When you’re really, really, really tired of your place, you can only get so far with cleaning, painting, de-cluttering and potted plants. A larger move is indicated…but does it have to be a move out? Remodeling can come with a hefty cost, and there is always the worry that you won’t recoup your investment. Yet with real estate prices soaring, you might not net enough from the sale proceeds of your home to be able to move into anything significantly better.
Deciding whether to stay and renovate or move on to (hopefully) better things is always a personal decision with many pros and cons.
Here we’ll look at 5 factors that might influence your decision in favour of renovating.
Renovating is better and less expensive than moving because:
- It is possible to create more space for yourself within your existing space. Many older homes are sitting on a huge treasure trove of under-used space: the basement. Renovating can convert that cold cellar, storage room or multipurpose room into a basement play room, home gym, man cave, library, rec room, nanny/in-law suite, wine cellar, or just about anything that suits your fancy – for a lot less than buying a home with a finished basement in today’s inflated market. Ditto for the attic.
- Improvements will be tailor-made for your needs. You could look on the open market for years and never find the exact layout or configuration that suits your family as it is at the moment; and there’s certainly no point in moving into a new place only to throw even more cash at renovating to suit your growing family/space for aging parents/home office.
- You already fit your home just fine. While staying put is less expensive than moving, there are other benefits, too: the impressive school district, the lovely neighbours who give you bulbs every fall, the nearby coffee shop that knows just how you take your lattes. If you have put down roots and/or love the other attributes of your home and neighbourhood, you might be understandably reluctant to trade all that in for the unknown. But if your house still seems like a snail shell that’s grown too tight, it could be that you are sitting on decades of clutter (or just what feels like decades). Possessions can multiply fast; if tackling the chaos of keep/give away/throw away seems too overwhelming, hiring a professional organizer can really pay off, exposing tons of free space and preparing your home for renovation much more efficiently than you could yourself.
- You can build onto your existing house. If knocking down walls and closets (or adding them!) just isn’t going to cut it, you can always add a second storey, assuming the zoning by-laws allow it. In red hot real estate markets, this isn’t really a gamble; despite the relatively high cost of building an addition, your home will still appreciate in value. Just be prepared to move into a rental while a renovation of this type takes place.
- While your home has appreciated since you bought it, so has everything else. The one exception is if you plan to sell your urban home to move to the country; there, your cash will be worth a lot more house. But in urban areas, the extras alone (real estate commissions, land transfer taxes, regular moving costs and the like) can outstrip any profit made from selling your current home, if you plan to move up.
If you feel as though you just can’t live a second longer without more house, consider a renovation from a master custom kitchens and cabinetry shop like Trillium Kitchens and Baths. With custom built-ins, kitchen cabinetry, closets, entertainment centres, wall units and more, we can transform your current home for a lot less cost and hassle than moving into a new one!