Should I Sell Or Should I Renovate? – Important Points To Consider
You have been in your present home for a number of years, the family is growing and you have been thinking about moving into a home that fits your needs. You want a new home but you love your neighbours, your yard, the schools are close by, the bus stops 15 feet from your entrance. . . These are dilemmas that force you as a homeowners to make an important choice – should I renovate or should I move?
Here are some points you must consider whether you should stay and remodel your existing home or move:
If you decide to renovate:
- Renovations cause disruption. You will have strangers walking in and out of your home at all times. There will be dust, dirt and noise.
- You will face a lot of inconveniences, for example, If you are redoing your kitchen, you may not be able to cook at home for weeks;
- You need to renovate within the municipal building codes and obtain the necessary permits. These may require existing structures to be replaced to meet current building standards, and may disrupt your budget.
- Plan that the renovation is in proportion to your home’s value. There is no point spending $100,000 on a kitchen in a home worth $500,000.
- If you are increasing the size of your home, it should compare with others in the neighbourhood.
- If your home has adequate equity, then you could probably tap into it at a favourable interest rate using a home equity line of credit.
- Rarely are renovations completed on time and on budget. You must have the patience and the pocket book to endure delays and cost overruns.
If you decide to move:
- Getting a new home requires negotiating a new mortgage which could possibly be at a higher rate than you currently have. Your property taxes may rise as well.
- If you have a strong connection with your local neighbourhood, and emotional ties to your home, it may be better to renovate than move.
- Moving is stressful, and you may need to make a few improvements to your new home before you move in, which may end up costing you more than you budgeted for.
- Ask yourself whether you will be in the new place long enough to recoup the costs of taking out a new mortgage and moving costs.
- Don’t move just for the sake of moving. Work out the pros and cons with your family.
We currently have around 100 homes for sale on our website valued at over $500 million. If you are planning on buying or selling your home, contact us and leverage the benefit of our outstanding marketing and years of experience in this industry.