Should you stay or should you go?
If you’re a homeowner in need of a change of living space, you generally have two options, renovate, or move.
Most people will agree that moving can be an incredibly stressful life event but does the costs and stress involved in the moving process outweigh the risk of renovating?
The answer is completely up to you. You need to ask yourself if your current housing benefits exceed those offered with a move.
Are you still happy with your location? Is there enough space for your growing needs? Would it be more cost-effective finding a house that already meets all your new needs? It’s important to consider all factors involved before making your decision as both options can be costly and time-consuming.
A good place to start when making your decision is to ask yourself what you want in a new home.
Is your current home worth renovating?
It might seem obvious but determining the level of work that needs to go into renovating your current home will help you define what costs would be involved in the restoration project and whether or not this is a feasible option for you.
Any structural issues or major repairs should be taken care of to ensure the home has a reliable foundation before starting your remodelling project.
According to HGTV’s “Property Brothers”, Drew and Jonathan Scott, if you decide to renovate your current home, being organized should be your number one priority. “You don’t want to just jump in and start renovating your house because you know that there’s a need. You’ve got to plan.”
As much as we all want to be able to look back at our home and say, I built that with my bare hands,
knowing when to hire a pro is crucial. Anything that’s outside of your comfort zone should be consulted with a professional first, not because you shouldn’t push your limits and learn a new skill but because oftentimes, jumping into a project blindly can result in things not going to plan and spiralling costs as a result.
Although renovation costs can be high, moving to a new home will include a wide range of expenses such as closing fees, moving costs, new furnishings and more. Renovations come with immediate, out-of-pocket charges while moving to a new property could cost you a lot more down the line.
If you have opted to do a renovation, sticking to your project’s time and budget is essential in ensuring you’re in control of the project.
Is it time to buy a new home?
Sometimes, there are unforeseen costs involved in a renovation project for example, you might find that there is a wall you’d prefer to have knocked down to open up a space or the affordable wooden flooring you’ve chosen is not available and the cost of the alternative is higher than expected. Things might end up more costly, with the turnaround time taking longer than anticipated.
There are some things you won’t be able to change about your current house that could be dealbreakers for you. This could be the size of the property, the neighbourhood not feeling as safe as it used to, a new construction blocking the views that convinced you to buy the property in the first place.
If this is the case, it may be a better option for you to move.
Before deciding on whether to move or remodel, you should plan out all your goals and consider all costs and risks involved.
We know there’s a lot to think about when choosing to move or renovate, but you need to make sure that you’re always thinking of the future resale value of your investment.