What do Unicorns, Leprechauns, Leftover Bacon, and a Free $67,175 Renovation have in common?

They don’t exist.

Depending on your perspective, however, getting that renovation into your budget could be like getting it for free. Here’s how:

Many of our clients are considering a move to get what they want in their home. One thing that they often overlook in the process is the pure cost to move, not just the cost of the upgrade to the next home. There’s always a case for what the future value of the new home is or what the improved value of a current home would be, but we’re going to forgo that and purely look at some numbers and what it could mean.

In Aurora, $800,000 homes are common. Considering that many real estate companies charge 5% commission. Add HST to that number and you are spending $45,200 to exit your current residence. If you are making a purely lateral move and buying at $800,000 your Land Transfer Tax in Ontario will be $12,475. Factor in about $3000 in legal fees for your sale and transfer. Unless you have a cube van and several friends with good backs (which might be flaring up when they learn of your contemplated move) you can plan on another $2500 for a move across town. There are a myriad of other costs associated with the move (things like account set up fees, bank expenses if you can’t port your mortgage, inspection costs…) that we’ll cap at $4000 for the sake of this exercise.

That brings us to $67,175 – not a bad starting budget if your existing home has an area that can be tweaked to fill that gap in your lifestyle. Of course, if your home just doesn’t have the capability to be modified to suit you, moving could be your best option, just make sure that you factor the aforementioned costs into your plans.

While it may not be a ‘free’ renovation, looking at the cost of not moving could just give you that needed inspiration to finish your basement, add an extra basement, or build a nice outdoor space for your Unicorn*.

*Subject to local pet licensing regulations.