
Pros and Cons
While home renovations can be stressful depending on the cost and scope, you will need to weigh the pros and cons of purchasing a new home and consider the financial impact of all the associated bank and real estate costs. With a home renovation, you can redesign individual rooms or add new additions that can refresh and update your living space and potentially add value to your home.
Advantages of a Renovation
There are many other practical advantages to choosing a home renovation over buying
a new house:
- You won’t have to contend with the headache and hassles of moving and having to pack and unpack all your belongings
- You won’t have to uproot the kids from their schools
- You won’t need to leave behind your neighbours and neighbourhood
- You won’t add additional time to your commute
- You won’t need to part with the local amenities and conveniences you’ve come to trust and rely on
- You won’t have to say goodbye to the soul and personality of the home you’ve lovingly created
While you need to do what’s right for you, talk to us about what we can do to make your current home the best home for you and extend your family’s enjoyment well into the future.
John Popp