When your home no longer meets your needs, you may be faced with an important decision: should you remodel your current residence or find a new one? Like everything else, there are, of course, pros and cons to consider!
So, which course of action should you take? Here is a broad overview of what each option has to offer to guide you.
The Advantages of Renovating
- Personalizing and Adapting Your Space
It may prove impossible to find a new property that corresponds to exactly what you want in terms of rooms and decor style. Conversely, renovating allows you to modify your home to perfectly suit your particular needs. Whether you desire more space, a modern kitchen or an extra bathroom, you can customize every detail according to your wants and tastes.
- Limiting the Impact of a Major Change
By choosing to remodel, you can avoid the headaches that come with moving, such as the stress of packing, travelling and setting up home again. You get to stay in your current neighbourhood, which may be particularly important to you if you’re attached to your area, local schools and community. A major advantage, especially when you have kids!
- Increasing Your Property’s Value
Well thought-out renovations can raise your home’s value. Improvements such as a modern kitchen, a revamped bathroom or an extension can generate a significant return on investment when you eventually decide to sell. In the end, renovating may prove more profitable than purchasing another house.
- Avoiding Certain Home Purchase Costs
Moving is typically expensive, with high notary, broker and truck rental fees, plus, of course, the “welcome tax.” Remodeling can help you avoid these expenses and instead spend that money entirely on upgrading your home.
The Advantages of Moving
- Making a Fresh Start
Relocating can offer a chance to start a new life in a different living environment. If your neighbourhood or property no longer suits your needs, changing house will undoubtedly open up new possibilities for you.
- Finding the Right Fit
Sometimes changing circumstances go beyond simple house alterations. For example, if you require more space to accommodate a growing family or if you would like to live closer to your workplace, moving may be more practical. In fact, in certain cases renovations are only a band-aid solution to a bigger problem… which you will need to face sooner or later!
- Avoiding the Frustration of Living in a Building Site
Renovating sometimes means dealing with stress, unforeseen delays and unexpected additional costs. You will also have to put up with construction dust and the inconvenience of losing access to certain rooms for a time. By moving you can avoid all this.
- Reducing Financial Stress
Moving, say outside the major urban centres, may allow you to reduce your living expenses. Besides, you might find a house that not only ticks all your boxes but also eases your financial burden. Purchasing a new home is equally a good time to renegotiate your mortgage and thus save money.
Ask Yourself the Right Questions
The decision to renovate or to look for a new residence depends on several personal, financial and practical factors. Here are a few questions you should ask yourself to determine which option is best for you:
- What are your present requirements and priorities?
- Do you have the necessary budget for a major remodel?
- Are you attached to your current neighbourhood?
- How might moving affect your family and how much will it cost?
Whether you choose to move or to renovate, the goal is to ensure you feel happy and comfortable in your living space. Don’t hesitate to call on the guidance of a real estate broker to help you through this decision-making process. They can, for example, show you homes that correspond to your new needs. Good luck!