To move or renovate? It’s a complex question that most will face at some point. When deciding between moving and renovating, you should begin by answering the following questions:
What are your motivations for wanting a change?
Figure out why you feel the need for a change – this can tell you a lot about your best course of action. For instance, if you’re simply not happy with your location or neighbourhood, a renovation cannot address this concern. Conversely, if you love your neighbourhood but desire more modern aesthetics and conveniences, a renovation can likely achieve this goal.
How much will a move really cost?
You should first establish what moving to a new home would cost. Partner with a trusted realtor to educate yourself on the likely sale price of your house vs. the likely value of your prospective new home. You’ll also need to factor in associated costs, such as real estate commissions, land transfer taxes, and moving costs. Generally, it costs 10% of the price of your existing home to move, even if it is across the street.
Does renovating make financial sense?
If you can attain your desired changes through a renovation, you should carefully outline your renovation plans to determine what the project would cost. The main concerns when undertaking any home renovation are the cost of construction and the length of time the project will take.
Does your house have the ‘right profile’ to suit your renovation needs?
You may have already determined that renovating is your preferred course of action, but you should also ensure that your house is worthy of the proposed renovation. If your home has a major structural or system failure, you’ll need to factor that into the planning. A Pre-Renovation Inspection and Consultation will determine what areas of the house need updating. This will allow you to budget for those additional repairs.
Are you ready to undertake a renovation?
Successful renovations require both careful planning and lots of patience. Your lifestyle will need to adjust during renovations, and in some cases, you will need to completely move out – the furniture, pets and you! Some families decide to avoid the confusion and chaos by moving to temporary housing for the length of the renovation.
Need some impartial advice?
A RenoLogic consultant can help you through this process by accurately assessing the current condition of your home. Whether you renovate or move, our inspection consultation and report will greatly assist either way.
Remember we are your impartial and confidential consultant. We want the best outcome for you. We will help you look at all angles so that you arrive at the best lifestyle choice.