Are you wondering if you should renovate your current property or move into a house better adapted to your needs instead? This is a big question, and the answer will depend on a number of factors.
Here are a few points to consider that will help you make the right decision.
Identify Your Home’s “Defects”
Begin by clearly articulating what bothers you about your current place of residence.
Is it a lack of space? A poorly designed kitchen? An inconvenient layout? A tiny backyard? An outdated style? Unpleasant neighbours?
- Draw up a list of what can be fixed with renos : Don’t forget to check with your municipality if you can even carry out your desired modifications. Some may require permits while others may simply be prohibited (like adding a storey).
- Draw up a list of the other irritants that you can’t change with renos : Whether it’s the neighbourhood or the scale of work needed, it’s important that you keep these aspects in mind throughout the process as they may tip the scales.
Take Your Future Needs Into Account
A long-term vision is essential when considering either scenario. You certainly want to avoid having to move or renovate again in five years. As you explore your options, reflect on how your needs will probably evolve over the next 10 years.
Will your family be growing? Will your kids soon be leaving the nest? Do you require an office space to receive clients? Are you planning to retire early and want a large backyard for a vast vegetable garden? Would you like to care for your aging parents at home? Do you need a garage?
On the one hand, renovations are a good way to adapt your property to your future circumstances. On the other, by moving, you may find a residence that already ticks all your boxes now, and in the years to come.
Compare Fees
Renovating may seem more economical than moving. But beware! Renovation costs can rise quickly, especially if unexpected problems arise.
Our advice: obtain quotes from several contractors and compare them with the cost of finding a new home.
Some bills won’t change from one house to another, such as homeowner insurance or electricity, but moving also entails additional expenses. Calculate, for example, notary fees, the welcome tax, the broker’s (or brokers’) commission, moving company fees, the new mortgage’s cost difference, or the purchase of furniture more suited to the new home.
- Sometimes, selling and buying elsewhere will cost the same or even less.
Consider the Potential Added Value of Renovations
Will renovating increase your property’s market value? This is vital information if you want to make a sound decision.
Some upgrades, such as a more modern kitchen, a more functional bathroom, energy-efficient windows, a new roof or new exterior siding, generally add value to your home. This isn’t necessarily so for an in-ground pool, high-end landscaping, an extra bedroom in an unfinished basement, or a larger garage, for example.
- If the alterations you want to make only marginally raise your home’s value, ask yourself if they might prove worthwhile in other ways, such as not having to change neighbourhood or avoiding a stressful move.
How Attached Are You to Your Neighbourhood?
Unless you plan to buy a property nearby, ask yourself if your family is ready to uproot itself and move to an entirely different place. Do you love your neighbours; local schools, services, and shops; easy access to nature or a bike path?
If the answer is yes, renovations may be preferable since you get to remain where you are.
If, on the contrary, you’re open to exploring new prospects, moving may present an opportunity to discover a community that better meets your needs.
Also Think About the Stress and Time Involved
Renovations can be lengthy, disruptive, and dusty, especially if you have to live on site. Some say it’s the ultimate test for a couple! And small children in the mix can be a recipe for chaos.
But moving also comes with its share of stress. It’s a long process (house-hunting, financing, packing up) at the end of which you must adjust to a new life.
- The perfect answer doesn’t exist. The important thing is to assess how well you can handle each scenario and see what suits you best.
Hire a Broker and an Interior Designer
Don’t hesitate to call on the services of a real estate broker (who can show you different properties) or an interior designer (who can reveal to you your home’s hidden potential). You can then make a well-informed decision.
In the end, the most important thing is to feel happy in your own home. As always, your living environment must grow with you and your evolving needs!