Have you been debating between moving and renovating your home? With the current Canadian housing market, you’re not the only one trying to figure out what the best decision is. In many cases, renovating can be easier and more cost-effective. Here are our top five reasons that may help you decide whether to renovate or move.
Making the decision to renovate your home is a huge undertaking. It can mean living in sawdust for months, relocating furniture – even relocating your family for a few months! But long-term, it can be the most cost-effective way to upgrade your living conditions.
Often enough, a mini overhaul can make a world of difference. But even if your home needs a major renovation, it may still cost you less than moving – in more ways than one. Here are a few things to consider that can help you decide whether to renovate or move.
1. You Love Your Location
If you love your location and it is perfect for your current life (proximity to places you go to most) moving elsewhere will come with a cost – your time. Instead of adding more time to commute, you can stay right where you are and renovate your home to make it your dream home.
Houses appreciate over time so if you wanted to live in the same neighbourhood you currently live in, you may not be able to find something within your budget.
2. The Housing Market is Soaring
If you want to move, now isn’t the time. The Canadian housing market is almost always on the rise and the so-called bubble has been on the edge of bursting for what seems like decades. But the current pandemic market is even more off the charts. Houses are selling way above asking prices and bidding wars are commonplace is almost all major Canadian cities.
You can expand your home and renovate it from head-to-toe and still spend less than you would on a new home – unless you’re planning to downsize. If you are raising a family and this isn’t the time to downsize, you should seriously consider renovating your current location instead.
According to Property Brothers Drew and Jonathan Scott, it can be easier to custom design what you want in a renovation than it is to find exactly what you’re looking for – at a price you can afford – on the market.
3. Mini Overhaul Renovations Are Easy to Do
Maybe you don’t want to start breaking down walls and redesigning your whole home, but you just want to update it. If that’s your situation, renovating is simpler than you think. A fresh coat of paint, some new accent furniture, refurbished kitchen cabinets, some new blinds on all the windows and voilà!
Your home will feel like an entirely new place. Sometimes, it only takes a few quick and relatively affordable upgrades to completely change the look of your home. You may not have to renovate or move this way.
4. You Have Space
If your home is large enough for your family but just getting old or you’re not thrilled about the divisions, it’s much cheaper to renovate than it is to move. If space is a concern and your growing family just doesn’t fit, moving may be your only option. But if you have room to add another bedroom or expand into your backyard, get an estimate from a licensed contractor before you get ready to pack up and move.
It may be much easier to rework your design to make room for everyone in your family than you think.
5. You Got a Good Deal on Your Home
If you got your home at below-market value (lucky you!) then you definitely should try to avoid leaving it. Deals like that just aren’t frequent these days. Your home will continue to appreciate and your renovations will only add value to it. The longer you hang on to it, the more it’ll be worth when you sell.
Plus, you’ll be able to skip out on the Welcome Tax that comes your way when you move into a new home.
Is It Expensive to Renovate?
In short, yes, it can be. Depending on what you want to do, of course. Before you make the decision about whether to renovate or move, you may want to consult with a few contractors to get an accurate quote on the work you need done.
You should also meet with a realtor to assess the value of your home and get an estimate on homes you like. Plan everything out, make notes, and compare both scenarios to see which is better for you.
If both major renovations and moving are out of your budget this year, you can choose to give your home a gentle facelift instead. This is a minor renovation project that will eat up less time and less money and still give your space a fresh new look and feel.
Now is the time to splurge on those motorized shades or that upscale rug you spotted. Just a few minor changes can make your home feel brand new again.
What are you considering this year? Are you planning a big move or gearing up for a home renovation project?