It’s a dilemma that hits almost every homeowner at some point in their lives. Sooner or later, your forever home doesn’t feel so perfect anymore. Maybe your family outgrows their space. Maybe you can finally afford something a little “extra” and find yourself wanting the finer things in life.
So, the question becomes, “Should we stay or should we go?” Are you better off staying put in your old house and investing in a home renovation, or should you move to a new house altogether? This is a very personal decision, and there are many factors to consider. What really matters most is that you, the homeowner, consider all the pros and cons in order to make an informed decision.
Here are just a few considerations to take into account before making the decision to renovate your existing home or move to a new home.
The costs to move are sometimes significant, and it’s important to understand them and make a fair comparison about the difference between renovation costs and movings costs when making your choice. Sit down and calculate your true costs to move. Consider movers, moving trucks, time, and labour. In Toronto, a 3-bedroom home can cost in the neighborhood of $1,500 or so to move.
There are, of course, other moving expenses to consider. The actual cost of your new home, real estate agent fees, mortgage broker fees, lawyer fees, and various relocation fees are a few examples. You might need to purchase new furniture as part of your move, or perhaps the home you are considering still needs a few upgrades, and these costs should be factored in as well.
When you’re done with all that math, consider how much a home renovation will cost you. This involves some planning. Think about what your current home is lacking, and what it would cost to make the professional improvements necessary to bring the property up to the aesthetic quality and level of functionality you’re looking for. If you are unsure about how to figure these costs out, consult with us at Alair Homes South Etobicoke, and we’d be happy to put together a home renovation quote for you.
Making the decision to move, or to stay and renovate, isn’t likely to be made on the basis of cost alone, but adding up the costs involved will definitely make your decision easier.
Consider the Disruption
Undergoing a renovation can be disruptive to your life and daily routine. Depending on the magnitude of the renovation, you could be looking at weeks or months of inconvenience. Depending on the time of year, the weather, and whether or not you have kids and pets, the amount of disruption might vary.
However, a professional project manager will ensure that the process goes as smoothly as possible. Or, you can always leave on a nice vacation while the renovation takes place and come home to enjoy the improvements.
While renovating will cause some disruption to your family, the same can be said about moving. Potential buyers and agents will enter your home, sometimes at a moment’s notice. There’s packing and unpacking, and the process of purchasing a home will likely require that you spend some time with real estate agents and attorneys too.
Love thy Neighbor
I hear often, from lots of my clients, that they love the area they live in and the neighbours.
You might feel foolish making a decision based on the “safe and familiar” feeling your current home gives you, because you are close to good people, amenities, and services. However, these are important things to consider when you are setting up a peaceful and nurturing home for yourself and your family! You could even argue that this is the most important aspect when making the decision to move.
Location is Everything
Can you find another area that gives you the same (or better) value than the area you currently live in? You might need help figuring this out. If so, I have better living charts and brochures that I can send you, or I can come by to talk, or we can talk over the phone to help you get exactly what you want.
At Alair Homes South Etobicoke, we live by our motto “Better Living Starts Here.” With each of my clients, I strive to help them get what they really want out of their home, whether that means renovating or moving and building a custom home or purchasing an existing home. The decision to renovate or move to a new home isn’t always an easy one to make. It is important that you carefully weigh the pros and cons of moving versus renovating. Consider the costs involved, the amount of disruption to your daily life, and how much you love your neighborhood. This is a big decision, so don’t be shy to consult with an expert for their input. We’re here to help. Contact us anytime for advice and information.